Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving

By Richard H. Thaler, Shlomo Benartzi. Journal of Political Economy, 2004

2,631 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, General Decision Sciences

View Paper: https://www.semanticscholar.org/paper/d55b23466d157f238673f9dfb70f334e2de93891

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Citations in the corpus

Challenges in Banking the Rural Poor: Evidence from Kenya's Western Province (2015, positive): “…is has been well documented that savings can be most e ectively mobilized when they are unseen, for example when wage increases are automatically put into a savings account (Thaler and Benartzi, 2004) or when people are automatically opt in to a certain 401(k) savings level (Carroll et al., 2009).”
Nudging and Boosting: Steering or Empowering Good Decisions (2017, background): “To illustrate, let us contrast a paradigmatic nudge that was designed to boost retirement savings, namely, Save More Tomorrow (SMT; Thaler & Benartzi, 2004), with a boost that could be designed with the same goal in mind.”
Nudge to Health: Harnessing Decision Research to Promote Health Behavior (2013, background): “Default effects have also been harnessed to encourage retirement savings (Choi, Laibson, Madrian, & Metrick, 2004; Madrian & Shea, 2001; Thaler & Benartzi, 2004): if the default contribution to the retirement account is nothing and one must opt-in to contribute, few people contribute.”
Behavioral Economics of Education (2015, background): “Furthermore, issues such as framing effects (Kahneman and Tversky, 1984), default effects (Thaler and Benartzi, 2004), udges (Thaler and Sunstein, 2008), or cognitive limitations (such as choice and information overload) can play a role hen designing educational policies.”
Heterogeneity in Intra-monthly Consumption Patterns, Self-Control, and Savings at Retirement (2009, neutral): “Our results also help justify legislation such as the Pension Reform Bill of 2006 which encourages employers to enroll employees into 401(k) plans by default and commitment devices such as the “Save More Tomorrow” plan proposed by Benartzi & Thaler (2004).”
Judging nudging: can nudging improve population health? (2011, background): “It is exemplified by a simple intervention that substantially increased the amount that people saved for their retirement: an opt-in system in which people had to make a positive choice to set aside savings from their salaries was replaced by an opt-out system in which savings were made by default.”
The hyperbolic factor: A measure of time inconsistency (2010, methodology): “These models have been used in many fields (Akerlof 2002; Harris and Laibson 2001; Krusell and Smith 2003; Laibson 1997; Luttmer and Mariotti 2003; O’Donoghue and Rabin 1999; Rubinstein 2003, 2006; Thaler and Benartzi 2004).”
Using Goals to Motivate College Students: Theory and Evidence From Field Experiments (2020, positive): “…commitment devices such as restricted-access savings accounts to self-regulate their behavior (e.g., Wertenbroch, 1998; Ariely & Wertenbroch, 2002; Thaler & Benartzi, 2004; Ashraf et al., 2006; DellaVigna & Malmendier, 2006; Augenblick, Niederle, & Sprenger, 2015; Kaur, Kremer, & Mullainathan,…”
Retirement and Consumption in a Life Cycle Model (2008, neutral): “These alternative models imply that a laissez-faire approach to saving policy is likely to be inefficient (Bernheim 1994; Poterba, Venti, and Wise 1996; Laibson, Repetto, and Tobacman 1998; Ameriks, Caplin, and Leahy 2003; Thaler and Benartzi 2004).”