Do behavioral biases vary across individuals? Evidence from individual level 401 (k) data
Do behavioral biases vary across individuals? Evidence from individual level 401 (k) data
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DOI：
10.1017/s0022109000002702
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发表时间：
2006-12-01
影响因子：
3.9
通讯作者：
Agnew, Julie R.
中科院分区：
文献类型：
--
作者：
Agnew, Julie R.
本文调查了一些人在401（k）投资中是否容易出现行为偏差。使用人口统计数据和超过73，000名员工的分配信息，我研究了两个分配偏差和参与偏差。研究结果表明，高薪员工往往会做出更好的选择。收入10万美元的参与者持有公司股票的比例比收入4.6万美元的参与者低12.7%，遵循框架1/n启发式的可能性低3%，参与的可能性高37.7%。在这三种情况中，女性在两种情况下做出了更好的选择，我发现了心理账户的证据。
This paper investigates whether some individuals are prone to behavioral biases in their 401(k) investments. Using demographic data and allocation information for over 73,000 employees, I examine two allocation biases and a participation bias. The findings suggest that higher salaried employees tend to make significantly better choices. Participants who earn $100,000 hold 12.7% less in company stock, are 3% less likely to follow the framing 1/n heuristic, and are 37.7% more likely to participate than those earning $46,000. Women make better choices in two of the three cases and I find evidence of mental accounting.