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  1. The Endowment Effect and Collateralized Loans
    Autor*in: Carney, Kevin; Kremer, Michael; Lin, Xinyue; Rao, Gautam
    Erschienen: May 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Collateral requirements play an important role in credit markets. This paper shows that the endowment effect--the phenomenon where owing a good increases one's valuation of it--inhibits demand for loans which use a borrower's existing assets as... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Collateral requirements play an important role in credit markets. This paper shows that the endowment effect--the phenomenon where owing a good increases one's valuation of it--inhibits demand for loans which use a borrower's existing assets as collateral. Using a field experiment in Kenya, we show that borrowers instead strongly prefer loans collateralized using the new durable assets being financed by the loans themselves. They are willing to pay 9% per month higher interest for such Same-Asset Collateralized Loans (SACLs) despite the endowed and new assets being randomized, and thus similarly valued before ownership. Our findings imply that assets which are difficult to use as collateral--which cannot be financed by SACLs--will be invested in less, even if the borrower has other collateral. We argue that borrowers' preference for SACLs is driven by naivete: they initially perceive that they have little to lose when offered a SACL, but subsequently come to develop an attachment to the new asset, resulting in high repayment effort. Consistent with this, borrowers underestimate their future attachment to an asset before owning it, and SACLs do not have higher default rates despite having higher demand. We derive the conditions under which offering consumers SACLs increases or conversely decreases borrower welfare

     
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  2. Liquidity, Financial Centrality, and the Value of Key Players
    Autor*in: Chandrasekhar, Arun G.; Townsend, Robert M.; Xandri, Juan Pablo
    Erschienen: July 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Consider an economy in which agents face income risk but interact in a stochastic financial network where the randomness is dictated by both chance and choice. We study the financial centrality of an agent defined as the ex-ante marginal social value... mehr

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Consider an economy in which agents face income risk but interact in a stochastic financial network where the randomness is dictated by both chance and choice. We study the financial centrality of an agent defined as the ex-ante marginal social value of providing a small liquid asset to that agent. We show financially central agents are not only those who are linked often, but are more likely to be linked when (i) the realized network is fragmented, (ii) income risk is high, (iii) shocks are positively correlated, (iv) attitudes toward risk are more sensitive in the aggregate, and (v) there are tail risks. We apply our framework to models of financial markets with participation shocks, supply chains subject to disruptions, and village risk-sharing networks. We also study how the stochastic financial network structure influences bargaining, thereby endogenizing Pareto weights in the planner's problem. Evidence from Thai villages is consistent with these bargaining foundations, showing that agents who are more central indeed receive greater Pareto weight. We conclude by examining the welfare consequences of targeting larger liquid assets to key traders in markets, and to the most liquidity-sensitive links in supply chains

     
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    Schriftenreihe: NBER working paper series ; no. w30270
    Schlagworte: Liquidität; Theorie; Household Saving; Personal Finance; Financial Markets and the Macroeconomy; Financial Crises; Transactional Relationships; Contracts and Reputation; Networks; Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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  3. Risk Pooling and Precautionary Saving in Village Economies
    Autor*in: Fafchamps, Marcel; Shrinivas, Aditya
    Erschienen: June 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We propose a new method to test for efficient risk pooling that allows for intertemporal smoothing, non-homothetic consumption, and heterogeneous risk and time preferences. The method is composed of three steps. The first one allows for precautionary... mehr

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    We propose a new method to test for efficient risk pooling that allows for intertemporal smoothing, non-homothetic consumption, and heterogeneous risk and time preferences. The method is composed of three steps. The first one allows for precautionary savings by the aggregate risk pooling group. The second utilizes the inverse Engel curve to estimate good-specific tests for efficient risk pooling. In the third step, we obtain consistent estimates of households' risk and time preferences using a full risk sharing model, and incorporate heterogeneous preferences in testing for risk pooling. We apply this method to panel data from Indian villages to generate a number of new insights. We find that food expenditures are better protected from aggregate shocks than non-food consumption, after accounting for non-homotheticity. Village-level consumption tracks aggregate village cash-in-hand, suggesting some form of coordinated precautionary savings. But there is considerable excess sensitivity to aggregate income, indicating a lack of full asset integration. We also find a large unexplained gap between the variation in measured consumption expenditures and cash-in-hand at the aggregate village level. Contrary to earlier findings, risk pooling in Indian villages no longer appears to take place more at the sub-caste level than at the village level

