Time Discounting and Economic Decision-making among the Elderly
dc.contributor.author | Huffman, David | |
dc.contributor.author | Maurer, Raimond | |
dc.contributor.author | Mitchell, Olivia S. | |
dc.date.accessioned | 2016-12-12T15:02:29Z | |
dc.date.available | 2016-12-12T15:02:29Z | |
dc.date.issued | 2016-09 | |
dc.identifier.citation | Huffman, David, Raimond Maurer, and Olivia S. Mitchell. 2016. “Time Discounting and Economic Decision-making among the Elderly.” Ann Arbor MI: University of Michigan Retirement Research Center (MRRC) Working Paper, WP 2016-347. http://www.mrrc.isr.umich.edu/publications/papers/pdf/wp347.pdf | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/134690 | |
dc.description.abstract | This research project evaluates the extent of heterogeneity in time discounting among elderly Americans, as well as its role in explaining older peoples’ key behaviors. We first show how older Americans evaluate simple (hypothetical) intertemporal choices in which payments now are compared with payments in the future. This adds to the literature on time horizon experiments by focusing on a nationally representative sample of persons age 70+. Using the indicators derived from this experiment, we show how differences in discounting patterns are associated with characteristics of particular importance in elderly populations, such as serious health and mental conditions. We then relate our discounting measure to key outcome variables including wealth, the timing of retirement, investments in health, and decisions about end-of-life care. | en_US |
dc.description.sponsorship | Social Security Administration, RRC08098401, R-UM16-14 | en_US |
dc.language.iso | en_US | en_US |
dc.publisher | Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 | en_US |
dc.relation.ispartofseries | WP 2016-347 | en_US |
dc.subject | impatience; time preference; self-control; retirement; health; insurance | en_US |
dc.title | Time Discounting and Economic Decision-making among the Elderly | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Population and Demography | |
dc.subject.hlbtoplevel | Social Sciences | |
dc.contributor.affiliationother | University of Pittsburgh | en_US |
dc.contributor.affiliationother | Goethe University | en_US |
dc.contributor.affiliationother | The Wharton School of the University of Pennsylvania | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/134690/1/wp347.pdf | |
dc.description.filedescription | Description of wp347.pdf : Working paper | |
dc.owningcollname | Retirement and Disability Research Center, Michigan (MRDRC) |
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