Reference‐dependent preferences, time inconsistency, and pay‐as‐you‐go pensions.
The classic Aaron–Samuelson result argues that pay‐as‐you‐go (PAYG) pension schemes cannot coexist with higher‐return, private, retirement‐saving schemes. The ensuing literature shows if agents voluntarily undersave for retirement due to myopia or time‐inconsistency, then a paternalistic, rationale...
| Publicado en: | Economic Inquiry Vol. 59; no. 3; pp. 1008 - 1031 |
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| Autores principales: | , , |
| Formato: | Artículo |
| Publicado: |
Wiley-Blackwell
Jul2021
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |