An Equilibrium Theory of Retirement Plan Design
用行为合同理论分析雇主提供的退休计划设计，发现劳动力市场导致计划迎合而非纠正员工错误，解释了雇主匹配缴款和自动加入计划中低默认缴款率等现象。
We develop an equilibrium theory of employer-sponsored retirement plan design using a behavioral contract theory approach. The operation of the labor market results in retirement plans that generally cater to, rather than correct, workers’ mistakes. Our theory provides new explanations for a range of facts about retirement plan design, including the use of employer matching contributions and the use of default contribution rates in automatic enrollment plans that lower many workers’ savings. We provide novel evidence for our theory from a sample of plans.