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Financial Education and Choice in State Public Pension Systems
Agnew, Julie; Hurwitz, Joshua - National Bureau of Economic Research (NBER) - 2013
As more and more public pension systems are shifting away from a defined benefit only framework, the complexity of the financial decisions facing public employees is increasing. This raises some concerns about the financial literacy of participants and their ability to make informed decisions....
Persistent link: https://www.econbiz.de/10010969365
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What Makes Annuitization More Appealing?
Laibson, David; Madrian, Brigitte C.; Beshears, John; … - National Bureau of Economic Research (NBER) - 2012
We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an "all or nothing" decision. Very few respondents choose declining...
Persistent link: https://www.econbiz.de/10010969425
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Fettered Consumers and Sophisticated Firms: Evidence from Mexico's Privatized Social Security Market
Duarte, Fabian; Hastings, Justine S. - National Bureau of Economic Research (NBER) - 2012
This paper brings new evidence from the privatized social security system in Mexico, offering insight into investment behavior and the efficacy of government "nudges" in the context of profit maximizing firms. We use administrative data from the social security system surrounding the government...
Persistent link: https://www.econbiz.de/10010950659
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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
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Household Debt: Facts, Puzzles, Theories, and Policies
Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014
macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth …
Persistent link: https://www.econbiz.de/10010951247
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Advertising and Competition in Privatized Social Security: The Case of Mexico
Syverson, Chad; Hastings, Justine S.; Hortaçsu, Ali - National Bureau of Economic Research (NBER) - 2013
This paper examines how advertising impacts competition and equilibrium prices in the context of a privatized pension market. We use detailed administrative data on fund manager choices and worker characteristics at the inception of Mexico's privatized social security system, where fund managers...
Persistent link: https://www.econbiz.de/10010951291
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Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management
Mitchell, Olivia; Kim, Hugh Hoikwang; Maurer, Raimond - National Bureau of Economic Research (NBER) - 2013
This paper incorporates two empirically-grounded insights into a dynamic life cycle portfolio choice model: the fact that investors forego the opportunity to accumulate job-specific skills when they spend time managing their own money, and the observation that efficiency in financial decision...
Persistent link: https://www.econbiz.de/10011210995
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Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets
Black, Sandra E.; Devereux, Paul J.; Lundborg, Petter; … - National Bureau of Economic Research (NBER) - 2015
positive effect for women. More education also leads men to hold a greater proportion of their financial assets in stocks and …
Persistent link: https://www.econbiz.de/10011213644
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Determinants and Consequences of Bargaining Power in Households
Friedberg, Leora; Webb, Anthony - National Bureau of Economic Research (NBER) - 2006
A growing literature offers indirect evidence that the distribution of bargaining power within a household influences … decisions made by the household. The indirect evidence links household outcomes to variables that are assumed to influence the … distribution of power within the household. In this paper, we have data on whether a husband or wife in the Health and Retirement …
Persistent link: https://www.econbiz.de/10005085270
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What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?
Chalmers, John; Reuter, Jonathan - National Bureau of Economic Research (NBER) - 2012
Within the Oregon University System's defined contribution retirement plan, one investment provider offers access to face-to-face financial advice through its network of brokers. We find that younger, less highly educated, and less highly paid employees are more likely to choose this provider....
Persistent link: https://www.econbiz.de/10010552602