Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance

By James J. Choi, David Laibson, B. Madrian, Andrew Metrick. 2002

388 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/4c732fadd0cca9d9d9113b31bb89ef249becadbd

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Citations in the corpus

Maps of Bounded Rationality: Psychology for Behavioral Economics (2003, neutral): “…given has signi cant consequences in this case, as it does in other recent studies where the selection of the default on the form that workers completed to set their 401(k) contributions dominated their ultimate choice (Brigitte Madrian and Dennis Shea, 2001; James J. Choi et al., 2002).”
Re-engaging with rationality in economic geography: behavioural approaches and the importance of context in decision-making (2007, background): “…al., 2005), lack of uptake (Munnell, 2006), lack of evidence of financial planning (Venti, 2006), passivity and procrastination in decision-making (Choi et al., 2001, 2003), choice overload (Iyengar et al., 2004), lack of response to incentives (Chan and Stevens, 2003; Choi et al., 2005) and…”
American attitudes toward nudges (2016, neutral): “…years, nudges have been used to solve a wide range of problems, such as increasing retirement savings (Bernatzi & Thaler 1999; Madrian & Shea 2001; Choi et al. 2002; Choi et al. 2004), organ donations (Johnson & Goldstein 2003), charitable giving (Abadie & Gay 2006; McKenzie et al. 2006), and…”
Fight or Flight? Portfolio Rebalancing by Individual Investors (2009, neutral): “These patterns conceal strong household-level evidence of active rebalanc- ing, which on average o!sets about one half of idiosyncratic passive variations in the risky asset share.”
Participation Constraints in the Stock Market: Evidence from Unexpected Inheritance Due to Sudden Death (2011, neutral): “If the entire inheritance is instantly consumed, we might learn little about investment behavior and more about individual preferences to consume inheritance.”
Small Differences That Matter: Mistakes in Applying to College (2015, positive): “This explanation is consistent with the Madrian and Shea (2001), Choi et al. (2002), and Thaler and Sunstein (2008) results that default 401(k) plans and Medicare Part D plans have large e⁄ects on plan choices.”
Retirement plans and saving decisions: the role of information and education (2006, positive): “Our results from Survey Three support the findings of Choi et al. (2003), who conclude that despite the best intentions of action on retirement planning, most employees with 401(k) plans will engage in a ‘passive decision’ of inactivity.”
A Reduced-Form Approach to Behavioral Public Finance (2012, background): “In the case of savings rates, one commonly cited piece of evidence for undersaving is that people report wanting to save more in the coming year than they do (Choi et al. 2002, 2006).”