Pension Design and Structure: New Lessons from Behavioral Finance

Pension Design and Structure: New Lessons from Behavioral Finance

by Olivia S. Mitchell, Stephen P. Utkus
     
 

ISBN-10: 0199273391

ISBN-13: 9780199273393

Pub. Date: 09/30/2004

Publisher: Oxford University Press


Employees are being given more and more decisions to make with regards to their pension and healthcare plans. Yet increasing research in the social sciences shows that the decisions 'real' people make are not those of the thoughtful and well-informed economic agent often portrayed in economic research, but are often based on flawed information and made without a

Overview


Employees are being given more and more decisions to make with regards to their pension and healthcare plans. Yet increasing research in the social sciences shows that the decisions 'real' people make are not those of the thoughtful and well-informed economic agent often portrayed in economic research, but are often based on flawed information and made without a full understanding of their financial implications.

The contributors to Pension Design and Structure explore the assumptions behind commonly-held theories of retirement decision-making, and the consequences of the growing volume of research in behavioral finance and economics for the field of pension research. Using large datasets newly provided by financial service firms and real-world experiments, this volume tests the hypotheses of this research.

This is the first book to explore the implications of behavioral finance research for pensions and retirement studies, and uses frontier research from several fields, including Finance, Economics, Management, Sociology, and Psychology. Contributors include leading pensions experts.

Product Details

ISBN-13:
9780199273393
Publisher:
Oxford University Press
Publication date:
09/30/2004
Pages:
314
Product dimensions:
9.30(w) x 6.20(h) x 1.10(d)

Table of Contents

Research on Decision-Making Under Uncertainty
1. Lessons From Behavioral Finance for Retirement Plan Design, Olivia S. Mitchell and Stephen P. Utkus
2. Motivating Retirement Planning: Problems and Solutions, Gary Selnow
3. Who's Afraid of a Poor Old Age? Risk Perception and Risk Management Decisions, Elke Weber
4. Behavioral Portfolios: Hopes for Riches and Protection from Poverty, Meir Statman
Implications for Retirement Plan Design
5. How Much Choice is Too Much? Contributions to 401(k) Retirement Plans, Sheena Sethi-Iyengar, Gur Huberman, and Wei Jiang
6. 'Money Attitudes' and Retirement Plan Design: One Size Does Not Fit All, Donna M. MacFarland, Carolyn D. Marconi, and Stephen P. Utkus
7. Employee Investment Decisions About Company Stock, James J. Choi, David Laibson, Brigitte Madrian, and Andrew Metrick
8. Implications of Information and Social Interactions for Retirement Saving Decisions, Esther Duflo and Emmanuel Saez
Consequences for Retirement Education
9. Saving and the Effectiveness of Financial Education, Annamaria Lusardi
10. Sex Differences, Financial Education, and Retirement Goals, Robert L. Clark, Madeleine B. d'Ambrosio, Ann A. McDermed, and Kshama Sawant
11. The Impact of Advice on Employee Behavior and Retirement Prospects, Jason Scott and Gregory Stein
12. Adult Learning Principles and Pension Participant Behavior, Victor Saliterman and Barry G. Sheckley
Implications for Retirement Payouts
13. How Do Retirees Go From Stock to Flow?, John Ameriks
14. Annuities and Retirement Satisfaction, Constantijn W. A. Panis
15. Perceptions of Mortality Risk: Implications for Annuities, Matthew Drinkwater and Eric T. Sondergeld

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