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  • 标题:An experimental test on dynamic consumption and lump-sum pensions
  • 本地全文:下载
  • 作者:Enrique Fatás ; Juan A. Lacomba ; Francisco Lagos
  • 期刊名称:SERIEs: Journal of the Spanish Economic Association
  • 印刷版ISSN:1869-4187
  • 电子版ISSN:1869-4195
  • 出版年度:2013
  • 卷号:4
  • 期号:4
  • 页码:393-413
  • DOI:10.1007/s13209-013-0098-y
  • 出版社:Springer Berlin / Heidelberg
  • 摘要:This article examines the potential risks on consumption behavior of lump-sum payments. As a pension, lump-sum payments could be consumed too fast and generate an increase of poverty rates. We experimentally investigate consumption behavior in an inter-temporal decision-making setting. Subjects make consumption and saving decisions in an environment with two central features: first, there exists a decreasing probability of survival; and second, in addition to the regular income they get while active, they receive a unique lump-sum payment when retired. The results of this experiment show that rather than consuming too much during their income periods, subjects show a persistent precautionary saving behavior and over-save in the vast majority of periods. This result seems to be mainly driven by the risk averse individuals.
  • 关键词:Experimental test; Consumption; Savings; Lump-sum payment
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