IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

Altersvorsorge, Konsumwunsch und mangelnde Selbstdisziplin: Zur Relevanz deskriptiver Theorien für die Gestaltung von Altersvorsorgeprodukten

  • Normann, Marcel
  • Langer, Thomas


    (Westfälischen Wilhelms-Universität Münster Lehrstuhl für BWL, insbesondere Finanzierung)

Registered author(s):

    With 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.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Our checks indicate that this address may not be valid because: 500 Can't connect to If this is indeed the case, please notify (Carsten Schmidt)

    Download Restriction: no

    Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 01-40.

    in new window

    Length: 38 pages
    Date of creation: 29 May 2001
    Date of revision:
    Handle: RePEc:xrs:sfbmaa:01-40
    Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
    Contact details of provider: Postal: D-68131 Mannheim
    Phone: (49) (0) 621-292-2547
    Fax: (49) (0) 621-292-5594
    Web page:

    More information through EDIRC

    Web page:

    Order Information: Email:

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. H. M. Shefrin & Richard Thaler, 1977. "An Economic Theory of Self-Control," NBER Working Papers 0208, National Bureau of Economic Research, Inc.
    2. Chris Carroll & Lawrence H. Summers, 1989. "Consumption Growth Parallels Income Growth: Some New Evidence," NBER Working Papers 3090, National Bureau of Economic Research, Inc.
    3. repec:tpr:qjecon:v:107:y:1992:i:2:p:573-97 is not listed on IDEAS
    4. O'Donoghue, Ted & Rabin, Matthew, 1997. "Doing It Now or Later," Department of Economics, Working Paper Series qt7t44m5b0, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    5. Laibson, David, 1998. "Life-cycle consumption and hyperbolic discount functions," European Economic Review, Elsevier, vol. 42(3-5), pages 861-871, May.
    6. repec:tpr:qjecon:v:112:y:1997:i:2:p:443-77 is not listed on IDEAS
    7. Shefrin, Hersh M. & Statman, Meir, 1984. "Explaining investor preference for cash dividends," Journal of Financial Economics, Elsevier, vol. 13(2), pages 253-282, June.
    8. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
    9. Annamaria Lusardi, 2000. "Explaining Why So Many Households Do Not Save," JCPR Working Papers 150, Northwestern University/University of Chicago Joint Center for Poverty Research.
    10. Matthew Rabin, 1998. "Psychology and Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 11-46, March.
    11. repec:tpr:qjecon:v:112:y:1997:i:2:p:341-74 is not listed on IDEAS
    12. Hersh Shefrin & Meir Statman, 1993. "Behavioral Aspects of the Design and Marketing of Financial Products," Financial Management, Financial Management Association, vol. 22(2), Summer.
    13. Karlsson, Niklas & Garling, Tommy & Selart, Marcus, 1999. "Explanations of effects of prior income changes on buying decisions," Journal of Economic Psychology, Elsevier, vol. 20(4), pages 449-463, August.
    14. Martin Ahlbrecht & Martin Weber, 1997. "An Empirical Study on Intertemporal Decision Making Under Risk," Management Science, INFORMS, vol. 43(6), pages 813-826, June.
    15. Selart, Marcus & Karlsson, Niklas & Garling, Tommy, 1997. "Self-control and loss aversion in intertemporal choice," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 26(5), pages 513-524.
    16. Attanasio, O.P. & Browning, M.J., 1993. "Consumption over the life cycle and over the business cycle," Discussion Paper 1993-14, Tilburg University, Center for Economic Research.
    17. Cairns, John & van der Pol, Marjon, 2000. "Valuing future private and social benefits: The discounted utility model versus hyperbolic discounting models," Journal of Economic Psychology, Elsevier, vol. 21(2), pages 191-205, April.
    18. Martin Browning & Annamaria Lusardi, 1996. "Household Saving: Micro Theories and Micro Facts," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1797-1855, December.
    19. Richard H. Thaler & Shlomo Benartzi, 2001. "Naive Diversification Strategies in Defined Contribution Saving Plans," American Economic Review, American Economic Association, vol. 91(1), pages 79-98, March.
    20. Shefrin, Hersh M & Thaler, Richard H, 1988. "The Behavioral Life-Cycle Hypothesis," Economic Inquiry, Western Economic Association International, vol. 26(4), pages 609-43, October.
    21. Christopher D. Carroll, 1998. "Why Do the Rich Save So Much?," NBER Working Papers 6549, National Bureau of Economic Research, Inc.
    22. Uri Benzion & Amnon Rapoport & Joseph Yagil, 1989. "Discount Rates Inferred from Decisions: An Experimental Study," Management Science, INFORMS, vol. 35(3), pages 270-284, March.
    23. Levin, Laurence, 1998. "Are assets fungible?: Testing the behavioral theory of life-cycle savings," Journal of Economic Behavior & Organization, Elsevier, vol. 36(1), pages 59-83, July.
    24. Börsch-Supan, Axel, 2000. "Rentenreform und die Bereitschaft zur Eigenvorsorge: Umfrageergebnisse in Deutschland," Sonderforschungsbereich 504 Publications 00-25, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    25. Thaler, Richard H, 1994. "Psychology and Savings Policies," American Economic Review, American Economic Association, vol. 84(2), pages 186-92, May.
    26. David I. Laibson & Andrea Repetto & Jeremy Tobacman, 1998. "Self-Control and Saving for Retirement," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 91-196.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:xrs:sfbmaa:01-40. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carsten Schmidt)

    The email address of this maintainer does not seem to be valid anymore. Please ask Carsten Schmidt to update the entry or send us the correct address

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.