By Olivia S. Mitchell, Stephen P. Utkus
ISBN-10: 0191534242
ISBN-13: 9780191534249
ISBN-10: 0199273391
ISBN-13: 9780199273393
Staff are being given an increasing number of judgements to make almost about their pension and healthcare plans. but expanding learn within the social sciences indicates that the selections 'real' humans make are usually not these of the considerate and well-informed financial agent frequently portrayed in fiscal learn, yet are usually in response to fallacious info and made and not using a complete realizing in their monetary implications. The individuals to Pension layout and constitution discover the assumptions at the back of commonly-held theories of retirement decision-making, and the implications of the growing to be quantity of analysis in behavioral finance and economics for the sector of pension examine. utilizing huge datasets newly supplied by means of monetary carrier corporations and real-world experiments, this quantity assessments the hypotheses of this research.This is the 1st ebook to discover the results of behavioral finance study for pensions and retirement stories, and makes use of frontier learn from a number of fields, together with Finance, Economics, administration, Sociology, and Psychology. members comprise prime pensions specialists.
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Additional resources for Pension Design and Structure: New Lessons from Behavioral Finance
Sample text
Last, the program exploits money illusion. Thus, participants often think only in terms of nominal take-home pay, so if the savings increase is designed to coincide with pay raises, they tend to believe that the savings increase had little or no cost, even though their real current consumption may have declined by a small amount. In the initial study, the SMT program was offered to employees at a 300-person firm. Employees were given the option of financial counseling; most signed up for the counseling, and received the advice that they should boost their savings rates by an average of 5 percent.
As hyperbolic discounters, they significantly underestimate the impact of such future commitment. Last, the program exploits money illusion. Thus, participants often think only in terms of nominal take-home pay, so if the savings increase is designed to coincide with pay raises, they tend to believe that the savings increase had little or no cost, even though their real current consumption may have declined by a small amount. In the initial study, the SMT program was offered to employees at a 300-person firm.
Returns for “more risky” (“less risky”) are significantly lower (higher) than the S&P 500 at the 99% level. Source: Vanguard Group (2003). based on extrapolations of the company’s historic stock performance. Participants who overweighted their employer’s stock based on good past performance then found that those stocks subsequently generated belowaverage performance. Conversely, those participants who underweighted their employer’s stock due to poor past performance subsequently saw the stock becoming an above-average performer.