A5102947185- Financial Literacy, Pension, Retirement Analysis
- Housing Market and Economics
- Financial Markets and Investment Strategies
- Retirement, Disability, and Employment
- Decision-Making and Behavioral Economics
- Healthcare Policy and Management
- Economic theories and models
- Gender, Labor, and Family Dynamics
- Fiscal Policy and Economic Growth
- Corporate Finance and Governance
- Auditing, Earnings Management, Governance
- Experimental Behavioral Economics Studies
- Insurance, Mortality, Demography, Risk Management
- Economic and Environmental Valuation
- Global Health Care Issues
- Vaccine Coverage and Hesitancy
- Banking stability, regulation, efficiency
- Market Dynamics and Volatility
- Religion and Society Interactions
- Behavioral Health and Interventions
- Economic Policies and Impacts
- Stock Market Forecasting Methods
- Islamic Finance and Banking Studies
- Culture, Economy, and Development Studies
- Religion, Society, and Development
National Bureau of Economic Research
2014-2024
Yale University
2015-2024
Harvard University Press
2011-2024
International Paper (United States)
2006-2024
Whitney Museum of American Art
2014-2024
University of Warwick
2024
University of Nottingham
2024
Co-operative College
2024
Brigham Young University
2007-2023
Baylor University Medical Center
2022
Defaults often have a large inuence on consumer decisions.We identify an overlooked but practical alternative to defaults: requiring individuals make explicit choice for themselves.We study such "active decisions" in the context of 401(k) saving.We nd that compelling new hires active decisions about enrollment raises initial fraction enroll by 28 percentage points relative standard opt-in procedure, producing savings distribution three months after hire would take 30 achieve under...
Social identities prescribe behaviors for people. We identify the marginal behavioral effect of these norms on discount rates and risk aversion by measuring how laboratory subjects' choices change when an aspect social identity is made salient. When we make ethnic salient to Asian-American subjects, they more patient choices. racial black non-immigrant blacks (but not immigrant blacks) Making gender has no intertemporal or (JEL D81, J15, J16, Z13)
Abstract We evaluate why individuals invest in high-fee index funds. In our experiments, subjects each allocate $10,000 across four S&P 500 funds and are rewarded for their portfolio's subsequent return. Subjects overwhelmingly fail to minimize fees. reject the hypothesis that buy because of bundled nonportfolio services. Search costs fees matter, but even when we eliminate these costs, not minimized. Instead, place high weight on annualized returns since inception. Fees paid decrease...
We evaluate the results of a field experiment designed to measure effect prompts form implementation intentions on realized behavioral outcomes. The outcome interest is influenza vaccination receipt at free on-site clinics offered by large firm its employees. All employees eligible for study participation received reminder mailings that listed times and locations relevant clinics. Mailings randomly assigned treatment conditions additionally included prompt write down either ( i ) date...
ABSTRACT Using a field experiment in 401(k) plan, we measure the effect of disseminating information about peer behavior on savings. Low‐saving employees received simplified plan enrollment or contribution increase forms. A randomized subset forms stated fraction age‐matched coworkers participating participants contributing at least 6% pay to plan. We document an oppositional reaction: presence decreased savings nonparticipants who were ineligible for automatic enrollment, and higher...
This paper summarizes the empirical evidence on how defaults impact retirement savings outcomes.After outlining salient features of various sources income in U.S., presents outcomes at all stages lifecycle, including plan participation, rates, asset allocation, and post-retirement distributions.The then discusses why have such a tremendous outcomes.The concludes with discussion role public policy towards saving when matter.
We identify employees at seven companies whose 401(k) investment choices are dominated because they contributing less than the employer matching contribution threshold despite being vested in their match and able to make penalty-free withdrawals for any reason older 59½. At average firm, 36% of match-eligible over age 59½ forgo arbitrage profits that 1.6% annual pay, or $507. A survey educating about free lunch forgoing raised rates by a statistically insignificant 0.67% income among those...
ABSTRACT We show that individual investors over‐extrapolate from their personal experience when making savings decisions. Investors who particularly rewarding outcomes 401(k) saving—a high average and/or low variance return—increase rate more than have less experiences. This finding is not driven by aggregate time‐series shocks, income effects, rational learning about investing skill, investor fixed or time‐varying investor‐level heterogeneity correlated with portfolio allocations to stock,...
We find using laboratory experiments that primes make religion salient cause subjects to identify more with their and affect economic choices. The effect on choices varies by religion. For example, priming causes Protestants increase contributions public goods, whereas Catholics decrease expect others contribute less become risk averse. A simple model implies effects reveal the sign of marginal impact religious norms preferences. no evidence disutility work effort, discount rates, or...
Many Americans fail to get life-saving vaccines each year, and the availability of a vaccine for COVID-19 makes challenge encouraging vaccination more urgent than ever. We present large field experiment ( N = 47,306) testing 19 nudges delivered patients via text message designed boost adoption influenza vaccine. Our findings suggest that messages sent prior primary care visit can rates by an average 5%. Overall, interventions performed better when they were 1) framed as reminders flu shots...
ABSTRACT We survey a representative sample of U.S. individuals about how well leading academic theories describe their financial beliefs and decisions. find substantial support for many factors hypothesized to affect portfolio equity share, particularly background risk, investment horizon, rare disasters, transactional factors, fixed costs stock market participation. Individuals tend believe that past mutual fund performance is good signal stock‐picking skill, actively managed funds do not...
Defined contribution (DC) pension plans are an increasingly important means of financing retirement consumption. Because individuals often have substantial discretion over how much is contributed to their DC plan, studying choices provides general insights into the determinants individual economic decision making. The literature has found strong deviations from many predictions classical frictionless optimizing models. I provide overview US system and review on effect matching contributions,...