F<scp>RAMING AND</scp> C<scp>LAIMING</scp>: H<scp>OW</scp> I<scp>NFORMATION</scp>‐<scp>F</scp><scp>RAMING</scp> A<scp>FFECTS</scp> E<scp>XPECTED</scp> S<scp>OCIAL</scp> S<scp>ECURITY</scp> C<scp>LAIMING</scp> B<scp>EHAVIOR</scp>

Journal of Risk and Insurance - Tập 83 Số 1 - Trang 139-162 - 2016
Jeffrey R. Brown1, Arie Kapteyn2, Olivia S. Mitchell3
1Department of Finance, University of Illinois, 515 East Gregory Drive, Champaign, IL 61820.
2Department of Economics, University of Southern California, 3620 S. Vermont Ave., Kaprielian Hall 300, Los Angeles, CA 90089.
3The Wharton School, University of Pennsylvania, 3620 Locust Walk, 3000 SH-DH, Philadelphia, PA 19104.

Tóm tắt

AbstractThis 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.

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Thông tin xuất bản

Journal of Risk and Insurance

Tập 83 Số 1

139-162

Thông tin tác giả