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Pension Design and Structure
New Lessons from Behavioral Finance

Edited by Olivia S. Mitchell and Stephen P. Utkus

Price: £59.00 (hardback)
ISBN-13: 978-0-19-927339-3
Publication date: 15 July 2004
314 pages, 23 figures, 234x156 mm
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Reviews
  • 'Overall, the book is of a very high standard...This is certainly a book I will appreciate owning and sharing with colleagues.' - PEF
  • 'In a very readable way, the authors overview the whole field and offer concise conclusions for pension plan design...Overall, the book is of a very high academic standard, as one would anticipate from this series.' - The Journal of Pension Economics and Finance

Description
  • First book to explore the implications of behavioural finance research for pensions and retirement studies
  • Frontier research from several fields: Finance, Economics, Management, Sociology, and Psychology
  • Uses large datasets newly provided by financial service firms
  • Draws out policy implications for financial and pensions consultants, planners, and policy makers.
Employees are increasingly asked to make sophisticated decisions about their pension and healthcare plans. Yet recent research shows that the decisions 'real' people make are often not those of the careful and well-informed economic agent conventionally portrayed in economic research. Rather, decision-makers tend to operate with flawed information and make some of the most critical financial decisions of their lives lacking a full understanding of the options before them and the implications of their decisions.

Pension Design and Structure explores the assumptions behind commonly-held theories of retirement decision-making, in order to draw out the consequences of frontier research in behavioral finance and economics for those interested in better design and structure of retirement pensions. Using large datasets newly provided by financial service firms and real-world experiments, this volume tests the hypotheses of this research.

This is the first book to explore the implications of behavioral finance research for pensions and retirement studies. The authors blend cutting-edge research from several fields including Finance, Economics, Management, Sociology, and Psychology. The book will be of interest to pension plan participants and sponsors, financial service groups responsible for pensions, and retirement system regulators.


Readership: Academics and researchers of Insurance, Finance, Pensions, and Decision-Making; Finance and Pensions Consultants; Financial Planners and Pension policy makers.

Contents
Research on Decision-Making Under Uncertainty
1. Lessons From Behavioral Finance for Retirement Plan Design , Olivia S. Mitchell and Stephen P. Utkus
2. Motivating Retirement Planning: Problems and Solutions , Gary Selnow
3. Who's Afraid of a Poor Old Age? Risk Perception and Risk Management Decisions , Elke Weber
4. Behavioral Portfolios: Hopes for Riches and Protection from Poverty , Meir Statman
Implications for Retirement Plan Design
5. How Much Choice is Too Much? Contributions to 401(k) Retirement Plans , Sheena Sethi-Iyengar, Gur Huberman, and Wei Jiang
6. 'Money Attitudes' and Retirement Plan Design: One Size Does Not Fit All , Donna M. MacFarland, Carolyn D. Marconi, and Stephen P. Utkus
7. Employee Investment Decisions About Company Stock , James J. Choi, David Laibson, Brigitte Madrian, and Andrew Metrick
8. Implications of Information and Social Interactions for Retirement Saving Decisions , Esther Duflo and Emmanuel Saez
Consequences for Retirement Education
9. Saving and the Effectiveness of Financial Education , Annamaria Lusardi
10. Sex Differences, Financial Education, and Retirement Goals , Robert L. Clark, Madeleine B. d'Ambrosio, Ann A. McDermed, and Kshama Sawant
11. The Impact of Advice on Employee Behavior and Retirement Prospects , Jason Scott and Gregory Stein
12. Adult Learning Principles and Pension Participant Behavior , Victor Saliterman and Barry G. Sheckley
Implications for Retirement Payouts
13. How Do Retirees Go From Stock to Flow? , John Ameriks
14. Annuities and Retirement Satisfaction , Constantijn W. A. Panis
15. Perceptions of Mortality Risk: Implications for Annuities , Matthew Drinkwater and Eric T. Sondergeld

Authors, editors, and contributors


Edited by Olivia S. Mitchell, International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Executive Director of the Pension Research Council, Wharton School of the University of Pennsylvania and
Stephen P. Utkus, Director of the Vanguard Center for Retirement Research, The Vanguard Group


Links to web resources and related information
More in the same subject area:
Business & management
Pensions
Decision theory: general
Occupational & industrial psychology

The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.

 
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