Switching Costs and Competition in Retirement Investment
研究私人养老金体系中两种转换成本（信息评估成本和行政流程成本）如何影响参与者的选择及基金间的竞争，发现消除任一成本都能显著降低费用。
How do different switching costs affect choices and competition in a private pension system? I answer this question in a setting in which variation in employment status allows me to identify two switching costs that jointly affect enrollees’ decisions: the cost of evaluating financial information and the cost of the bureaucratic process that enrollees must navigate when switching. I use this variation to estimate the different switching costs and study their impact on competition among pension funds. I find that though eliminating all switching costs decreases equilibrium fees the most, eliminating either switching cost decreases fees significantly. JEL (D14, G23, J26, J32, O15)