Econ Papers Daily / 期刊论文
受支配的养老金投资：搜索摩擦与认知缺失的作用
Dominated Pension Investments: The Role of Search Frictions and Unawareness
摘要
We conduct a large-scale field experiment in the Swedish pension system to examine to what extent information and search frictions explain dominated high-fee index fund choices. Three findings stand out: (i) Letters that increase awareness of a dominated choice and reduce search costs of finding the dominating alternative improve savers’ investment choices. (ii) While the average effects are positive, a majority of investors are unresponsive to information that essentially removes search costs. The inertia holds across expected gains, rejecting models with fixed adjustment costs. (iii) Lack of awareness and search costs account for at most 45 percent of dominated choices. (JEL C93, D83, G23, G51, G53, J32)
中文摘要
我们在瑞典养老金系统中开展了一项大规模实地实验，以探究信息和搜索摩擦在多大程度上解释了被高费率指数基金主导的劣质选择。三个主要发现如下：（i）提高对劣质选择认知度并降低寻找更优替代方案搜索成本的函件，改善了储蓄者的投资选择。（ii）尽管平均效应为正，但大多数投资者对实质上消除了搜索成本的信息无动于衷。这种惯性在预期收益范围内普遍存在，从而否定了固定调整成本模型。（iii）认知缺失和搜索成本最多只能解释45%的劣质选择。（JEL分类号：C93, D83, G23, G51, G53, J32）