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Pension Design and Structure : New Lessons from Behavioral Finance - Olivia S. Mitchell

Pension Design and Structure

New Lessons from Behavioral Finance

By: Olivia S. Mitchell (Editor), Stephen P. Utkus (Editor)

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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.

Industry Reviews

`'For UK readers in particular, this is an important and extremely timely publication.'' Pensions `This is certainly a book I will appreciate owning and sharing with colleagues.' PEF

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

ISBN: 9780199273393
ISBN-10: 0199273391
Series: Pensions Research Council
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 314
Published: 1st July 2004
Country of Publication: GB
Dimensions (cm): 24.2 x 16.3  x 2.4
Weight (kg): 0.63