     
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    Schriftenreihe: NBER working paper series ; no. w30128
    Schlagworte: Dorf; Privater Haushalt; Schock; Risikopräferenz; Intertemporale Entscheidung; Lebensmittelkonsum; Vorsichtssparen; Intertemporale Allokation; Soziale Schicht; Indien; Household Saving; Personal Finance; Personal Income, Wealth, and Their Distributions; Altruism; Philanthropy; Intergenerational Transfers; Microeconomic Analyses of Economic Development
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  4. Genetic Endowments, Income Dynamics, and Wealth Accumulation Over the Lifecycle
    Autor*in: Barth, Daniel; Papageorge, Nicholas W.; Thom, Kevin; Velásquez-Giraldo, Mateo
    Erschienen: August 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We develop and estimate a life-cycle consumption savings model in which observed genetic variation is allowed to affect wealth accumulation through several distinct channels. We focus on genetic markers that predict educational attainment, aggregated... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We develop and estimate a life-cycle consumption savings model in which observed genetic variation is allowed to affect wealth accumulation through several distinct channels. We focus on genetic markers that predict educational attainment, aggregated into a predictive index called a polygenic score. Based on substantial descriptive evidence, we allow variation in these endowments to affect earnings, the disutility of labor, stock market participation costs, and idiosyncratic rates of return on risky investments. The model also incorporates endogenous retirement and a realistic social security system. Parameter estimates suggest that, in addition to earnings, genetic differences are significantly associated with risky asset returns, both of which contribute to wealth inequality. Counterfactual policy exercises indicate that two ways to lower costs of an aging population (extending the age of retirement or cutting social security benefits) have similar magnitudes and distributions of welfare costs even though the latter policy appears to reduce wealth differences between agents with different genetic endowments. This illustrates the importance of welfare calculations when evaluating how genes interact with policy, which is possible to do if we incorporate genetic data into structural models

     
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  5. Broadband Internet and the Stock Market Investments of Individual Investors
    Autor*in: Hvide, Hans K.; Meling, Tom G.; Mogstad, Magne; Vestad, Ola Lotherington
    Erschienen: August 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study the effects of broadband internet use on the investment decisions of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes... mehr

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We study the effects of broadband internet use on the investment decisions of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market participation, driven primarily by increased fund ownership. Existing investors tilt their portfolios towards funds, thereby obtaining more diversified portfolios and higher Sharpe ratios, and do not increase their trading activity in stocks. Overall, access to high-speed internet seems to spur a "democratization of finance", with individuals making investment decisions that are more in line with the advice from portfolio theory

     
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    Schriftenreihe: NBER working paper series ; no. w30383
    Schlagworte: Anlageverhalten; Internet; Private Finanzplanung; Portfolio-Management; Kapitalanlage; Norwegen; Microeconomic Policy: Formulation, Implementation, and Evaluation; Household Saving; Personal Finance; Intertemporal Household Choice; Life Cycle Models and Saving; General; Portfolio Choice; Investment Decisions; General
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  6. Popular Personal Financial Advice versus the Professors
    Autor*in: Choi, James J.
    Erschienen: August 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    I survey the advice given by the fifty most popular personal finance books and compare it to the prescriptions of normative academic economic models. Popular advice frequently departs from normative principles derived from economic theory, which... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    I survey the advice given by the fifty most popular personal finance books and compare it to the prescriptions of normative academic economic models. Popular advice frequently departs from normative principles derived from economic theory, which should motivate new hypotheses about why households make the financial choices they do, as well as what financial choices households should make. Popular advice is sometimes driven by fallacies, but it tries to take into account the limited willpower individuals have to stick to a financial plan, and its recommended actions are often easily computable by ordinary individuals. I cover advice on savings rates, the advisability of being a wealthy hand-to-mouth consumer, asset allocation, non-mortgage debt management, simultaneous holding of high-interest debt and low-interest savings, and mortgage choices

     
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    Schriftenreihe: NBER working paper series ; no. w30395
    Schlagworte: Private Finanzplanung; Finanzwissen; Anlageverhalten; Vergleich; Wirtschaftstheorie; USA; Household Saving; Personal Finance; Intertemporal Household Choice; Life Cycle Models and Saving; Portfolio Choice; Investment Decisions; Behavioral Finance; Household Finance
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  7. Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership
    Autor*in: Horioka, Charles; Ventura, Luigi
    Erschienen: September 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    In this paper, we use micro data on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. To summarize our main... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    In this paper, we use micro data on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. To summarize our main findings, we find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6% over a 3-year period). These findings strongly suggest that the Wealth Decumulation (or Retirement Saving) Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe

