Preprintgreen2010

Stochastic Mortality, Subjective Survival Expectations, and Individual Saving Behavior

16 citations0/0 files storedRePEc: Research Papers in Economics

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Insurance, Mortality, Demography, Risk Management

Abstract

Theoretical studies suggest that unexpected changes in future mortality and survival probabilities (stochastic mortality) are important determinants of individuals’ decisions about consumption, saving, asset allocation, and retirement timing. Using data on subjective survival expectations elicited in the Survey of Health, Ageing and Retirement in Europe (SHARE) and corresponding life table data from the Human Mortality Database (HMD), we find evidence of respondents’ awareness of stochastic mortality. We also find that respondents’ saving behavior is influenced by stochastic mortality perceptions.

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1965Uncertain Lifetime, Life Insurance, and the Theory of the Consumer 2001Toward an Implied Cost of Capital 2006Information Uncertainty and Stock Returns 1997Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis 1978Judged frequency of lethal events.2013Uncertainty and Economic Activity: Evidence from Business Survey Data 1996Reducing the Cost of Demand Uncertainty Through Accurate Response to Early Sales 1982Variants of uncertainty

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