A rational choice theory of midlife crises

Liqun Liu (), Andrew Rettenmaier () and Thomas Saving ()
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Liqun Liu: Texas A&M University
Andrew Rettenmaier: Texas A&M University
Thomas Saving: Texas A&M University

Economics Bulletin, 2012, vol. 32, issue 1, 51-58

Abstract: This paper models the midlife crisis as a decision on whether and when to realize a life dream, incorporating the key components of three psychology theories of midlife crises. It explains why a crisis (dream realization) tends to occur in the midlife if it occurs at all. Other results include that one either realizes his dream fully or not at all, that a shorter life expectancy makes a midlife crisis more likely, and that “crazier” dreams tend to be postponed to a later time in life.

Keywords: midlife crisis; dream; aging; death (search for similar items in EconPapers)
JEL-codes: A1 D9 (search for similar items in EconPapers)
Date: 2012-01-13
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