FRAMING AND CLAIMING : HOW INFORMATION ‐F RAMING AFFECTS EXPECTED SOCIAL SECURITY CLAIMING BEHAVIOR
Tóm tắt
This article provides evidence that Social Security benefit claiming decisions are strongly affected by framing and are thus inconsistent with expected utility theory. Using a randomized experiment that controls for both observable and unobservable differences across individuals, we find that the use of a “breakeven analysis” encourages early claiming. Respondents are more likely to delay when later claiming is framed as a gain, and the claiming age is anchored at older ages. Additionally, the financially less literate, individuals with credit card debt, and those with lower earnings are more influenced by framing than others.
Từ khóa
Tài liệu tham khảo
Behaghel L., 2012, Framing Social Security Reform: Behavioral Responses to Changes in the Full Retirement Age, American Economic Journal: Policy, 4, 1
Bruine de Bruin W., 2010, Perspectives on Framing, 303
Charles S.2011 Schwab Real Life Retirement Services. World Wide Web:http://www.schwab.com/public/schwab_oldpublicsite/planning/retirement/nearing/real_questions/statistics_about_average_life_expectancy.html.
Coronado J. L. andM. G.Perozek 2003 Wealth Effects and the Consumption of Leisure: Retirement Decisions During the Stock Market Boom of the 1990s FEDS Working Paper No. 2003‐20 May. Available at SSRN:http://ssrn.com/abstract=419721or doi: 10.2139/ssrn.419721.
Dominitz J. A.Hung andA.van Soest 2007 Future Beneficiary Expectations of the Returns to Delayed Social Security Benefit Claiming and Choice Behavior Michigan Retirement Research Center Working Paper 2007‐164.
Gray Gray and Gray 2011 The Effect of When You Start Collecting Social Security. World Wide Web:http://www.gggcpas.com/tools/gggcalcs/sscal4.htm.
Greenwald M. A.Kapteyn O. S.Mitchell andL.Schneider 2010 What Do People Know About Social Security? RAND Report to the FLC/SSA September.
Guiso L., Pension Wealth Uncertainty, Journal of Risk and Insurance.
Gustman A. andT. L.Steinmeier 2004 The Social Security Retirement Earnings Test Retirement and Benefit Claiming NBER Working Paper No. 10905 November.
Hubbard G. R., 1994, Expanding the Life‐Cycle Model: Precautionary Saving and Public Policy, American Economic Review, 84, 174
Hurd M. andS.Rohwedder 2004 The Retirement‐Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement University of Michigan Retirement Research Center Working Paper 2004‐069.
Mussweiler T., 2004, Cognitive Illusions—A Handbook on Fallacies and Biases in Thinking, Judgment, and Memory, 183
Payne J. W. N.Sagara S. B.Shu K. C.Appelt andE. J.Johnson 2011 Live to or Die by: Framing Effects on Life Expectations Working Paper.
Social Security Administration 2012 Fast Facts & Figures About Social Security 2012. World Wide Web:http://www.ssa.gov/policy/docs/chartbooks/fast_facts/index.html.
Spiegelman R. 2010 When Should You Take Social Security? Schwab Center for Financial Research. World Wide Web:http://www.schwab.com/public/schwab/resource_center/expert_insight/retirement_strategies/planning/when_should_you_take_social_security.html.