Collectively organized pension plans must increasingly demonstrate that the risk preferences of their members are adequately reflected in the plans' asset allocations. However, whether funds should elicit individual members' risk preferences to achieve this goal, or whether they can rely on...

This working paper surveys the decumulation services offered by investment robo-advisors as a case study with which to examine regulatory and market structure issues raised by automated financial advice. We provide a short introduction to decumulation, describing some of the uncertainties...

This study addresses the process by which differences in web site benefit salience arise in consumers' minds for different anticipated usage situations. We investigate two routes by which situation may determine consumer benefit salience and find support for both route structures. The results...

Depending on the shopping context, consumers may develop different mental representations of complex shopping trip decision problems to help them interpret the decision situation that they face and evaluate alternative courses of action. To investigate these mental representations and how they...

Health insurance decisions are a challenge for many consumers and influence welfare, health outcomes, and longevity. Two choice architecture tools are examined that can improve these decisions: informed ordering of options (from best to worst) and choice set partitioning. It is hypothesized that...

Individuals' planned retirement age is affected by a trade-off between financial costs (a feasibility oriented consideration) and the number of years in retirement (a desirability oriented consideration). Previous research shows that construal level interventions (i.e., activating a global vs....

We introduce an extension of the discrete choice model to take into account individuals' mental representation of a choice problem. We argue that, especially in daily activity and travel choices, the activated needs of an individual have an influence on the benefits he or she pursues in the...

New digital technologies not only support consumers in better fulfilling their own consumption needs, but also enable them to create greater value for other consumers. These new consumer co- production activities, collectively referred to as the sharing economy, require firms to rethink their...

Automated financial product advisors – “robo advisors” – are emerging across the financial services industry, helping consumers choose investments, banking products, and insurance policies. Robo advisors have the potential to lower the cost and increase the quality and transparency of...