What Accounts for the Variation in Retirement Wealth Among U.S. Households?
利用PSID和CEX数据检验生命周期模型对家庭储蓄差异的解释，发现时间偏好率等传统因素缺乏证据支持，而经验法则、心理账户或双曲贴现理论更符合数据。
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.