Quasi-hyperbolic discounting and retirement

• 成果类型: Article
• 署名作者: Diamond, P; Köszegi, B
• 署名单位: University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT)
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(02)00041-5
• 发表日期: 2003
• 页码: 1839-1872
• 关键词: Laibson's model; retirement; Quasi-hyperbolic discounting

摘要

Some people have self-control problems regularly. This paper adds endogenous retirement to Laibson's quasi-hyperbolic discounting savings model [Quarterly Journal of Economics 112 (1997) 443-477]. Earlier selves think that the deciding self tends to retire too early and may save less to induce later retirement. Still earlier selves may think the pre-retirement self does this too much, saving more to induce early retirement. The consumption pattern may be different from that with exponential discounting. Other observational non-equivalence includes the impact of changing mandatory retirement rules or work incentives on savings and a possibly negative marginal propensity to consume out of increased future earnings. Naive agents are briefly considered. (C) 2002 Elsevier B.V. All rights reserved.