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Time inconsistency and retirement planning

  • Caliendo, Frank N.
  • Findley, T. Scott

We quantify the welfare gains from better retirement planning using a model in which retirement planning is time inconsistent. A modest increase in a household’s planning horizon by just a few years generates large aggregate and individual welfare gains.

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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 121 (2013)
Issue (Month): 1 ()
Pages: 30-34

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Handle: RePEc:eee:ecolet:v:121:y:2013:i:1:p:30-34
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January.
  2. Maarten C.J. van Rooij & Annamaria Lusardi & Rob J.M. Alessie, 2012. "Financial Literacy, Retirement Planning and Household Wealth," Economic Journal, Royal Economic Society, vol. 122(560), pages 449-478, 05.
  3. Lo Prete, Anna, 2013. "Economic literacy, inequality, and financial development," Economics Letters, Elsevier, vol. 118(1), pages 74-76.
  4. van Rooij, Maarten & Lusardi, Annamaria & Alessie, Rob, 2011. "Financial literacy and stock market participation," Journal of Financial Economics, Elsevier, vol. 101(2), pages 449-472, August.
  5. Robert E. Lucas Jr., 2003. "Macroeconomic Priorities," American Economic Review, American Economic Association, vol. 93(1), pages 1-14, March.
  6. Lusardi, Annamaria & Mitchell, Olivia S., 2010. "How ordinary consumers make complex economic decisions: Financial literacy and retirement readiness," CFS Working Paper Series 2010/11, Center for Financial Studies (CFS).
  7. Annamaria Lusardi & Olivia S. Mitchell, 2005. "Financial Literacy and Planning: Implications for Retirement Wellbeing," CeRP Working Papers 46, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  8. John Ameriks & Andrew Caplin & John Leahy, 2003. "Wealth Accumulation And The Propensity To Plan," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1007-1047, August.
  9. Campbell, John, 2006. "Household Finance," Scholarly Articles 3157877, Harvard University Department of Economics.
  10. Annamaria Lusardi & Pierre-Carl Michaud & Olivia S. Mitchell, 2011. "Optimal Financial Literacy and Saving for Retirement," Working Papers 905, RAND Corporation Publications Department.
  11. Annamaria Lusardi, 2006. "Planning and Financial Literacy: How Do Women Fare?," Working Papers wp136, University of Michigan, Michigan Retirement Research Center.
  12. Frank Caliendo & David Aadland, 2004. "Short-term planning and the life-cycle consumption puzzle," Microeconomics 0404003, EconWPA.
  13. T. Findley & Frank Caliendo, 2009. "Short horizons, time inconsistency, and optimal social security," International Tax and Public Finance, Springer, vol. 16(4), pages 487-513, August.
  14. repec:ecj:econjl:v:122:y:2012:i::p:449-478 is not listed on IDEAS
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