The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Reinforcement Learning and Savings Behavior
Open accessAbstract
We show that individual investors over‐extrapolate from their personal experience when making savings decisions. Investors who experience particularly rewarding outcomes from 401(k) saving—a high average and/or low variance return—increase their 401(k) savings rate more than investors who have less rewarding experiences. This finding is not driven by aggregate time‐series shocks, income effects, rational learning about investing skill, investor fixed effects, or time‐varying investor‐level heterogeneity that is correlated with portfolio allocations to stock, bond, and cash asset classes. We discuss implications for the equity premium puzzle and interventions aimed at improving household financial outcomes.
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Many U.S. investors, even those with high self-assessed financial literacy levels, fail to choose a fee-minimizing portfolio even in a setting where fees are the only relevant distinguishing characteristic of the investments and differences in fees are considerable.
“In a related laboratory study, Choi et al. (2009) show that many U.S. investors-even those with high self-assessed financial literacy levels-fail to choose a fee minimizing portfolio even in a setting where fees are the only relevant distinguishing characteristic of the investments and differences in fees are considerable.”
From Financial literacy, financial advice, and financial behavior (2017) · cites this paper as Choi et al. (2009)
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Cites
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Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
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$100 Bills on the Sidewalk: Suboptimal Investment in 401(k) Plans
Choi, J. J., Laibson, D., & Madrian, B. C. (2011) · Review of Economics and Statistics · doi:10.1162/rest_a_00100 · Cited by 354
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Financial literacy, financial advice, and financial behavior
Stolper, O. A., & Walter, A. (2017) · Journal of Business Economics · doi:10.1007/s11573-017-0853-9 · Cited by 471
“In a related laboratory study, Choi et al. (2009) show that many U.S. investors—even those with 34 In a related study, Koestner et al. (2017) identify investment experience as another potential channel to mitigate investment mistakes. high self-assessed financial literacy levels—fail to choose a…”
BackgroundWhy do (some) households trade so much?
Linnainmaa, J. T. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr009 · Cited by 141
Metadata
- Authors
- CHOI, J. J., LAIBSON, D., MADRIAN, B. C., & METRICK, A.
- Affiliations
- National Bureau of Economic Research (US)
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2009-11-25
- Volume
- 64
- Issue
- 6
- Pages
- 2515-2534
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- PMC
- PMC2845178
- OpenAlex
- W2163673686
- Cited by
- 324
- References
- 3
- Citations by year
- 2026: 8 · 2025: 10 · 2024: 15 · 2023: 18 · 2022: 18 · 2021: 26 · 2020: 27 · 2019: 21 · 2018: 21 · 2017: 19 · 2016: 23 · 2015: 18 · 2014: 23 · 2013: 22 · 2012: 19
- FWCI
- 62.98
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Locations
- The Journal of Finance (publishedVersion)
- PubMed (publishedVersion)
- PubMed Central (acceptedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Digital Access to Scholarship at Harvard (DASH) (Harvard University) (submittedVersion, cc-by)
- ScholarsArchive (Brigham Young University) (submittedVersion)
- Funders
- National Institute on Aging (R01AG021650, T32AG000186, R01AG016605)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- saving behavior, reinforcement learning, personal experience, investor learning, equity premium puzzle, asset allocation, asset class allocation, stock and bond returns
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