Alphabeticity Bias in 401(k) Investing
研究发现401(k)计划中基金按字母顺序排列时，参与者投资分配决策会受到显著影响，即使基金数量较少时偏见依然存在，更策略性的排序可能带来更好结果。
Abstract Structural factors that cause irrational investment in defined contribution savings plans are of great concern. Using a proprietary database of 401(k) plans we show that alphabeticity—the order that fund names appear when listed in alphabetical order—significantly biases participants’ investment allocation decisions. While we show a larger impact as the number of funds in the plan increases, this bias is strong even when relatively few funds are available in the plan menu. Importantly, our findings suggest that a more strategic ordering of funds could result in favorable outcomes for participants.