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Household Debt: Facts, Puzzles, Theories, and Policies

Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014

Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...

Persistent link: https://www.econbiz.de/10010951247

The Effect of Providing Peer Information on Retirement Savings Decisions

Laibson, David; Madrian, Brigitte C.; Beshears, John; … - National Bureau of Economic Research (NBER) - 2011

We conducted a field experiment in a 401(k) plan to measure the effect of disseminating information about peer behavior on savings. Low-saving employees received simplified plan enrollment or contribution increase forms. A randomized subset of forms stated the fraction of age-matched coworkers...

Persistent link: https://www.econbiz.de/10009277262

The Effect of Deceptive Advertising on Consumption of the Advertised Good and its Substitutes: The Case of Over-the-Counter Weight Loss Products

Cawley, John; Avery, Rosemary; Eisenberg, Matthew - National Bureau of Economic Research (NBER) - 2013

This paper is the first to estimate the impact of exposure to deceptive advertising on consumption of the advertised product and its substitutes. We study the market for over-the-counter (OTC) weight-loss products, a market in which deceptive advertising is rampant and products are generally...

Persistent link: https://www.econbiz.de/10010618273

Time Preferences and Consumer Behavior

Heutel, Garth; Ruhm, Christopher; Bradford, David; … - National Bureau of Economic Research (NBER) - 2014

We investigate the predictive power of survey-elicited time preferences using a representative sample of US residents. In regressions controlling for demographics and risk preferences, we show that the discount factor elicited from choice experiments using multiple price lists and real payments...

Persistent link: https://www.econbiz.de/10010969216

Who Uses the Roth 401(k), and How Do They Use It?

Laibson, David; Madrian, Brigitte C.; Beshears, John; … - National Bureau of Economic Research (NBER) - 2013

Using administrative data from twelve companies that added a Roth 401(k) option between 2006 and 2010, we describe the characteristics of Roth contributions. Approximately one year after the Roth is introduced, 9% of 401(k) participants have positive Roth balances. Roth participation is more...

Persistent link: https://www.econbiz.de/10010969318

Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection

Mitchell, Olivia; Horneff, Vanya; Maurer, Raimond; … - National Bureau of Economic Research (NBER) - 2013

We evaluate lifecycle consumption and portfolio allocation patterns resulting from access to Guaranteed Minimum Withdrawal Benefit (GMWB) variable annuities, one of the most rapidly-growing financial innovations over the last two decades. A key feature of these products is that they offer access...

Persistent link: https://www.econbiz.de/10010950840

Financial Education, Financial Competence, and Consumer Welfare

Bernheim, B. Douglas; Ambuehl, Sandro; Lusardi, Annamaria - National Bureau of Economic Research (NBER) - 2014

We introduce the concept of financial competence, a measure of the extent to which individuals' financial choices align with those they would make if they properly understood their opportunity sets. Unlike existing measures of the quality of financial decision making, the concept is firmly...

Persistent link: https://www.econbiz.de/10010950879

Financial Literacy and Retirement Planning in Canada

Michaud, Pierre-Carl; Boisclair, David; Lusardi, Annamaria - National Bureau of Economic Research (NBER) - 2014

Financial literacy and Canadians' capacity to plan for retirement is of primary importance for the policy debate over … and retirement planning in Canada to investigate how financially literate Canadians are and who does plan for retirement … that has been consistently found in other countries as well. Retirement planning is strongly associated with financial …

Persistent link: https://www.econbiz.de/10010951028

Five Steps to Planning Success. Experimental Evidence from U.S. Households

Heinberg, Aileen; Hung, Angela A.; Kapteyn, Arie; … - National Bureau of Economic Research (NBER) - 2014

planning concepts that relate to retirement. We conduct a field experiment to evaluate the overall impact of "Five Steps" on a …

Persistent link: https://www.econbiz.de/10010951168

Are Americans and Indians More Altruistic than the Japanese and Chinese? Evidence from a New International Survey of Bequest Plans

Horioka, Charles Yuji - National Bureau of Economic Research (NBER) - 2014

This paper discusses three alternative assumptions concerning household preferences (altruism, self-interest, and a desire for dynasty building) and shows that these assumptions have very different implications for bequest motives and bequest division. After reviewing some of the literature on...

Persistent link: https://www.econbiz.de/10010951187

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