The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States

By John Beshears, James J. Choi, David Laibson, B. Madrian. 2006

522 citations recorded by the source corpus.

Subfields: Accounting, Demography, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/7aa074d55155acea0f65867c236b01d04693643d

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Citations in the corpus

The Welfare Economics of Default Options in 401(k) Plans (2015, methodology): “For our model of inattentiveness, χ(f ) appears in both (9) and (10), so it impacts all of the decisions that potentially define that equivalent variation, regardless of whether workers actually incur opt-out costs.”
Choice proliferation, simplicity seeking, and asset allocation ☆ (2010, background): “Beshears et al. (2006) show that simplifying the participation decision by providing an easy way to select a particular contribution rate and allocation substantially increases participation rates.”
Nudge Versus Boost: How Coherent are Policy and Theory? (2015, background): “Figure 1, for example, shows how changing the default from a 3 to a 6 % contribution to a pension fund (Beshears et al. 2009) affected participation rates in the respective programs.”
Reforming Pensions (2009, unknown): “Participation rates in employer 401(k) plans in the United States differ sharply depending on whether or not enrolment was automatic with an opt-out (Beshears et al. 2008).”
Re-engaging with rationality in economic geography: behavioural approaches and the importance of context in decision-making (2007, background): “…enough, overestimating the income their pension will provide in retirement, not understanding the tax implications of their savings behaviour, and failing to plan (see for example Bernheim, 1998; Benartzi and Thaler, 2001; Choi et al., 2001, 2004; Scholz et al., 2004; Beshears et al., 2005).”
Why Do Defaults Affect Behavior? Experimental Evidence from Afghanistan (2018, unknown): “Automatic payroll deductions are widely used to promote savings in developed countries (Beshears et al. 2009).”
Insuring long-term care in the United States (2011, background): “…planning (for example, Lusardi and Mitchell, 2007a, b), of behavioral factors being important in similar markets, such as that for life annuities (Brown et al., 2008; Benartzi, Previtero, Thaler, this issue), and of diffi culties that individuals may have understanding low-probability, high-loss…”