Perceptions of and Response to Life ExpectanciesThe Intergenerational Distribution of Resources and Income in Japan

Richard Pollock and Jack Suyderhoud

No 198904, Working Papers from University of Hawaii at Manoa, Department of Economics

Abstract: Hammermesh recently reported the results of a survey which provided the basis of his conclusion that households are well informed and prescient about their life expectancies. This underlies his claim that households can be expected to make difficult inter-temporal or lifecycle decisions in an informed and rational manner. In this paper we summarize the results of a survey of households which provides contrary evidence. Household decision makers appear to have only a vague awarewness of relevant current life expectancies and do not appear to be cognizant of secular improvements in life expectancies. These misperceptions appear to be one of several factors that explain questionable responses to the particular retirement choice that we examined in our survey.

Date: 1989
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