Pension Design and Structure: New Lessons from Behavioral Finance

Hardcover | July 30, 2004

EditorOlivia S. Mitchell, Stephen P. Utkus

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Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather,decision-makers tend to operate with flawed information and make some of the most critical financial decisions of their lives lacking a full understanding of the options before them and the implications of their decisions. Pension Design and Structure explores the assumptions behind commonly-held theories of retirement decision-making, in order to draw out the consequences of frontier research in behavioral finance and economics for those interested in better design and structure of retirement pensions. Using largedatasets 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. The authors blend cutting-edge research from several fields including Finance, Economics, Management, Sociology, and Psychology. The book will be of interest to pension planparticipants and sponsors, financial service groups responsible for pensions, and retirement system regulators.

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Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather,decision-makers tend to operate with flawed ...

Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Executive Director of the Pension Research Council at the Wharton School of the University of Pennsylvania, and also a Research Associate at the National Bureau of Economic Research. Her academic research explor...

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Format:HardcoverDimensions:320 pages, 9.21 × 6.14 × 0.94 inPublished:July 30, 2004Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199273391

ISBN - 13:9780199273393

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Table of Contents

Research on Decision-Making Under Uncertainty1. Olivia S. Mitchell and Stephen P. Utkus: Lessons From Behavioural Fianance for Retirement Plan Design2. Gary Selnow: Motivating Retirement Planning: Problems and Solutions3. Elke Weber: Who's Afraid of a Poor Old Age? Risk Perception and Risk Management Decisions4. Meir Statman: Behavioral Portfolios: Hopes for Riches and Protection from PovertyImplications for Retirement Plan Design5. Sheena Sethi-Iyengar, Gur Huberman, and Wei Jiang: How Much Choice is Too Much? Contributions to 401(k) Retirement Plans6. Donna M. MacFarland, Carolyn D. Marconi, and Stephen P. Utkus: 'Money Attitudes' and Retirement Plan Design: One Size Does Not Fit All7. James J. Choi, David Laibson, Brigitte Madrian, and Andrew Metrick: Employee Investment Decisions About Company Stock8. Esther Duflo and Emmanuel Saez: Implications of Information and Social Interactions for Retirement Saving DecisionsConsequences for Retirement Education9. Annamaria Lusardi: Saving and the Effectiveness of Financial Education10. Robert L. Clark, Madeleine B. d'Ambrosio, Ann A. McDermed, and Kshama Sawant: Sex Differences, Financial Education, and Retirement Goals11. Jason Scott and Gregory Stein: The Impact of Advice on Employee Behavior and Retirement Prospects12. Victor Saliterman and Barry G. Sheckley: Adult Learning Principles and Pension Participant BehaviorImplications for Retirement Payouts13. John Ameriks: How Do Retirees Go From Stock to Flow?14. Constantijn W. A. Panis: Annuities and Retirement Satisfaction15. Matthew Drinkwater and Eric T. Sondergeld: Perceptions of Mortality Risk: Implications for Annuities

Editorial Reviews

`This is certainly a book I will appreciate owning and sharing with colleagues.'PEF