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Behavioral regularities in old age planning

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Date
2020-05
Dewey
Economie du travail
Sujet
Behavioral regularities; Old age care; Retirement; Financing long-term care; Cognitive bias; Optimism bias; Present bias; Framing; Optimism
JEL code
I.I3.I30; I.I1.I18; J.J1.J14; J.J2.J26
Journal issue
Journal of Economic Behavior & Organization
Volume
173
Publication date
05-2020
Article pages
297-300
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/j.jebo.2019.11.015
URI
https://basepub.dauphine.fr/handle/123456789/20937
Collections
  • LEDa : Publications
Metadata
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Author
Bonsang, Éric
559342 Laboratoire d'Economie de Dauphine [LEDa]
163517 Laboratoire d'Economie et de Gestion des Organisations de Santé [Legos]
15135 Institut de Recherche pour le Développement (IRD)
Joan, Costa-Font
1030542 SCHOOL OF ECONOMICS AND POLITICAL SCIENCE LONDON GBR
Type
Article accepté pour publication ou publié
Abstract (EN)
Planning for old age needs involves ‘high stakes’ decisions such as the choice of a retirement plan, generic saving and investment decisions alongside the take up of insurance for long-term care . We argue that these individual decisions are formed upon limited information and, result from beliefs about future needs that are often not well understood. This paper provides an overview of a number of behavioral ‘regularities’ that illustrate areas where traditional economic approaches should include behavioral economic explanations to better understand and describe decisions for old age. These include the role of framing and reference points, the effects of misperception and behavioral learning, as well as the role of several biases such as optimism, present bias and overconfidence. We contend that choice architectures that incorporate such regularities can help making old age decisions.

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