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003			ZW-GwMSU
005			20240415081109.0
008			240415b |||||||| |||| 00| 0 eng d
022			_a09318658
040			_aMSU _bEnglish _cMSU _erda
050	0	0	_aHB171.5 JOU
100	1		_aZhang Lin _eauthor
245	1	0	_aSaving and retirement behavior under quasi-hyperbolic discounting _ccreated by Lin Zhang
264	1		_aHeidelberg: _bSpringer, _c2013
336			_2rdacontent _atext _btxt
337			_2rdamedia _aunmediated _bn
338			_2rdacarrier _avolume _bnc
440			_aJournal of economics _vVolume 109, number 1
520	3		_aThis paper investigates saving and retirement behavior using a quasi-hyperbolic discounting model with endogenous labor supply. The behavior of quasi-hyperbolic-discounting consumers is compared with optimal behavior, which is obtained under exponential discounting. The quasi-hyperbolic discounters, whether naïve or sophisticated, under-save and retire early compared with an exponential discounter, if and only if the present-biased marginal utility of future consumption decreases with stronger present bias. Logarithmic utility functions and constant-absolute-risk-aversion utility functions can both exhibit this property. In other words, quasi-hyperbolic discounting explains why, consistent with previous empirical studies, under-savers might also be early retirers. Under logarithmic utility, a wage tax and an interest subsidy can counteract the under-saving and early retirement and improve consumer welfare.
650			_aSaving and retirement _vQuasi-hyperbolic discounting _xIntertemporal choice
856			_u10.1007/s00712-012-0302-8
942			_2lcc _cJA
999			_c164857 _d164857