Choosing outcomes versus choosing products: Consumer-focused retirement investment advice
Choosing outcomes versus choosing products: Consumer-focused retirement investment advice
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DOI：
10.1086/589562
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发表时间：
2008-10-01
影响因子：
7.2
通讯作者：
Sharpe, William F.
中科院分区：
文献类型：
--
作者：
Goldstein, Daniel G.;Johnson, Eric J.;Sharpe, William F.
为退休投资是消费者面临的最重要但最令人生畏的决定之一。我们提出了一种方法来帮助和理解消费者，因为他们构建退休收入的偏好。该方法使消费者能够建立所需的概率分布的财富约束的市场力量和投资金额。我们收集所需的财富分布从一个样本的工作成年人，提供证据的技术的可靠性和预测有效性，表征个人和集群水平的差异，并估计参数的风险规避和损失规避。我们将讨论如何这样一个互动的方法可以帮助人们构建更明智的偏好。
Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth constrained by market forces and the amount invested. We collect desired wealth distributions from a sample of working adults, provide evidence of the technique's reliability and predictive validity, characterize individual- and cluster-level differences, and estimate parameters of risk aversion and loss aversion. We discuss how such an interactive method might help people construct more informed preferences.