Behavioural Model of Pension Decision-Making

Abstract This study addresses the issue of behavioural determinants of pension decisions. Its main objective is to develop a model of pension decision-making that takes into account the behavioural determinants of such decisions. The paper is theoretical and systematic in nature. Its overview section, which is based on a search and critical analysis of the mainstream literature, outlines the neoclassical approach to pension decisions, refers to neoclassical retirement models and identifies the resulting determinants of retirement decision-making. The main part of the paper presents the concept of a behavioural model of pension decision-making, which is formulated on the basis of inductive reasoning based on premises identified in work in the area of the psychological foundations of decision-making and behavioural economics. The considerations presented lead to the formulation of arguments justifying the research thesis, according to which individual pension decision-making, in addition to the factors taken into account in neoclassical retirement models, is also influenced by factors of a behavioural nature.