Time-Inconsistent Preferences, Retirement, and Increasing Life Expectancy

<div>Consumption to capital ratio effects of different <svg height="9.39034pt" id="M202" style="vertical-align:-3.42943pt" version="1.1" viewbox="-0.0498162 -5.96091 7.34167 9.39034" width="7.34167pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M538 96L524 119C492 88 454 63 446 63C439 63 434 70 440 101C463 223 491 341 518 448H508L433 422L401 276C355 192 240 56 188 56C163 56 154 89 163 133C184 233 207 338 235 443L230 448L152 424L58 17C40 -60 23 -143 23 -185C23 -241 42 -261 63 -261C92 -261 117 -241 125 -227L124 -221C109 -209 89 -165 89 -103C89 -55 96 -13 105 26H107C121 -3 134 -12 151 -12C172 -12 194 -5 221 16C279 61 330 124 384 194H386C381 159 377 141 368 105C343 3 363 -12 383 -12C416 -12 486 35 538 96Z"></path></g></svg> and <span class="nowrap"><svg height="6.37608pt" id="M203" style="vertical-align:-0.2324901pt" version="1.1" viewbox="-0.0498162 -6.14359 6.02377 6.37608" width="6.02377pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M213 67C239 136 257 225 255 300C253 353 242 447 164 447C112 447 54 389 41 319L67 309C90 362 117 377 134 377C184 377 189 277 190 239C193 153 164 43 146 -12H176C278 73 450 253 450 390C450 439 410 463 396 463C384 463 380 459 382 449C385 440 389 415 389 402C389 284 312 146 216 67H213Z"></path></g></svg>.</span> The solid line refers to the baseline case, and the dashed and star lines indicate different mortality rate.</div>

Mathematical Problems in Engineering

fig6

Figure 6

Figure 6: Time-Inconsistent Preferences, Retirement, and Increasing Life Expectancy 