DISCOUNTING, COGNITION, AND FINANCIAL AWARENESS: NEW EVIDENCE FROM A CHANGE IN THE MILITARY RETIREMENT SYSTEM.
The choice given military personnel between an immediate cash payment of $30,000 or a more generous retirement pension permits us to estimate individuals' personal discount rates ( PDRs). The resulting PDRs, about 7% for enlisted personnel and 2%-4.3% for officers, are precise and are correlated wit...
| Published in: | Economic Inquiry Vol. 53; no. 1; pp. 318 - 335 |
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| Main Authors: | , , |
| Format: | Article |
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Wiley-Blackwell
Jan2015
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| Subjects: | |
| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=99542651&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 99542651 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Jan2015 vid: 53 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 99542651 10.1111/ecin.12146 ppf: 318 ppct: 17 formats: fmt: – @attributes: type: T – @attributes: type: P size: 376KB tig: atl: DISCOUNTING, COGNITION, AND FINANCIAL AWARENESS: NEW EVIDENCE FROM A CHANGE IN THE MILITARY RETIREMENT SYSTEM. aug: au: Simon, Curtis J. Warner, John T. Pleeter, Saul affil: Department of Economics, Clemson University, 228 Sirrine Hall, Clemson SC, 29634 ‐ 1309 The Lewin Group, Falls Church VA, 22042 Department of Economics, American University, Washington DC su: Pensions Economic history Government policy Military retirements American military personnel Retirement & economics sug: subj: Pensions Economic history Government policy Trusteed pension funds Military retirements American military personnel Retirement & economics ab: The choice given military personnel between an immediate cash payment of $30,000 or a more generous retirement pension permits us to estimate individuals' personal discount rates ( PDRs). The resulting PDRs, about 7% for enlisted personnel and 2%-4.3% for officers, are precise and are correlated with a variety of other financial behaviors. The PDR is negatively related to educational attainment and the Armed Forces Qualification Test, but cognition seems to operate through channels other than being better informed; better-informed individuals were not always measured to be more patient. ( JEL D91, D14) pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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