Efficiency in Household Decision-Making: Evidence from the Retirement Savings of US Couples
研究发现美国夫妇在分配退休储蓄时，并未将资金投入雇主匹配率最高的账户，这种低效分配普遍且持续，部分源于财务失误，部分源于家庭内部信任与承诺不足。
We study how couples allocate retirement-saving contributions across each spouse’s account. In a new dataset covering over a million US individuals, we find retirement contributions are not allocated to the account with the highest employer match rate. This lack of coordination—which goes against the assumptions of most models of household decision-making—is common, costly, persistent over time, and cannot be explained by inertia, auto-enrollment, or simple heuristics. Complementing the administrative evidence with an online survey, we find that inefficient allocations reflect both financial mistakes as well as deliberate choices, especially when trust and commitment inside the households are weak.