Experimental Research on Retirement Decision-Making: Evidence from Reproductions


We adapt the design of five experimental studies on retirement decision-making and conduct reproductions with a larger sample from the broader population. We reproduce most of the main effects of the original studies. In particular, we find that consumption decisions are less efficient when subjects need to borrow from the future than save from the present. When subjects collect retirement benefits as lump-sum instead of annuities, they choose to retire later. The duration of retirement affects the saving behavior of the subjects. Savings are higher when they are incentivized with matching contributions than with tax rebates. When faced with stochastic survival risk, subjects make partial adjustments to spending paths. We also propose a further experimental research agenda in related topics and discuss practical issues on subject recruitment, attrition, and redesign of complex tasks.

(resubmitted) Journal of Banking and Finance (Special Issue - Experimental Finance)
Andre Lot
Andre Lot
Ph.D Research Scholar in Finance

I am a Ph.D candidate on the academic Finance job market in the 2022-23 cycle.