Impulsivity means we want things that make us feel good now, and we want to postpone things that take effort. This means that what we want changes— today we want to do the more difficult thing tomorrow, but tomorrow, we will want to take the easy option and will no longer want to do the thing that takes effort. One potential solution to impulsivity is something called precommitment, where we se...

This paper focuses on the difficulty of standard life-cycle models to predict the behavior observed in the reality, most noticeably the excess sensitivity of consumption to income, the under-provision for old-age consumption, the limited participation in the financial market, and the lack of asset decumulation after retirement. It shows that allowing for preference reversals, as it is the case ...

Considering the external resource offered by environment is limited, here, we will explore the cooperation on spatial networks with limited resource. The individual distributes the limited resource according to the payoffs acquired in games, and one with resource amounts is lower than critical survival resource level will be replaced by the offspring of its neighbors. We find that, for larger t...

I consider the saving and investment decisions of American and Italian consumers in a lifecycle model with temptation preferences. Comparing the choices with and without Social Security protection, I show that savings are postponed, less wealth is accumulated, and the portfolio share held in equities at retirement is larger with Social Security. Social Security distorts the decisions of agents ...