The Beneficent and Maleficent Effects of Simplification on Retirement Savings
通过两个大型现场实验（N=126,673）发现，简化账户报表对退休储蓄的影响取决于公司业绩排名：高排名公司消费者增加缴款，低排名公司消费者减少缴款，原因是简化提高了信息处理流畅度，放大了对排名的准确记忆和相应行为。
Abstract Considerable research suggests that making information simpler is better. Simplification improves the efficiency of information extraction and lowers psychological frictions, leading to its popularity with policymakers and practitioners worldwide. However, it remains unclear when and how simplification can be utilized most effectively, or if there are contexts where simplification may produce unintended maleficent effects. Using two large-scale field experiments (N = 126,673), we test whether simplifying account statements helps encourage retirement savings in Mexico. We partner with two retirement firms, one ranked high in rate of returns and the other ranked lower. We find that simplifying retirement account statements improves contribution rates for consumers in the high-ranking firm but reduces contribution rates for consumers in the low-ranking firm. Five follow-up experiments provide evidence consistent with a fluency amplification account. Simplifying information improves processing fluency, making it easier to accurately recall firm rank relative to the control, which amplifies behavior bidirectionally: High-ranking (low-ranking) firm consumers more accurately recall their firm’s rank, subsequently increasing (decreasing) contributions. However, if simplification is harnessed in ways that improve processing fluency and lower perceived switching costs, then simplification can improve retirement savings for everyone either by boosting contributions or encouraging people to switch to higher performing alternatives.