What Accounts for the Variation in Retirement Wealth Among U.S. Households

By B. Douglas Bernheim, Jon Skinner, Steven Aric Weinberg. 2001

792 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, General Health Professions

View Paper: https://www.semanticscholar.org/paper/7772f29319cc2d7e8d0a09c134cc222554138bbe

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Citations in the corpus

Time-Inconsistent Preferences and Social Security (2003, methodology): “The production technology of the economy is given by a constant returns to scale Cobb-Douglas production function ( 8 )”
Retirement Consumption: Insights from a Survey (2007, background): “household expects roughly a 20% fall in consumption at retirement, which is in line with the findings of Bernheim et al. (2001) on realized consumption levels. We find substantial heterogeneity in expectations. Whereas on average households anticipate declines in spending, many households anticipate”
INCREASING SAVING BEHAVIOR THROUGH AGE-PROGRESSED RENDERINGS OF THE FUTURE SELF (2011, background): “This choice was deliberate because the optimal time to begin saving for retirement is early in life (Bernheim, Skinner, and Weinberg 2001).”
The Consumption Response to Income Changes (2009, methodology): “Bernheim, Skinner, and Weinberg (2001) repeated the test for the U.S. using the PSID, and also found evidence of a substantial consumption drop at retirement (24 percent for the first income quartile, 15 percent for the second quartile and 9 percent of the third and fourth quartiles).”
Retirement plans and saving decisions: the role of information and education (2006, background): “Bernheim et al. (2001) find that such differences among individuals cannot easily be accounted for in the lifecycle model framework.”
On the Linkage between Financial Risk Tolerance and Risk Aversion: Evidence from a Psychometrically-Validated Survey versus an Online Lottery Choice Experiment (2006, positive): “Fourth, FRT increases with income and wealth (see, for example, Friedman, 1974; Cohn et al., 1975; Shaw, 1996; and Bernheim et al., 2001).”
Consumer Expenditures and Home Production at Retirement – New Evidence from Germany (2007, background): “Banks et al. (1998) for the United Kingdom, Bernheim et al. (2001) for the United States, as well as Miniaci et al. (2003) for Italy have found that the cessation of work-related costs reduces spending in old age to some extent, but cannot explain the magnitude of the observed drop.”
Retirement and Subjective Well-Being (2011, methodology): “This identification strategy to estimate the effect of retirement on different outcomes has been used by e.g. Charles (2004), Neumann (2007), Bernheim et al. (2001), and Haider and Stephens (2007).”
Consumption vs. Expenditure (2004, methodology): “The results are broadly consistent with the findings of Bernheim et al. (2001) and Haider and Stephens (2003).16 For robustness, we estimate equation (3.2) via OLS with the variable of interest being a dummy variable indicating whether the household head is aged 63 or older.”
Intergenerational Linkages in Consumption Behavior (2004, neutral): “More specifically, the ten sample co-variances, sixteen first order autocovariances, and sixteen second order autocovariances provide us with 42 moments (given in the Appendix) to estimate 20 unknowns.(14) Let D be the 42×1 vector of differences between the sample and the model implied covariances.”