Does menu design influence retirement investment choices? Evidence from Italian occupational pension funds
Previous research has demonstrated that consumers' decisions regarding supplementary pensions could be affected by biases. Bernatzi and Thaler's experiment demonstrated that menu design can influence pension fund enrollment decisions, in that participants appear to adopt a na\"ive h...
Main Author: | |
---|---|
Format: | Article |
Language: | English |
Published: |
Society for Judgment and Decision Making
2014-01-01
|
Series: | Judgment and Decision Making |
Subjects: | |
Online Access: | http://journal.sjdm.org/13/13901/jdm13901.pdf |
id |
doaj-e80a82454fcd428db39c896e80f8bfd9 |
---|---|
record_format |
Article |
spelling |
doaj-e80a82454fcd428db39c896e80f8bfd92021-05-02T16:23:36ZengSociety for Judgment and Decision MakingJudgment and Decision Making1930-29752014-01-01917782Does menu design influence retirement investment choices? Evidence from Italian occupational pension fundsAndrea Lippi Previous research has demonstrated that consumers' decisions regarding supplementary pensions could be affected by biases. Bernatzi and Thaler's experiment demonstrated that menu design can influence pension fund enrollment decisions, in that participants appear to adopt a na\"ive heuristic, i.e., ``extremeness aversion''. Using a database of 27 occupational pension funds from 2007 to 2011, representing 1,732,530 employees, this study asked whether menu design affected Italian workers' choices regarding the supplementary pension system as a result of the new rules enacted by the regulator in 2007. Most enrolled workers opted for the median investment line. I discuss the possible relevance of this result to public policy, in particular the possibility of including these preferences in the regulations, with the aim of benefiting employees. % revised but won't showhttp://journal.sjdm.org/13/13901/jdm13901.pdfdecision making middle option predominance pension funds. NAKeywords |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Andrea Lippi |
spellingShingle |
Andrea Lippi Does menu design influence retirement investment choices? Evidence from Italian occupational pension funds Judgment and Decision Making decision making middle option predominance pension funds. NAKeywords |
author_facet |
Andrea Lippi |
author_sort |
Andrea Lippi |
title |
Does menu design
influence retirement investment choices? Evidence from Italian occupational
pension funds |
title_short |
Does menu design
influence retirement investment choices? Evidence from Italian occupational
pension funds |
title_full |
Does menu design
influence retirement investment choices? Evidence from Italian occupational
pension funds |
title_fullStr |
Does menu design
influence retirement investment choices? Evidence from Italian occupational
pension funds |
title_full_unstemmed |
Does menu design
influence retirement investment choices? Evidence from Italian occupational
pension funds |
title_sort |
does menu design
influence retirement investment choices? evidence from italian occupational
pension funds |
publisher |
Society for Judgment and Decision Making |
series |
Judgment and Decision Making |
issn |
1930-2975 |
publishDate |
2014-01-01 |
description |
Previous research has
demonstrated that consumers' decisions regarding supplementary pensions could
be affected by biases. Bernatzi and Thaler's experiment demonstrated that menu
design can influence pension fund enrollment decisions, in that participants
appear to adopt a na\"ive heuristic, i.e., ``extremeness aversion''. Using a
database of 27 occupational pension funds from 2007 to 2011, representing
1,732,530 employees, this study asked whether menu design affected Italian
workers' choices regarding the supplementary pension system as a result of the
new rules enacted by the regulator in 2007. Most enrolled workers opted for
the median investment line. I discuss the possible relevance of this result to
public policy, in particular the possibility of including these preferences in
the regulations, with the aim of benefiting employees. % revised but won't
show |
topic |
decision making middle option predominance pension funds. NAKeywords |
url |
http://journal.sjdm.org/13/13901/jdm13901.pdf |
work_keys_str_mv |
AT andrealippi doesmenudesigninfluenceretirementinvestmentchoicesevidencefromitalianoccupationalpensionfunds |
_version_ |
1721490006836510720 |