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Self-Control and Saving for Retirement

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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.



George A. Akerlof

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

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