The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
What Accounts for the Variation in Retirement Wealth Among U.S. Households?
Abstract
Even among households with similar socioeconomic characteristics, saving and wealth vary considerably. Life-cycle models attribute this variation to differences in time preference rates, risk tolerance, exposure to uncertainty, relative tastes for work and leisure at advanced ages, and income replacement rates. These factors have testable implications concerning the relation between accumulated wealth and the shape of the consumption profile. Using the Panel Study of Income Dynamics and the Consumer Expenditure Survey, we find little support for these implications. The data are instead consistent with “rule of thumb,” “mental accounting,” or hyperbolic discounting theories of wealth accumulation. (JEL D1, D91, E21)
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Cites
Golden eggs and hyperbolic discounting
Laibson, D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555253 · Cited by 6,122
An economic theory of self-control.
Thaler, R. H., & Shefrin, H. M. (1981) · Journal of Political Economy · doi:10.1086/260971 · Cited by 2,203
Akerlof, G., & Akerlof, G. (1991) · Unknown · doi:10.22004/ag.econ.294661 · Cited by 849
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The Consumption Response to Income Changes
Jappelli, T., & Pistaferri, L. (2010) · Annual Review of Economics · doi:10.1146/annurev.economics.050708.142933 · Cited by 704
Consumer Spending during Unemployment: Positive and Normative Implications
Ganong, P., & Noel, P. (2019) · American Economic Review · doi:10.1257/aer.20170537 · Cited by 433
How Financial Literacy Affects Household Wealth Accumulation
Behrman, J. R., Mitchell, O. S., Soo, C. K., & Bravo, D. (2012) · American Economic Review · doi:10.1257/aer.102.3.300 · Cited by 582
Choi, S., Kariv, S., Müller, W., & Silverman, D. (2014) · American Economic Review · doi:10.1257/aer.104.6.1518 · Cited by 277
Metadata
- Authors
- Bernheim, B. D., Skinner, J., & Weinberg, S.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2001-09-01
- Volume
- 91
- Issue
- 4
- Pages
- 832-857
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3121726859
- Cited by
- 691
- References
- 3
- FWCI
- 68.97
- Type
- journal article
- Language
- en
- Open access
- closed
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