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- Hyperbolic Discounting and Pension Design the Case of Germany
Stefan Zimmermann Hyperbolic Discounting and Pension Design The Case of Germany MSc Thesis 2010 Hyperbolic Discounting and Pension Design: The Case of Germany Master Thesis to achieve the degree Master of Science (M.Sc.) in Economics at the Faculty of Economics and Management at Tilburg University submitted by Stefan Zimmermann ANR: 661647 Words: 9509 Supervisor: Johannes Binswanger, PhD Second Reader: Nathanaël Vellekoop, Drs Berlin, August 17th, 2010 Abstract Both data and people’s self-reports reveal that there is a undersaving problem.
Forest jourden biography and psychology
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Be- havioral economics seeks to explain this phenomenon with the concept of hyperbolic discounting. In essence, short-term actions are inconsistent with long-term goals. This is applied to the German pension system in this text.
The results lean on a theoretical life-cycle model that is simulated in Matlab, whereby the parameters are calibrated to match the German economy. It