Behavioral dimensions of retirement economics

Deciding when and how to retire are among the most important decisions most people make.

Can they be depended on to plan with foresight and make sound decisions?

According to standard economic analysis the answer is a qualified "yes." But studies by psychologists, sociologists, and economists themselves raise doubts about this comforting appraisal.

This volume by analysts trained in economics and other disciplines suggests that retirement planning and decisions fall far short of the rational ideal.

Gary Burtless explains what economic research has to say about retirement behavior.

Annamaria Lusardi reports that many people in their fifties and older say they have not even thought about retirement.

Mathey Rabin and Ted O'Donoghue show that procrastination can cause huge economic losses.

Robert Axtell and Joshua Epstein show that herd behavior explains observed patterns of retirement behavior better than does the assumption of rational de