The Nobel Prize in Economics Richard Thaler made famous the idea that people do not always make decisions as if they were maximizing their long-term well-being. One of the most classic examples comes from the life-earnings market. In theory, transforming pension savings into a life-long assured income should be very attractive. In practice, in much of the world people avoid it, even facing the risk of running out of resources at advanced ages. E…
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The Nobel Prize in Economics Richard Thaler made famous the idea that people do not always make decisions as if they were maximizing their long-term well-being. One of the most classic examples comes from the life-earnings market. In theory, transforming pension savings into a life-long assured income should be very attractive. In practice, in much of the world people avoid it, even facing the risk of running out of resources at advanced ages. E…