change in the Swedish pension system that highlighted a five-year payout on the expense of a life annuity not only increased …Nudge is about affecting behavior in a certain way through small changes to the choice architecture. However, a nudge … relevant context where the use of nudge is widespread; retirement. Specifically, we find that an exogenous application form …

regulation sanctioned these as default investments in automatic enrollment plans. We show that adopters delegated pension …

their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a …

delays if, by delaying benefits, people received a lump sum instead of an annuity. We predict that current early claimers …

This paper examines two behavioral factors that diminish people's ability to value a life-time income stream or annuity … complexity, we provide the first causal evidence that increasing the complexity of the annuity choice reduces respondents …' ability to value the annuity, measured by the difference between the sell and buy values people assign to the annuity. We also …

decisions, while life expectancy information influences only annuity choices. We provide some evidence that many people are …

-tested payments creates an incentive to cash out (occupational) pension wealth for low and middle income earners, instead of taking … the annuity. Agents trade-off the advantages from annuitization, receiving the wealth-enhancing mortality credit, to the …'s predicted annuitization rates as a function of the level of pension wealth are roughly consistent with the cash-out patterns of …

We use a unique dataset on individual retirement decisions in Swiss pension funds to analyze the choice between an … annuity and a lump sum at retirement. Our analysis suggests the existence of an ?acquiescence bias?, meaning that a majority … accumulated pension capital are much more likely to be withdrawn as a lump sum, suggesting a potential moral hazard behavior or a …

, individuals with low wealth find it unambiguously optimal to cash out, because the annuity income from pension wealth reduces the … (occupational) pension wealth for low and middle income earners. In case the guaranteed old-age income exceeds first-pillar benefits … the form of means-tested benefits. We analyze optimal annuity demand and consumption/savings decisions in a realistic life …