Making Investment Choices as Simple as Possible, but Not Simpler
研究目标日期基金作为退休投资简单方案的优劣，发现其对缺乏信息的参与者有改进，并进一步探索为高度风险规避且劳动收入受市场影响大的人群提供更优方案。
Target-date funds (TDFs) for retirement, also known as life-cycle funds, are being offered as a simple solution to the investment task of participants in self-directed retirement plans. A TDF is a “fund of funds” diversified across stocks, bonds, and cash with the feature that the proportion invested in stocks is automatically reduced as time passes. Empirical evidence suggests that a simple TDF strategy would be an improvement over the choices currently made by many uninformed plan participants. This article explores a way to achieve even greater improvement for people who are very risk averse and have high exposure to market risk through their labor.