Self-Control and Saving for Retirement

Andrea Repetto,

AR

Andrea Repetto Universidad de Chile

David I. Laibson, and

DIL

David I. Laibson

Jeremy Tobacman

JT

Jeremy Tobacman Harvard University

Discussants: George A. Akerlof,

George A. Akerlof Daniel E. Koshland, Sr. Distinguished Professor Emeritus of Economics - University of California, Berkeley

Robert E. Hall, and

Robert E. Hall Robert and Carole McNeil Joint Hoover Senior Fellow and Professor of Economics - Stanford University

William G. Gale

William G. Gale Senior Fellow - Economic Studies, The Arjay and Frances Fearing Miller Chair in Federal Economic Policy, Co-Director - Urban-Brookings Tax Policy Center

CONSUMERS FACE TWO challenges: making good decisions and sticking
to them. Economists have adopted optimistic assumptions on both
counts. The consumers in mainstream economic models are assumed
both to be exceptionally good decisionmakers and to be able to carry
out their plans. These economic assumptions are dubious, particularly
in regard to saving for retirement.