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Liqun Liu, Andrew J. Rettenmaier and Thomas R. Saving
''A rational choice theory of midlife crises''
( 2012, Vol. 32 No.1 )
This paper models the midlife crisis as a decision on whether and when to realize a life dream, incorporating the key components of three psychology theories of midlife crises. It explains why a crisis (dream realization) tends to occur in the midlife if it occurs at all. Other results include that one either realizes his dream fully or not at all, that a shorter life expectancy makes a midlife crisis more likely, and that “crazier” dreams tend to be postponed to a later time in life.
Keywords: midlife crisis, dream, aging, death
JEL: A1 - General Economics: General
D9 - Intertemporal Choice and Growth: General
Manuscript Received : Jan 12 2011 Manuscript Accepted : Jan 13 2012

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