English, Article, Journal or magazine article edition: Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect James J. Choi; David Laibson; Brigitte C. Madrian

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Bookmark: http://trove.nla.gov.au/version/67284
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect
Author
  • James J. Choi
  • David Laibson
  • Brigitte C. Madrian
Physical Description
  • preprint
Notes
  • Consistent with mental accounting, we document that investors sometimes choose the asset allocation for one account without considering the asset allocation of their other accounts. The setting is a firm that changed its 401(k) matching rules. Initially, 401(k) enrollees chose the allocation of their own contributions, but the firm chose the match allocation. These enrollees ignored the match allocation when choosing their own-contribution allocation. In the second regime, enrollees simultaneously selected both accounts’ allocations, leading them to mentally integrate the two. Own-contribution allocations before the rule change equal the combined own- and match-contribution allocations afterwards, whereas combined allocations differ sharply across regimes.
  • RePEc:nbr:nberwo:13656
Language
  • English
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