Naive Diversification Strategies in Defined Contribution Saving Plans
研究固定缴费养老金计划中投资者的分散化行为，发现部分投资者采用“1/n策略”，即平均分配资金到所有可选基金，导致股票投资比例受基金选项构成影响。
There is a worldwide trend toward defined contribution saving plans and growing interest in privatized Social Security plans. In both environments, individuals are given some responsibility to make their own asset-allocation decisions, raising concerns about how well they do at this task. This paper investigates one aspect of the task, namely diversification. We show that some investors follow the “1/n strategy”: they divide their contributions evenly across the funds offered in the plan. Consistent with this naive notion of diversification, we find that the proportion invested in stocks depends strongly on the proportion of stock funds in the plan.