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15 Wroclaw Rev. L. Admin. & Econ. 1 (2025)

handle is hein.journals/wrorwolwa15 and id is 1 raw text is: Wroclaw Review of Law, Administration & Economics Vol 15:1, 2025 DOI: 10.2478/wrlae-2025-0002 BEHAVIOURAL MODEL OF PENSION DECISION-MAKING TOMASZ JEDYNAK* KEYWORDS behavioural pension economics, pension decisions, behavioural economics, retirement models 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. JEL CLASSIFICATION D91, H55, H75 * Professor of the Krakow University of Economics, ul. Rakowicka 27, 31-510 Krakow. E-mail: jedynakt@uek.krakow.pl; ORCID 0000-0003-4141-6654 © 2025 Author. l c | This work is licensed under the Creative Commons Attribution 4.0 License. - 1 -