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Article

Standard and Behavioral Life-Cycle Theories and Public Policy

Meir Statman
The Journal of Retirement Fall 2017, 5 (2) 12-25; DOI: https://doi.org/10.3905/jor.2017.5.2.012
Meir Statman
is the Glenn Klimek professor of finance in the Department of Finance at Santa Clara University in Santa Clara, CA
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Abstract

Behavioral life-cycle theory is centered on the hypothesis that even people who want smooth spending during their entire life cycle, as predicted by standard life-cycle theory, find it difficult to avoid cognitive and emotional errors and to balance wants for spending now and wants for saving for tomorrow. Behavioral life-cycle theory says that we reconcile the conflict between our wants via personal devices and public policies of nudges and shoves by government and employers. Personal devices include framing, mental accounting, and self-control rules that prohibit dips into other-than-designated mental accounts. Public policies include nudges, such as automatic enrollment into voluntary direct contribution (DC) plans, and shoves such as mandatory Social Security. Discussions about public policies to promote adequate life-cycle saving and spending should address issues such as the promotion of financial well-being, alleviation of retirement crises, features of good DC plans, and the benefits of financial literacy and its alternatives. The author presents these questions here, along with his own explorations and answers.

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The Journal of Retirement: 5 (2)
The Journal of Retirement
Vol. 5, Issue 2
Fall 2017
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Standard and Behavioral Life-Cycle Theories and Public Policy
Meir Statman
The Journal of Retirement Oct 2017, 5 (2) 12-25; DOI: 10.3905/jor.2017.5.2.012

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Standard and Behavioral Life-Cycle Theories and Public Policy
Meir Statman
The Journal of Retirement Oct 2017, 5 (2) 12-25; DOI: 10.3905/jor.2017.5.2.012
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  • Article
    • Abstract
    • SELF-CONTROL
    • MENTAL ACCOUNTS OF CAPITAL AND INCOME
    • HINDSIGHT AND REGRET, FINANCIAL LIQUIDITY, AND MENTAL LIQUIDITY
    • ANNUITIES AND THE ANNUITY PUZZLE
    • SPENDING SOURCES AND USES
    • STANDARD AND BEHAVIORAL LIFE-CYCLE THEORIES IN PUBLIC POLICY
    • PUBLIC POLICY QUESTIONS WORTH EXPLORING AND ANSWERING
    • FINANCIAL WELL-BEING AND THE RETIREMENT CRISIS
    • FEATURES OF GOOD DC PLANS
    • FINANCIAL LITERACY, COMPREHENSION, AND BEHAVIOR
    • CONCLUSION
    • REFERENCES
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  • Editor’s Letter
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  • Editor’s Letter
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