The DOI matches its Crossref record; 25 of the 25 references it cites were found in a registry or an index.
Naive Diversification Strategies in Defined Contribution Saving Plans
Abstract
There is a worldwide trend toward defined contribution saving plans and growing interest in privatized Social Security plans. In both environments, individuals are given some responsibility to make their own asset-allocation decisions, raising concerns about how well they do at this task. This paper investigates one aspect of the task, namely diversification. We show that some investors follow the “1/n strategy”: they divide their contributions evenly across the funds offered in the plan. Consistent with this naive notion of diversification, we find that the proportion invested in stocks depends strongly on the proportion of stock funds in the plan. (JEL G11, G23, H55)
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Status quo bias in decision making
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Kahneman, D., & Tversky, A. (2013) · World Scientific Handbook in Financial Economics Series · doi:10.1142/9789814417358_0016 · Cited by 5,320
Mental Accounting and Consumer Choice
Thaler, R. (1985) · Marketing Science · doi:10.1287/mksc.4.3.199 · Cited by 4,885
Self-citationMental Accounting and Consumer Choice
Thaler, R. H. (2008) · Marketing Science · doi:10.1287/mksc.1070.0330 · Cited by 3,415
Self-citationThaler, R. H. (1999) · Journal of Behavioral Decision Making · doi:10.1002/(sici)1099-0771(199909)12:3<183::aid-bdm318>3.0.co;2-f · Cited by 3,166
Self-citationInvestor Psychology and Asset Pricing
(2001) · The Journal of Finance · doi:10.1111/0022-1082.00379 · Cited by 2,357
(2009) · American Economic Review · doi:10.1257/aer.99.4.i · Cited by 2,230
Myopic Loss Aversion and the Equity Premium Puzzle
Benartzi, S., & Thaler, R. (1993) · National Bureau of Economic Research · doi:10.3386/w4369 · Cited by 1,799
Self-citation
Cited by
Gigerenzer, G., & Gaissmaier, W. (2011) · Annual Review of Psychology · doi:10.1146/annurev-psych-120709-145346 · Cited by 4,037
Representativeness revisited: Attribute substitution in intuitive judgment.
Kahneman, D., & Frederick, S. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.004 · Cited by 3,476
Optimal Versus Naive Diversification: How Inefficient is the 1/ N Portfolio Strategy?
DeMiguel, V., Garlappi, L., & Uppal, R. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhm075 · Cited by 3,199
Psychology and Economics: Evidence from the Field
DellaVigna, S. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.315 · Cited by 2,365
Slovic, P., Finucane, M., Peters, E., & MacGregor, D. G. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.025 · Cited by 2,349
Metadata
- Authors
- Benartzi, S., & Thaler, R. H.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2001-03-01
- Volume
- 91
- Issue
- 1
- Pages
- 79-98
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2081717017
- Cited by
- 1,537
- References
- 25
- FWCI
- 295.80
- Type
- journal article
- Language
- en
- Open access
- closed
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