Quasi-hyperbolic preferences and retirement: A comment

• 成果类型: Editorial Material
• 署名作者: Holmes, Craig
• 署名单位: University of Oxford
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2009.10.008
• 发表日期: 2010
• 页码: 129-130
• 关键词: Myopia; Quasi-hyperbolic discounting; retirement; Saving

摘要

Diamond and Koszegi [Diamond, P and Koszegi. B (2003), Quasi-Hyperbolic Preferences and Retirement. Journal of Public Economics. 87 1839-1972] have argued that quasi-hyperbolic discounting can cause dynamic inconsistency in planning when to retire as well as in consumption plans This comment shows that in a simple model with such preferences. retirement plans are never time-inconsistent, as these same preferences keep savings too low for individuals to ever be able to afford unplanned early retirement. Although Only a Simple example is presented here to demonstrate the point, this insight suggests the application of ordiamond03's framework should be reconsidered The model presented needs to be extended to find robust general conclusions (C) 2009 Elsevier B V All rights reserved