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?:abstract
  • The paper analyse life-cycle savings decisions when households use simple heuristics, or rules of thumb, rather than solve the underlying intertemporal optimization problem. Using these rules the authors simulate life-cycle savings decisions numerically and compute the utility losses relative to the backwards solution of the intertemporal optimization problem. The central finding is that the utility losses induced by rule-of-thumb behavior are relatively low. The authors conclude that behaving optimally, in the sense of solving an intertemporal optimization model, is not only costly, it is also not much better than using simpler heuristics which do not require backward induction. (xsd:string)
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  • (Einkommens- und Verbrauchsstichprobe) (xsd:string)
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  • Einkommens- und Verbrauchsstichprobe-Bibliography (xsd:string)
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  • 1999 (xsd:gyear)
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  • 1999 (xsd:gyear)
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  • 99-81 (xsd:string)
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  • Rules of Thumb in Life-Cycle Saving Models (xsd:string)
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  • techreport (xsd:string)
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  • (99-81), 1999 (xsd:string)
  • Bibsonomy (xsd:string)
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  • Einkommens- und Verbrauchsstichprobe (EVSti) (xsd:string)
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  • 1999 (xsd:string)
  • EVSti (xsd:string)
  • EVSti_input2011 (xsd:string)
  • EVSti_pro (xsd:string)
  • GESIS_GML (xsd:string)
  • checked (xsd:string)
  • techreport (xsd:string)
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