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How to Choose a Default
(Behavioral Science & Policy Association, 2022-06)
We have developed a model for setting a default when a population is choosing among ordered choices—that is, ones listed in ascending or descending order. A company, for instance, might want to set a default contribution ...
Present Bias Causes and Then Dissipates Auto-Enrollment Savings Effects
(American Economic Association, 2022-05-01)
Present bias causes procrastination, which leads households to stick with auto-enrollment defaults. However, present bias also engenders overconsumption. Separation from each employer generates a rollover of 401(k) balances ...
Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?
(Elsevier BV, 2020-03)
Previous research has shown that some people voluntarily use commitment contracts that restrict their own choice sets. We study how people divide money between two accounts: a liquid account that permits unrestricted ...
Borrowing to Save? The Impact of Automatic Enrollment on Debt
(Wiley, 2021-08-09)
Does automatic enrollment into a retirement plan increase financial distress due to increased borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired ...