Retirement Saving and Spending over the Lifecycle - ECON3117
Faculty: UNSW Business School
School: School of Economics
Course Outline: ECON3117 Course Outline
Campus: Sydney
Career: Undergraduate
Units of Credit: 6
EFTSL: 0.12500 (more info)
Indicative Contact Hours per Week: 3
Enrolment Requirements:
Pre-req : ECON2101 or ACTL2131 or ACTL2111 or (completed at least 84UOC and enrolled in program 3155, 3502, 3554, 4501, 3558, 3593, 3835, 3967, 3568, 3567, 3584, 4733, 3522, 3521, 3462, 3559, 3529, 3764, 3136.
Equivalent: ACTL3192
Excluded: ACTL3192, ACTL5306, ECON5136
CSS Contribution Charge: 3 (more info)
Tuition Fee: See Tuition Fee Schedule
Further Information: See Class Timetable
Description
This course examines saving and spending decisions by individuals and households over the lifecycle in the context of national retirement savings and incomes policies. The lifecycle model of saving and consumption provides the basis for analysis of individual decision making before and after retirement. This is augmented with an examination of economic and financial risks facing both individuals and product providers before and after retirement. We also examine behavioural explanations for deviations from rational behaviour as predicted by the lifecycle model.
Topics covered include: a taxonomy of the lifecycle; lifecycle theories of consumption and saving; human capital and the retirement decision; risks facing individual retirees and providers of retirement income products; market failure in the retirement benefit market; and behavioural explanations for non-rational behaviour including myopia, procrastination, complexity, and framing etc.
Topics covered include: a taxonomy of the lifecycle; lifecycle theories of consumption and saving; human capital and the retirement decision; risks facing individual retirees and providers of retirement income products; market failure in the retirement benefit market; and behavioural explanations for non-rational behaviour including myopia, procrastination, complexity, and framing etc.