Retirement Savings: A Tale of Decisions and Defaults
构建结构动态生命周期模型，利用澳大利亚大型养老金基金的管理数据，研究默认设置对退休储蓄的影响，发现默认设置强烈影响财富积累且具有高度持续性。
© 2017 Royal Economic Society (Registered Charity No. 231508). This study develops a structural dynamic life-cycle model to examine the behavior of members of an industry-wide pension fund to assess both the prevalence of defaults and their impact on retirement savings. We estimate the model using the simulated method of moments on administrative data from a large Australian pension fund. Our results show that default settings strongly influence wealth accumulation. Such settings are also highly persistent, both over time and across decisions. Overall, the findings suggest that if defaults (particularly the irreversible ones) are not carefully designed, retirement savings can be severely affected.