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...

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Bibliographic Details

Published in:	Economic Inquiry Vol. 59; no. 3; pp. 1008 - 1031
Main Authors:	Andersen, Torben M., Bhattacharya, Joydeep, Liu, Qing
Format:	Article
Published:	Wiley-Blackwell Jul2021
Subjects:	Pensions Retirement Myopia Time
Online Access:	View this record in EBSCOhost