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Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning

Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning
Author: Jeffrey R. Brown
Publisher:
Total Pages: 48
Release: 2007
Genre: Annuities
ISBN:
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This paper discusses the role of annuities in retirement planning. It begins by explaining the basic theory underlying the individual welfare gains available from annuitizing resources in retirement. It then contrasts these findings with the empirical findings that so few consumers behave in a manner that is consistent with them placing a high value on annuities. After reviewing the strengths and weaknesses of the large literature that seeks to reconcile these findings through richer extensions of the basic model, this paper turns to a somewhat more speculative discussion of potential behavioral stories that may be limiting demand. Overall, the paper argues that while further extensions to the rational consumer model of annuity demand are useful for helping to clarify under what conditions annuitization is welfare-enhancing, at least part of the answer to why consumers are so reluctant to annuitize will likely be found through a more rigorous study of the various psychological biases that individuals bring to the annuity decision.

Bounded Rationality

Bounded Rationality
Author: Sanjit Dhami
Publisher: MIT Press
Total Pages: 553
Release: 2022-07-12
Genre: Business & Economics
ISBN: 0262543702
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Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”

Handbook of Behavioral Economics - Foundations and Applications 1

Handbook of Behavioral Economics - Foundations and Applications 1
Author:
Publisher: Elsevier
Total Pages: 749
Release: 2018-09-27
Genre: Business & Economics
ISBN: 0444633898
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Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics

Investor Behavior

Investor Behavior
Author: H. Kent Baker
Publisher: John Wiley & Sons
Total Pages: 645
Release: 2014-02-10
Genre: Business & Economics
ISBN: 1118492986
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WINNER, Business: Personal Finance/Investing, 2015 USA Best Book Awards FINALIST, Business: Reference, 2015 USA Best Book Awards Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of behavioral finance and investor decision making. Blending contributions from noted academics and experienced practitioners, this 30-chapter book will provide investment professionals with insights on how to understand and manage client behavior; a framework for interpreting financial market activity; and an in-depth understanding of this important new field of investment research. The book should also be of interest to academics, investors, and students. The book will cover the major principles of investor psychology, including heuristics, bounded rationality, regret theory, mental accounting, framing, prospect theory, and loss aversion. Specific sections of the book will delve into the role of personality traits, financial therapy, retirement planning, financial coaching, and emotions in investment decisions. Other topics covered include risk perception and tolerance, asset allocation decisions under inertia and inattention bias; evidenced based financial planning, motivation and satisfaction, behavioral investment management, and neurofinance. Contributions will delve into the behavioral underpinnings of various trading and investment topics including trader psychology, stock momentum, earnings surprises, and anomalies. The final chapters of the book examine new research on socially responsible investing, mutual funds, and real estate investing from a behavioral perspective. Empirical evidence and current literature about each type of investment issue are featured. Cited research studies are presented in a straightforward manner focusing on the comprehension of study findings, rather than on the details of mathematical frameworks.

The Disruptive Impact of FinTech on Retirement Systems

The Disruptive Impact of FinTech on Retirement Systems
Author: Julie Agnew
Publisher: Oxford University Press
Total Pages: 240
Release: 2019-08-29
Genre: Business & Economics
ISBN: 0192584308
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Many people need help planning for retirement, saving, investing, and decumulating their assets, yet financial advice is often complex, potentially conflicted, and expensive. The advent of computerized financial advice offers huge promise to make accessible a more coherent approach to financial management, one that takes into account not only clients' financial assets but also human capital, home values, and retirement pensions. Robo-advisors, or automated on-line services that use computer algorithms to provide financial advice and manage customers' investment portfolios, have the potential to transform retirement systems and peoples' approach to retirement planning. This volume offers cutting-edge research and recommendations regarding the impact of financial technology, or FinTech, to disrupt retirement planning and retirement system design.

University of Chicago Law Review: Volume 78, Number 4 - Fall 2011

University of Chicago Law Review: Volume 78, Number 4 - Fall 2011
Author: University of Chicago Law Review
Publisher: Quid Pro Books
Total Pages: 607
Release: 2012-04-11
Genre: Law
ISBN: 1610279360
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A leading law review now offers a quality eBook edition. The fourth and final issue of 2011 (Volume 78) features articles and essays from internationally recognized legal scholars and governmental leaders, including Cass Sunstein (on empirically informed regulation), Jonathan Bressler (on jury nullification and Reconstruction), Daniel Schwarcz (on standardized insurance policies), and Bertral Ross II (writing against constitutional mainstreaming in stautory interpretation). In addition, the issue includes a review essay on the book The Master Switch, as well as student Comments on such subjects as same-sex divorce, religious practices by prisoners, falsely claiming Medal of Honor status, and enhancement in federal sentencing. The issue is presented in modern eBook formatting and features active Tables of Contents; linked footnotes and URLs; and legible graphs and tables.

Advanced Introduction to Behavioral Law and Economics

Advanced Introduction to Behavioral Law and Economics
Author: Cass R. Sunstein
Publisher: Edward Elgar Publishing
Total Pages: 151
Release: 2023-12-11
Genre: Business & Economics
ISBN: 103532315X
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This highly informative Advanced Introduction explores the diverse and far-reaching legal implications of some of the key findings of behavioral economics. This Advanced Introduction provides a much-needed assessment and analysis of the law as a critical domain for the use of behavioral economics, and investigates how techniques including nudging, mandates, and taxes can be used to enhance the effectiveness and improve the implementation of the law.

Economics and Ageing

Economics and Ageing
Author: José Luis Iparraguirre
Publisher: Springer Nature
Total Pages: 479
Release: 2020-01-29
Genre: Business & Economics
ISBN: 3030290131
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This upper level textbook provides a coherent introduction to the economic implications of individual and population ageing. Placing economic considerations into a wider social sciences context, this is ideal reading not only for advanced undergraduate and masters students in health economics and economics of ageing, but policy makers, professionals and practitioners in gerontology, sociology, health-related sciences, and social care. This volume introduces topics in the economics of happiness, quality of life, and well-being in later life. It also covers questions of inequality and poverty, intergenerational economics, and housing. Other areas described in this book include behavioural economics, political economy, and consumption in ageing societies.

Retirement on the Rocks

Retirement on the Rocks
Author: Christian E. Weller
Publisher: Springer
Total Pages: 233
Release: 2016-04-29
Genre: Business & Economics
ISBN: 113757514X
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In the US, retirement savings are low while risk exposure is high, thus dooming many retirees to a low standard of living. This book offers straightforward solutions to build real retirement security for American families.

The Predictable Surprise

The Predictable Surprise
Author: Sylvester J. Schieber
Publisher: Oxford University Press
Total Pages: 477
Release: 2012-03-01
Genre: Business & Economics
ISBN: 0199930090
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Social Security is in jeopardy, private pension systems have fallen apart, and workers are trying to save on their own for retirement with the stock market in the worst shape since the Great Depression. In The Predictable Surprise, Sylvester J. Schieber shows that forewarnings of the coming retirement crisis have been apparent for decades, but we have never mustered the political will to address the problem. This book explains how we have gotten into the retirement predicament and where we can go from here. Schieber, a renowned authority on this topic, provides a compact, insightful history of Social Security, pension plans, and other retirement options, highlighting both their original justifications and the point when things began to go wrong. He brings his discussion right up to the present morass and concludes with suggestions as to how we can reform our retirement system. Our situation is not hopeless, Schieber concludes, if we take on some of these issues and resolve them. If we do not, we will severely jeopardize the prosperity of younger generations.