Saving and Retirement Behavior under Quasi-Hyperbolic Discounting
Saving and Retirement Behavior under Quasi-Hyperbolic Discounting
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准双曲线贴现下的储蓄和退休行为
DOI：
10.1007/s00712-012-0302-8
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发表时间：
2013
影响因子：
1.7
通讯作者：
Lin Zhang (張琳)
中科院分区：
文献类型：
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作者：
井上大輔,町田慎悟,谷口淳子,鈴木勝;石川誠;三浦浩治;張 琳;張 琳;Lin Zhang (張琳)
本文利用具有内生劳动力供给的准双曲折现模型研究储蓄与退休行为。将拟双曲折现消费者的行为与指数折现下的最优行为进行了比较。准双曲折现者，无论是naïve还是复杂的折现者，与指数折现者相比，储蓄不足和提前退休，当且仅当未来消费的现在偏倚边际效用随着更强的现在偏倚而减少。对数效用函数和恒定绝对风险厌恶效用函数都可以表现出这种性质。换句话说，准双曲贴现解释了为什么储蓄不足者也可能是提前退休者，这与之前的实证研究一致。在对数效用下，工资税和利息补贴可以抵消储蓄不足和提前退休，提高消费者福利。
This paper investigates saving and retirement behavior using a quasi-hyperbolic discounting model with endogenous labor supply. The behavior of quasi-hyperbolic-discounting consumers is compared with optimal behavior, which is obtained under exponential discounting. The quasi-hyperbolic discounters, whether naïve or sophisticated, under-save and retire early compared with an exponential discounter, if and only if the present-biased marginal utility of future consumption decreases with stronger present bias. Logarithmic utility functions and constant-absolute-risk-aversion utility functions can both exhibit this property. In other words, quasi-hyperbolic discounting explains why, consistent with previous empirical studies, under-savers might also be early retirers. Under logarithmic utility, a wage tax and an interest subsidy can counteract the under-saving and early retirement and improve consumer welfare.