认知衰退、觉察有限、不完全代理与财务福祉

中文摘要

认知衰退可能导致美国老年人做出不良财务决策。防止此类决策可能需要及时将财务控制权移交给可靠的代理人。然而，认知衰退可能在未被察觉的情况下逐渐发展，使控制权移交的时机可能并非最优。本文提供的调查证据表明，拥有大量财富的美国老年人将控制权移交的非最优时机，尤其是因认知衰退未被察觉而导致的移交延迟，视为财务福祉面临的一项重大风险。本文提出了一个理论框架，用于对这种未能觉察认知衰退的情况及其造成的福利损失进行建模。（JEL：G51、G53、H55、J14、J26、J32）

Abstract

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 older Americans with significant wealth 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. (JEL G51, G53, H55, J14, J26, J32)