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What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision Making / Sewin Chan, Ann Huff Stevens.
- Format:
- Book
- Author/Creator:
- Chan, Sewin.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w10185.
- NBER working paper series no. w10185
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- What You Don't Know Can't Help You
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2003.
- Summary:
- This paper provides an answer to an important empirical puzzle in the retirement literature: while most people know little about their own pension plans, retirement behavior is strongly affected by pension incentives. We combine administrative and self-reported pension data to measure the retirement response to actual and perceived financial incentives. We find that well-informed individuals are five times more responsive to pension incentives than the average individual when knowledge is ignored. We further find that the ill-informed individuals do respond to their own misperception of the incentives, rather than being unresponsive to any incentives.
- Notes:
- Print version record
- December 2003.
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