Experimental tests on consumption, savings and pensions Fatás, Enrique Lacomba Arias, Juan Antonio Lagos García, Francisco Miguel Moro Egido, Ana Isabel Experimental test Consumption Savings Lump-sum payment As part of the current debate on the reform of pension systems, this article examines the potential effects on consumption behaviour of implementing a lump-sum payment in a public pension system. This work explores an experimental investigation into retirement consumption behaviour with two central features: first, there exists a decreasing probability of surviving; second, there are two sequences of income, one when individual works and another when she is retired. The results show how subjects seem to plan their consumption and saving choices conditionated by both the long horizon with no incomes and the lump-sum payment. This yields, in the majority of periods, a surprising over-saving behaviour. 2014-05-02T13:00:32Z 2014-05-02T13:00:32Z 2008 info:eu-repo/semantics/report Fatás, E.; Lacomba, J.A.; Lagos, F.M.; Moro-Egido, A. Experimental tests on consumption, savings and pensions. Universidad de Granada. Departamento de Teoría e Historia Económica (2008). (The Papers; 08/14). [http://hdl.handle.net/10481/31522] http://hdl.handle.net/10481/31522 eng The Papers;08/14 http://creativecommons.org/licenses/by-nc-nd/3.0/ info:eu-repo/semantics/openAccess Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License Universidad de Granada. Departamento de Teoría e Historia Económica