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....

Whereas there is ample evidence that life-contingent income products (life annuities) have the potential to improve individual welfare, combining them with health-contingent income products (resulting in so-called life care annuities) would serve to further increase welfare for individuals who...

We collect and analyze stated preferences for long-term care insurance that pays income in poor health states instead of reimbursing formal care costs. Around 75% of the sample of 1008 pre-retirees chose to purchase at least some long-term care income insurance from a menu that also included...