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.
`'For UK readers in particular, this is an important and extremely timely publication.''
`This is certainly a book I will appreciate owning and sharing with colleagues.'
Research on Decision-Making Under Uncertainty
1: Olivia S. Mitchell and Stephen P. Utkus: Lessons From Behavioural Fianance for Retirement Plan Design
2: Gary Selnow: Motivating Retirement Planning: Problems and Solutions
3: Elke Weber: Who's Afraid of a Poor Old Age? Risk Perception and Risk Management Decisions
4: Meir Statman: Behavioral Portfolios: Hopes for Riches and Protection from Poverty
Implications for Retirement Plan Design
5: Sheena Sethi-Iyengar, Gur Huberman, and Wei Jiang: How Much Choice is Too Much? Contributions to 401(k) Retirement Plans
6: Donna M. MacFarland, Carolyn D. Marconi, and Stephen P. Utkus: 'Money Attitudes' and Retirement Plan Design: One Size Does Not Fit All
7: James J. Choi, David Laibson, Brigitte Madrian, and Andrew Metrick: Employee Investment Decisions About Company Stock
8: Esther Duflo and Emmanuel Saez: Implications of Information and Social Interactions for Retirement Saving Decisions
Consequences for Retirement Education
9: Annamaria Lusardi: Saving and the Effectiveness of Financial Education
10: Robert L. Clark, Madeleine B. d'Ambrosio, Ann A. McDermed, and Kshama Sawant: Sex Differences, Financial Education, and Retirement Goals
11: Jason Scott and Gregory Stein: The Impact of Advice on Employee Behavior and Retirement Prospects
12: Victor Saliterman and Barry G. Sheckley: Adult Learning Principles and Pension Participant Behavior
Implications for Retirement Payouts
13: John Ameriks: How Do Retirees Go From Stock to Flow?
14: Constantijn W. A. Panis: Annuities and Retirement Satisfaction
15: Matthew Drinkwater and Eric T. Sondergeld: Perceptions of Mortality Risk: Implications for Annuities
Series: Pensions Research Council
Number Of Pages: 314
Published: 1st July 2004
Publisher: Oxford University Press
Country of Publication: GB
Dimensions (cm): 24.2 x 16.3
Weight (kg): 0.63