| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24101 |
| 来源ID | Working Paper 24101 |
| Behavioral Impediments to Valuing Annuities: Evidence on the Effects of Complexity and Choice Bracketing | |
| Jeffrey R. Brown; Arie Kapteyn; Erzo F.P. Luttmer; Olivia S. Mitchell; Anya Samek | |
| 发表日期 | 2017-12-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | This paper examines two behavioral factors that diminish people’s ability to value a lifetime income stream or annuity, drawing on a survey of about 4,000 adults in a U.S. nationally representative sample. By experimentally varying the degree of 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 find that people’s ability to value an annuity increases when we experimentally induce them to think jointly about the annuitization decision as well as how quickly or slowly to spend down assets in retirement. Accordingly, we conclude that narrow choice bracketing is an impediment to annuitization, yet this impediment can be mitigated with a relatively straightforward intervention. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Public Economics ; National Fiscal Issues |
| URL | https://www.nber.org/papers/w24101 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581773 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Arie Kapteyn,Erzo F.P. Luttmer,et al. Behavioral Impediments to Valuing Annuities: Evidence on the Effects of Complexity and Choice Bracketing. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24101.pdf（784KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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