Pension contributions as a commitment device: Evidence of sophistication among time-inconsistent households |
| |
Authors: | Patricia Sourdin |
| |
Institution: | aThe University of Adelaide, School of Economics, North Terrace, Adelaide, SA 5005, Australia;bThe Johns Hopkins University, School of Advanced International Studies, Bologna Center, Bologna, Italy |
| |
Abstract: | Sophisticated agents who are aware of their self-control problems value commitment devices that constrain future choices. Using Australian household data I test whether these households value commitment devices in the form of illiquid pension contributions. Estimating probabilistic choice models, the results confirm the conjecture that households with problems of self-control are more likely to invest in illiquid pensions while less likely to hold very liquid forms of assets. |
| |
Keywords: | Saving behaviour Discounting Pensions Commitment device |
本文献已被 ScienceDirect 等数据库收录! |
|