Not logged in.

Contribution Details

Type Journal Article
Scope Discipline-based scholarship
Title Experimental research on retirement decision-making: evidence from replications
Organization Unit
  • Kremena Bachmann
  • Thorsten Hens
  • Andre Lot
  • Xiaogeng Xu
Item Subtype Original Work
Refereed Yes
Status Published in final form
  • English
Journal Title Journal of Banking and Finance
Publisher Elsevier
Geographical Reach international
ISSN 0378-4266
Volume 152
Page Range 106851
Date 2023
Abstract Text We adapt the design of four experimental studies on retirement decision-making and conduct replications with a larger online sample from the broader population. We replicate most of the main effects of the original studies. In particular, we confirm that consumption decisions are less efficient when subjects need to borrow from the future than when they need to save from the present. When subjects collect retirement benefits as lump sum instead of annuities, they choose to retire later, as suggested by the original study. We also confirm that savings are higher when they are incentivized with matching contributions than when incentivized with tax rebates. However, when faced with varying survival risks, subjects in our replication make only partial adjustments to spending paths when ambiguity is reduced. We also propose a further experimental research agenda in related topics and discuss practical issues on subject recruitment, attrition, and redesign of complex tasks.
Free access at DOI
Digital Object Identifier 10.1016/j.jbankfin.2023.106851
Other Identification Number merlin-id:23684
PDF File Download from ZORA
Export BibTeX