Default Options and Retirement Saving Dynamics
利用美国100多个退休计划数据和英国面板数据，发现自动加入在短期内提高参与率和缴款，但中期效果减弱，平均储蓄增长有限，不过显著降低了储蓄不平等。通过生命周期模型估计转换成本约250美元，小于以往估计。
Using data from over 100 US retirement plans and a representative UK panel, I document the impact of auto-enrollment (AE) on retirement savings at different horizons. I replicate the impact of AE on participation and contributions in the short run (at 12 months), but I show that these gains are attenuated over the medium run (at 36 months). At this longer horizon, the average savings increases are modest, though AE significantly lowers inequality in savings. To assess AE’s lifetime impact, I estimate a life cycle consumption-savings model that can fit the observed patterns with a switching cost of approximately $250, smaller than previous estimates.