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Pension Design and Structure – New Lessons from Behavioral Finance - Oxford Scholarship Online
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Pension Design and Structure: New Lessons from Behavioral Finance

Olivia S. Mitchell and Stephen P. Utkus

Abstract

This book explores how behaviour affects individual decisions on retirement planning. It seeks to provide plan sponsors, retirement service providers, and policymakers with new insights on designing retirement plans, to encourage more savings and better preparation for retirement. The book is divided into four parts. Part I presents studies on retirement planning decisionmaking. Part II deals with retirement plan design. Part III examines the impact of retirement education. Part IV studies the implications of retirement payouts.

Keywords: behavioural research, retirement plans, retirement system, decision-making, investments, behavioural economics, finance research, plan design, savings

Bibliographic Information

Print publication date: 2004 Print ISBN-13: 9780199273393
Published to Oxford Scholarship Online: January 2005 DOI:10.1093/0199273391.001.0001

Authors

Affiliations are at time of print publication.

Olivia S. Mitchell, editor
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
Author Webpage

Stephen P. Utkus, editor
Director of the Vanguard Center for Retirement Research, The Vanguard Group

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Contents

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Front Matter

Title Pages

Preface

Figures

Tables

Notes on Contributors

Abbreviations

Part I Research on Decisionmaking under Uncertainty

Chapter 1 Lessons from Behavioral Finance for Retirement Plan Design

Olivia S. Mitchell and Stephen P. Utkus

Chapter 2 Motivating Retirement Planning: Problems and Solutions

Gary W. Selnow

Chapter 3 Who's Afraid of a Poor Old Age? Risk Perception in Risk Management Decisions

Elke U. Weber

Chapter 4 Behavioral Portfolios: Hope for Riches and Protection from Poverty

Meir Statman

Part II Implications for Retirement Plan Design

Chapter 5 How Much Choice is Too Much? Contributions to 401(k) Retirement Plans

Sheena Sethi-Iyengar, Gur Huberman, and Wei Jiang

Chapter 6 “Money Attitudes” and Retirement Plan Design: One Size Does Not Fit All

Donna M. MacFarland, Carolyn D. Marconi, and Stephen P. Utkus

Chapter 7 Employee Investment Decisions about Company Stock

James J. Choi, David Laibson, Brigitte Madrian, and Andrew Metrick

Chapter 8 Implications of Pension Plan Features, Information, and Social Interactions for Retirement Saving Decisions

Esther Duflo and Emmanuel Saez

Part III Consequences for Retirement Education

Chapter 9 Saving and the Effectiveness of Financial Education

Annamaria Lusardi

Chapter 10 Sex Differences, Financial Education, and Retirement Goals

Robert L. Clark, Madeleine B. d'Ambrosio, Ann A. McDermed, and Kshama Sawant

Chapter 11 Retirement Security in a DC World: Using Behavioral Finance to Bridge the Expertise Gap

Jason Scott and Gregory Stein

Chapter 12 Adult Learning Principles and Pension Participant Behavior

Victor Saliterman and Barry G. Sheckley

Part IV Implications for Retirement Payouts

Chapter 13 How do Retirees Go from Stock to Flow?

John Ameriks

Chapter 14 Annuities and Retirement Well-Being

Constantijn W. A. Panis

Chapter 15 Perceptions of Mortality Risk: Implications for Annuities

Matthew Drinkwater and Eric T. Sondergeld

End Matter

Index