Altersvorsorge, Konsumwunsch und mangelnde Selbstdisziplin: Zur Relevanz deskriptiver Theorien für die Gestaltung von Altersvorsorgeprodukten
AbstractWith the German pay-as-you-go pension system under severe pressure, private retirement savings will gain more and more importance in the future. This assigns additional responsibility to individuals to choose appropriate saving levels and to make efficient investment decisions to secure old-age income. A lack of self control, and the lure of immediate consumption can be expected to be major concerns for reaching a sufficient retirement income. Unfortunately, within the framework of neoclassical theory it is hardly possible to discuss the consequences of self control problems, appropriate incentive mechanisms, and the engineering of financial products. Instead, such analysis has to build on behavioral theories that abandon the stable and well defined preferences of the homo oeconomicus and explicitly model the conflicts between short-term and long-term interests. In this paper, we introduce such behavioral models, derive useful properties of retirement saving products, and discuss product modifications and innovations.
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Bibliographic InfoPaper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 01-40.
Length: 38 pages
Date of creation: 29 May 2001
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