The Role of Time Preferences and Exponential-Growth Bias in Retirement Savings

Gopi Shah Goda, Matthew Levy, Colleen Flaherty Manchester, Aaron Sojourner, Joshua Tasoff

NBER Retirement Research Center Paper No. NB 15-04
Issued in August 2015

---- Acknowledgments ----

We are grateful to Tania Gutsche and Bart Orriens as well as the staff at the American Life Panel for their assistance with fielding this study. The authors gratefully acknowledge financial support provided by the TIAA-CREF Institute and the Pension Research Council/Boettner Center of the Wharton School at the University of Pennsylvania. This research was also supported by the U.S. Social Security Administration through grant number RRC08098400-07 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. Additional support was provided by the National Institute on Aging of the National Institutes of Health under grant number R01AG020717 and the Social Security Administration for the UAS data collection. Kirill Demtchouk, Dominika Jaworski, Garrett Thoelen, and Wenjie Zhang provided exceptional research assistance. The authors also thank John Beshears, Jeff Brown, Leandro Carvalho, David Laibson, Annamaria Lusardi, Olivia Mitchell, Changcheng Song, Wesley Yin and seminar participants at USC, RAND, and North Carolina State University for helpful comments. The findings and conclusions expressed are solely those of the authors and do not represent the views of NIH, SSA, any agency of the Federal Government, the NBER, or any other institution with which the authors are affiliated.

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