Information Transmission in Groups: Peer Influence in High-Stakes, Irreversible Financial Decisions
研究美国军人退休计划选择中同事的影响，发现同事选择高额奖金会降低其他人选择该方案的概率，尤其在职业、种族和性别群体内影响更大。
Abstract We study the influence of workplace peers on a high-stakes, irreversible retirement plan choice. Mid-career U.S. military personnel choose between higher future pension pay-outs, or an immediate bonus plus lower future pay-outs. With peers defined as those who have locked-in their choices and personnel assignment rules ensuring that peer groups are exogenously formed, we capture the causal impact of peers. Greater peer take-up of the bonus, which is difficult to compare to the alternative plan but often extremely costly over one's lifetime, discourages choosers from selecting the bonus. Peers are especially impactful within professional, race, and gender groups.