Weiss-Cohen, L, Ayton, P and Clacher, I orcid.org/0000-0002-8892-6697 (2020) Extraneous menu-effects influence financial decisions made by pension trustees. Economics Letters. ISSN 0165-1765
Abstract
Pension scheme trustees are responsible for the investment decisions of future generations’ retirement assets. However, behavioural finance research has mostly focussed on retail investors. While trustees are relatively sophisticated investors, they are not immune from biases. Across three experiments, we tested 252 pension scheme trustees for the influence of extraneous manipulations to the menu of options on investment decisions. Trustees were influenced by changes to the menu item mix, context, and layout. Care should therefore be taken when preparing information presented to trustees, in order to reduce biases that can be detrimental to pension outcomes.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2019, Elsevier B.V. All rights reserved. This is an author produced version of an article published in Economics Letters. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Pensions; Trustees; Menu-effects; Decision-making; Behavioural finance biases |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Funding Information: | Funder Grant number Institute and Faculty of Actuaries Not Known |
Depositing User: | Symplectic Publications |
Date Deposited: | 10 Dec 2019 10:44 |
Last Modified: | 11 Jun 2020 00:38 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.econlet.2019.108895 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:154372 |
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