认知衰退、有限意识、不完全代理与经济幸福

IF 8.1 1区经济学 Q1 ECONOMICS

American Economic Review-Insights Pub Date : 2022-01-01 DOI:10.3386/w29634

J. Ameriks, Andrew Caplin, Minjoon Lee, M. Shapiro, Christopher Tonetti

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引用次数: 0

摘要

认知能力下降可能会导致美国老年人做出糟糕的财务决策。防止错误的决策可能需要将财务控制权及时转移给可靠的代理机构。然而，认知能力的下降可能会在不被注意的情况下发展，从而造成控制权转移的次优时机的可能性。本文提出了基于调查的证据，表明拥有大量财富的美国老年人认为控制权转移的次优时机，特别是由于未被注意到的认知能力下降而导致的延迟，是对财务健康的重大风险。本文提供了一个理论框架来模拟这种意识的缺乏和由此造成的福利损失。(凝胶g51, g53, h55, j14, j26, j32)

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Cognitive Decline, Limited Awareness, Imperfect Agency, and Financial Well-being

Cognitive decline may lead older Americans to make poor financial decisions. Preventing poor decisions may require timely transfer of financial control to a reliable agent. Cognitive decline, however, can develop unnoticed, creating the possibility of suboptimal timing of the transfer of control. This paper presents survey-based evidence that older Americans with significant wealth regard suboptimal timing of the transfer of control, in particular delay due to unnoticed cognitive decline, as a substantial risk to financial well-being. This paper provides a theoretical framework to model such a lack of awareness and the resulting welfare loss. (JEL G51, G53, H55, J14, J26, J32)

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American Economic Review-Insights ECONOMICS-

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期刊介绍： The journal American Economic Review: Insights (AER: Insights) is a publication that caters to a wide audience interested in economics. It shares the same standards of quality and significance as the American Economic Review (AER) but focuses specifically on papers that offer important insights communicated concisely. AER: Insights releases four issues annually, covering a diverse range of topics in economics.