What You Don't Know Can't Help You: Pension Knowledge and Retirement Decision Making
利用行政数据和自报数据，发现了解养老金激励的人对激励的反应是平均水平的五倍，而信息不足的人则根据自身误解做出反应。
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.