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Who cares about the day after tomorrow? Pension issues when households are myopic or time inconsistent

Börsch-Supan, Axel (), Klaus Härtl () and Duarte Semedo Leite ()

No 201701, MEA discussion paper series from Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy

Abstract: [German] Die wissenschaftliche Forschung stützt ihre Empfehlungen für die Rentenpolitik traditionell auf formale Modelle. Diese basieren regelmäßig auf der Lebenszyklushypothese, im Rahmen derer rationale Individuen mit perfekter Voraussicht und vollständiger Information betrachtet werden, welche auf eine logische Art und Weise bzgl. der zeitlichen Abfolge ihrer Entscheidungen handeln. Diese Studie beleuchtet ausgewählte Aspekte, in welchen die starren Annahmen der Lebenszyklushypothese nicht weiter gelten. Wir konzentrieren uns dabei auf drei Aspekte, die besonders relevant sind für asiatische Volkswirtschaften mit schnell alternder Bevölkerung: erstens, die Höhe der Ersparnisse für die Altersvorsorge, zweitens, die internationale Diversifikation der Altersvorsorgeaufwendungen und drittens, internationale Auswirkungen von Rentenreformen. [English] Pension economics has traditionally guided pension policy with the help of formal models based on individuals who think in a life cycle context with perfect foresight, full information and in a time-consistent manner. This paper sheds light on selected aspects of pension economics when these assumptions do not hold. We focus on three aspects which are particularly relevant for the quickly aging Asian economies: the volume of savings for old-age provisions, international diversification of retirement savings, and global spillover effects of pension reforms.

JEL-codes: C68 D91 E21 F21 H55 J11 J26 (search for similar items in EconPapers)
Date: 2017-01-11
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