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Simplification and Saving / John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian.
- Format:
- Book
- Author/Creator:
- Beshears, John.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w12659.
- NBER working paper series no. w12659
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2006.
- Summary:
- The daunting complexity of important financial decisions can lead to procrastination. We evaluate a low-cost intervention that substantially simplifies the retirement savings plan participation decision. Individuals received an opportunity to enroll in a retirement savings plan at a pre-selected contribution rate and asset allocation, allowing them to collapse a multidimensional problem into a binary choice between the status quo and the pre-selected alternative. The intervention increases plan enrollment rates by 10 to 20 percentage points. We find that a similar intervention can be used to increase contribution rates among employees who are already participating in a savings plan.
- Notes:
- Print version record
- October 2006.
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