文献详情
Why do retired workers claim their social security benefits so early? A potential explanation based on the cumulative prospect theory
文献类型：期刊
通讯作者：Sun, W (reprint author), Renmin Univ China, Hanqing Adv Inst Econ & Finance, Ming De Main Bldg 512D,59 Zhongguancun St, Beijing 100872, Peoples R China.
期刊名称：APPLIED ECONOMICS
年：2020
卷：52
期：5
页码：490-505
ISSN：0003-6846
关键词：Social Security benefits; claiming behaviors; behavioral model; cumulative prospect theory; loss aversion
摘要：Social Security provides longevity insurance for older Americans. According to expected utility theory models, rational households who are not liquidity constrained should delay claiming their Social Security benefits to insure consumption in late life. However, data shows that most retired workers claim soon after becoming eligible. This paper explains the early claiming behaviors using the cumulative prospect theory. We show that when making claiming decisions, individuals consider benefit gai ...More
Social Security provides longevity insurance for older Americans. According to expected utility theory models, rational households who are not liquidity constrained should delay claiming their Social Security benefits to insure consumption in late life. However, data shows that most retired workers claim soon after becoming eligible. This paper explains the early claiming behaviors using the cumulative prospect theory. We show that when making claiming decisions, individuals consider benefit gains and losses from delaying claiming relative to claiming immediately. Fear of receiving less lifetime benefits in the event of early death induces them to claim immediately. ...Hide

DOI：10.1080/00036846.2019.1646874
百度学术：Why do retired workers claim their social security benefits so early? A potential explanation based on the cumulative prospect theory
语言：外文
基金：Fundamental Research Funds for the Central UniversitiesFundamental Research Funds for the Central Universities; Research Funds of Renmin University of China [17XNB004]
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