Wharton Pension Research Council Working Papers
 

Title

Time Perception and Retirement Saving: Lessons from Behavioral Decision Research

Document Type

Working Paper

Date of this Version

10-1-2010

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.

Comments

The published version of this Working Paper may be found in the 2011 publication: Financial Literacy: Implications for Retirement Security and the Financial Marketplace.

Working Paper Number

WP2010-35

Copyright/Permission Statement

Opinions and conclusions are solely those of the author(s) and do not reflect views of the institutions supporting the research, with whom the authors are affiliated, or the Pension Research Council. Copyright 2010 © Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.

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Date Posted: 07 August 2019