Optimal illiquidity

• 成果类型: Article
• 署名作者: Beshears, John; Choi, James J.; Clayton, Christopher; Harris, Christopher; Laibson, David; Madrian, Brigitte C.
• 署名单位: National Bureau of Economic Research; Yale University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.103996
• 发表日期: 2025
• 关键词: self-control; present bias; illiquidity; Mandatory savings; Social Security

摘要

We study the socially optimal level of illiquidity in an economy populated by households with taste shocks and present bias with naive beliefs. The government chooses mandatory contributions to accounts, each with a different pre-retirement withdrawal penalty. Collected penalties are rebated lump sum. When households have homogeneous present bias, beta, the social optimum is well approximated by a single account with an early-withdrawal penalty of 1 - beta. When households have heterogeneous present bias, the social optimum is well approximated by a two-account system: (i) an account that is completely liquid and (ii) an account that is completely illiquid until retirement.