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Cognitive Decline, Limited Awareness, Imperfect Agency, and Financial Well-being / John Ameriks, Andrew Caplin, Minjoon Lee, Matthew D. Shapiro, Christopher Tonetti.
- Format:
- Book
- Author/Creator:
- Ameriks, John.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w29634.
- NBER working paper series no. w29634
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2022.
- Summary:
- Cognitive decline may lead older Americans to make poor financial decisions. Preventing poor decisions may require timely transfer of financial control to a reliable agent. Cognitive decline, however, can develop unnoticed, creating the possibility of suboptimal timing of the transfer of control. This paper presents survey-based evidence that wealthholders regard suboptimal timing of the transfer of control, in particular delay due to unnoticed cognitive decline, as a substantial risk to financial well-being. This paper provides a theoretical framework to model such a lack of awareness and the resulting welfare loss.
- Notes:
- Print version record
- January 2022.
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