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Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice
In: American economic review, Band 112, Heft 11, S. 3584-3626
ISSN: 1944-7981
We examine methods for evaluating interventions designed to improve decision-making quality when people misunderstand the consequences of their choices. In an experiment involving financial education, conventional outcome metrics (financial literacy and directional behavioral responses) imply that two interventions are equally beneficial even though only one reduces the average severity of errors. We trace these failures to violations of the assumptions embedded in the conventional metrics. We propose a simple, intuitive, and broadly applicable outcome metric that properly differentiates between the interventions, and is robustly interpretable as a measure of welfare loss from misunderstanding consequences even when additional biases distort choices. (JEL D83, D91, G51, G53)
Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice
In: Global Financial Literacy Excellence Center Working Paper No. 2014-4
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What Motivates Paternalism? An Experimental Study
In: American economic review, Band 111, Heft 3, S. 787-830
ISSN: 1944-7981
We study experimentally when, why, and how people intervene in others' choices. Choice Architects (CAs) construct opportunity sets containing bundles of time-indexed payments for Choosers. CAs frequently prevent impatient choices despite opportunities to provide advice, believing Choosers benefit. They violate common behavioral welfare criteria by removing impatient options even when all payoffs are delayed. CAs intervene not by removing options they wish they could resist when choosing for themselves (mistakes-projective paternalism), but rather as if they seek to align others' choices with their own aspirations (ideals-projective paternalism). Laboratory choices predict subjects' support for actual paternalistic policies. (JEL C92, D12, D15)
Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice
In: CEPR Discussion Paper No. DP15863
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The Welfare Economics of Default Options in 401(k) Plans
In: American economic review, Band 105, Heft 9, S. 2798-2837
ISSN: 1944-7981
Default contribution rates for 401(k) pension plans powerfully influence choices. Potential causes include opt-out costs, procrastination, inattention, and psychological anchoring. Using realistically parameterized models, we show how the optimal default, the magnitude of the welfare effects, and the degree of normative ambiguity depend on the behavioral model, the scope of the choice domain deemed welfare-relevant, the use of penalties for passive choice, and other 401(k) plan features. While results are theory-specific, our analysis provides reasonably robust justifications for setting the default either at the highest contribution rate matched by the employer or—contrary to common wisdom—at zero. (JEL D14, D91, J26, J32)
Evaluating Deliberative Competence: A Simple Method with an Application to Financial Choice
In: NBER Working Paper No. w20618
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Do Consumers Exploit Precommitment Opportunities? Evidence from Natural Experiments Involving Liquor Consumption
In: NBER Working Paper No. w17762
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The Welfare Economics of Default Options in 401(K) Plans
In: NBER Working Paper No. w17587
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What Accounts for the Variation in Retirement Wealth Among U.S. Households?
In: American economic review, Band 91, Heft 4, S. 832-857
ISSN: 1944-7981
Even among households with similar socioeconomic characteristics, saving and wealth vary considerably. Life-cycle models attribute this variation to differences in time preference rates, risk tolerance, exposure to uncertainty, relative tastes for work and leisure at advanced ages, and income replacement rates. These factors have testable implications concerning the relation between accumulated wealth and the shape of the consumption profile. Using the Panel Study of Income Dynamics and the Consumer Expenditure Survey, we find little support for these implications. The data are instead consistent with "rule of thumb," "mental accounting," or hyperbolic discounting theories of wealth accumulation. (JEL D1, D91, E21)
Predictability and Power in Legislative Bargaining
In: NBER Working Paper No. w20011
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The Strategic Bequest Motive
In: Journal of labor economics: JOLE, Band 4, Heft 3, Part 2, S. S151-S182
ISSN: 1537-5307