Stochastic mortality, subjective survival expectations, and individual saving behavior

Thomas Post and Katja Hanewald

No 2010-040, SFB 649 Discussion Papers from Humboldt University Berlin, Collaborative Research Center 649: Economic Risk

Abstract: Theoretical studies suggest that unexpected changes in future mortality and survival probabilities (stochastic mortality) are important determinants of individuals' decisions about consumption, saving, asset allocation, and retirement timing. Using data on subjective survival expectations elicited in the Survey of Health, Ageing and Retirement in Europe (SHARE) and corresponding life table data from the Human Mortality Database (HMD), we find evidence of respondents' awareness of stochastic mortality. We also find that respondents' saving behavior is influenced by stochastic mortality perceptions.

Keywords: stochastic mortality; subjective survival expectations; forecast dispersion; savings behavior (search for similar items in EconPapers)
JEL-codes: D14 D84 D91 H31 J11 (search for similar items in EconPapers)
Date: 2010
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