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Jurnal

Journal of Financial Economics

Keyword

Default options; Retirement; Pensions; Behavioral economics; Decision making

Pengarang

  1. Jeffrey r.brown
  2. Anne m.farrell
  3. Scott j.weisbenner

    Subject

    1. ECONOMIC
    2. FINANCIAL

      [Abstrak]



      This paper
      examines heterogeneity in the responsiveness to default options in a large
      state retirement plan, focusing on individuals’ decision-making approaches as
      well as their economic and demographic characteristics. Analyses of a survey of
      plan participants show that procrastination and the need for cognitive closure
      are important determinants of the likelihood of default. This paper also
      explores an important implication of defaulting—individuals who default are
      significantly more likely to subsequently express a desire to enroll in a
      different plan. The desire to change plans is also correlated with numerous
      economic and decision-making characteristics, including procrastination.








      Periode

      Vol 121, Nomor 3, Tahun 2016

      [Berkas]

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