Time Perception and Retirement Saving: Lessons from Behavioral Decision Research

20 Pages Posted: 14 Nov 2010

Date Written: November 11, 2010

Abstract

This chapter provides a behavioral decision perspective on the implications of intertemporal choice research for retirement savings. In particular, we focus on two cognitive mechanisms explaining how and why future monetary outcomes are discounted: (1) changes in the perception of delayed outcomes due to changes in mental representations and perceived slack, and (2) changes in the perception of temporal distance to delayed outcomes. Relevant recent findings are reviewed and the implications for retirement savings are discussed.

Keywords: future, saving, retirement, temporal, behavioral, income, discount

Suggested Citation

Zauberman, Gal and Kim, B. Kyu, Time Perception and Retirement Saving: Lessons from Behavioral Decision Research (November 11, 2010). Pension Research Council WP 2010-35. Available at SSRN: https://ssrn.com/abstract=1707666 or http://dx.doi.org/10.2139/ssrn.1707666

Gal Zauberman (Contact Author)

Yale ( email )

165 Whitney Avenue
New Haven, CT 06511
United States

B. Kyu Kim

Independent ( email )

No Address Available
United States

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