Reinforcement Learning and Savings Behavior
发现个人投资者在做储蓄决策时会过度依赖个人经验，尤其是401(k)储蓄中高平均回报或低波动回报的经历会促使他们提高储蓄率，并讨论了这一现象对股权溢价之谜和改善家庭财务干预措施的启示。
ABSTRACT We show that individual investors over‐extrapolate from their personal experience when making savings decisions. Investors who experience particularly rewarding outcomes from 401(k) saving—a high average and/or low variance return—increase their 401(k) savings rate more than investors who have less rewarding experiences. This finding is not driven by aggregate time‐series shocks, income effects, rational learning about investing skill, investor fixed effects, or time‐varying investor‐level heterogeneity that is correlated with portfolio allocations to stock, bond, and cash asset classes. We discuss implications for the equity premium puzzle and interventions aimed at improving household financial outcomes.