We study the effect of subjective mortality beliefs on life‐cycle behavior. With new survey
evidence, we document that survival is underestimated (overestimated) by the young (old) …

A growing literature uses now widely-available data on beliefs and expectations in the
estimation of structural models. In this chapter, we review this literature, with an emphasis on …

This article shows that individual-level heterogeneity in survival expectations derived from
subjective survey information improves the out-of-sample predictions of a dynamic model of …

This article investigates the roles of psychological biases for deviations between subjective
survival beliefs (SSBs) and objective survival probabilities. We model these deviations …

Most economic models assume that time preferences are stable over time, but the evidence
on their long-term stability is lacking. We study whether and how time preferences change …

We solve a lifecycle model in which the consumer's chronological age does not move in
lockstep with calendar time. Instead, biological age increases at a stochastic non-linear rate …

Do households make errors when forming retirement expectations, and if so, are they
economically important? Leveraging nearly three decades of panel data, we reveal that …

This paper examines how objective and subjective heterogeneity in life expectancy affects
savings behavior of healthy and unhealthy people. Using data from the Health and …

In a continuous time life cycle model of consumption with an uncertain lifetime, we use a non-
parametric specification of rank-dependent utility theory to characterize the preferences of …

We study price formulas suited for empirical research in financial markets in which put–call
parity is satisfied. We find a connection between risk and the bid–ask spread. We further …