Retirement and commitments with present-biased preferences
研究了现时偏向偏好如何导致人们做出动态不一致的退休决策，发现理性人通过持有非流动性资产来约束未来消费、避免提前退休，而德国调查数据证实了模型预测。
Present-biased preferences induce dynamically inconsistent decisions, implying a motive for people to constrain their future choices. We present a simple model of savings and retirement to show that sophisticated people, who are aware of their bias, use illiquid assets to constrain future consumption and to prevent retiring earlier than planned. Empirical evidence using survey data from Germany confirms the model predictions. We find that naïve present-biased people retire on average 1.7 years earlier than time-consistent, while fully sophisticated people are most likely to hold illiquid assets and retire 1.7 years later than naïve, thereby completely overcoming their bias.