Retirement income stream products are difficult for consumers to choose because of their high perceived risk, irreversibility, and high expenditure; little opportunity for social learning; and distant consequences. Yet many countries have shifted more responsibility for these choices to...

We quantify the widespread and significant economic impact of first impressions and confirmation bias in the financial advice market. We use a theoretical learning model and new experimental data to measure how these biases can evolve over time and change clients' willingness to pay advisers....

We investigate the role of capability and effort in the management of retirement ruin. In an experimental setting, we analyze how 854 DC plan members reallocated wealth between a lifetime annuity and a phased withdrawal account when we increased the risk of exhausting the phased withdrawal...

Using an online incentivized discrete choice experiment, we study how well individuals judge financial advice and whether factors other than advice quality influence their evaluations. We find evidence that some individuals rely on extraneous signals to judge advice quality and observe some...

The family home is the most important asset on household balance sheets, aside from human capital. Choosing a suitable mortgage is therefore critical to financial well-being but households often make costly mistakes. We collect data in an online survey to test borrowers' comfort with, and...

This research studies whether individuals make choices consistent with expected utility maximization in allocating wealth between a lifetime annuity and a phased withdrawal account at retirement. The paper describes the construction and administration of a discrete choice experiment to 854...