The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
How Much Is Investor Autonomy Worth?
Open accessAbstract
There is a worldwide trend towards defined contribution savings plans, where investors are often able to select their own portfolios. How much is this freedom of choice worth? We present retirement investors with information about the distribution of outcomes they could expect to obtain from the portfolios they picked for themselves, and the same information for the median portfolio selected by their peers. A majority of our survey participants actually prefer the median portfolio to the one they picked for themselves. We investigate various explanations for these findings and offer some evidence that the results are partly attributable to the fact that investors do not have well‐defined preferences.
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Citations
Cites
Status quo bias in decision making
Samuelson, W., & Zeckhauser, R. (1988) · Journal of Risk and Uncertainty · doi:10.1007/bf00055564 · Cited by 5,897
When choice is demotivating: can one desire too much of a good thing?
Iyengar, S. S., & Lepper, M. R. (2000) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.79.6.995 · Cited by 2,878
Cited by
Thaler, R. H., & Sunstein, C. R. (2003) · American Economic Review · doi:10.1257/000282803321947001 · Cited by 1,874
Self-citationZero as a Special Price: The True Value of Free Products
Shampanier, K., Mazar, N., & Ariely, D. (2007) · Marketing Science · doi:10.1287/mksc.1060.0254 · Cited by 613
Metadata
- Authors
- Benartzi, S., & Thaler, R. H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2002-08
- Volume
- 57
- Issue
- 4
- Pages
- 1593-1616
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3122152812
- Cited by
- 331
- References
- 2
- FWCI
- 87.36
- Type
- journal article
- Language
- en
- Open access
- bronze
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