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 …

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 …

change in the Swedish pension system that highlighted a five-year payout on the expense of a life annuity not only increased …

in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would …

We study the effects of two exogenous modifications in the Swedish pension system application form nudging individuals … towards a fixed-term payout. Meanwhile, the set of available options and the default option - life annuity - were unchanged …

in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would …