     
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    Schriftenreihe: NBER working paper series ; no. w30470
    Schlagworte: Ältere Menschen; Altersgrenze; Private Finanzplanung; Vermögen; Wohneigentum; Erbe; Intergenerationale Übertragung; Gesetzliche Rentenversicherung; Europa; Household Saving; Personal Finance; Intertemporal Household Choice; Life Cycle Models and Saving; Altruism; Philanthropy; Intergenerational Transfers; Consumption; Saving; Wealth; Social Security and Public Pensions; Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  8. Economic Impact Payments and Household Spending During the Pandemic
    Autor*in: Parker, Jonathan A.; Schild, Jake; Erhard, Laura; Johnson, David S.
    Erschienen: October 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Households spent only a small fraction of their 2020 Economic Impact Payment (EIPs) within a couple of months of arrival, consistent with i) pandemic constraints on spending, ii) other pandemic programs and social insurance, and iii) the broader... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Households spent only a small fraction of their 2020 Economic Impact Payment (EIPs) within a couple of months of arrival, consistent with i) pandemic constraints on spending, ii) other pandemic programs and social insurance, and iii) the broader disbursement of the EIPs compared to the economic losses during the early stages of the pandemic. While these EIPs did not fill an urgent economic need for most households, the first round of EIPs did provide timely pandemic insurance to some households who were more exposed to the economic losses from the pandemic. Households with lower liquid wealth entering the pandemic and those less able to earn while working from home each raised consumption more following receipt of their EIP. While our measurement for later EIPs is not as reliable, our estimates suggest even less spending on average to the second and third rounds of EIPs. Our point estimates imply less short-term spending on average than in response to economic stimulus payments in 2001 or 2008. While our analysis lacks the power to measure longer-term spending effects, the lack of short-term spending contributed to strong household balance sheets as the direct economic effects of the pandemic on households waned

     
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    Schriftenreihe: NBER working paper series ; no. w30596
    Schlagworte: Öffentliche Sozialleistungen; Coronavirus; Intertemporale Entscheidung; Privater Konsum; USA; Household Saving; Personal Finance; Intertemporal Household Choice; Life Cycle Models and Saving; Consumption; Saving; Wealth; Fiscal Policy; Modern Monetary Theory; Household Finance; Household
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  9. Are Retirement Planning Tools Substitutes or Complements to Financial Capability?
    Autor*in: Goda, Gopi Shah; Levy, Matthew; Flaherty Manchester, Colleen N.; Sojourner, Aaron; Tasoff, Joshua
    Erschienen: December 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We conduct a randomized controlled trial to understand how a web-based retirement saving calculator affects workers' retirement-savings decisions. In both conditions, the calculator projects workers' retirement income goal. In the treatment... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We conduct a randomized controlled trial to understand how a web-based retirement saving calculator affects workers' retirement-savings decisions. In both conditions, the calculator projects workers' retirement income goal. In the treatment condition, it also projects retirement income based on defined-contribution savings, prominently displays the gap between projected goal and actual retirement income, and allows users to interactively explore how alternative, future contribution choices would affect the gap. The treatment increased average annual retirement contributions by $174 (2.3 percent). However, effects were larger for those with greater financial knowledge, suggesting this type of tool complements, rather than substitutes for, underlying financial capability

     
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    Schriftenreihe: NBER working paper series ; no. w30723
    Schlagworte: Altersvorsorge; Betriebliche Altersversorgung; Digitale Dienste; Private Finanzplanung; Finanzwissen; USA; Household Saving; Personal Finance; Financial Literacy; Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  10. Wage Garnishment in the United States
    New Facts from Administrative Payroll Records
    Autor*in: DeFusco, Anthony A.; Enriquez, Brandon M.; Yellen, Margaret B.
    Erschienen: December 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Wage garnishment allows private and public creditors to pull money directly out of a worker's paycheck to repay defaulted debt. Despite growing public concern surrounding the effects of strict debt collection mechanisms, a dearth of data has... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Wage garnishment allows private and public creditors to pull money directly out of a worker's paycheck to repay defaulted debt. Despite growing public concern surrounding the effects of strict debt collection mechanisms, a dearth of data has precluded empirical examination of the prevalence of wage garnishment and its effect on U.S. workers. Using administrative payroll data, we document five new descriptive empirical facts about wage garnishment, including its prevalence; duration; stringency; distribution across worker characteristics; and interaction with labor supply. Together, these facts shed light on an important but understudied form of debt collection and lay foundation for future research

     
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    Schriftenreihe: NBER working paper series ; no. w30724
    Schlagworte: Private Verschuldung; Kreditsicherung; Private Finanzplanung; USA; Lohnpfändung; Household Saving; Personal Finance; Household Finance; Time Allocation and Labor Supply; Personal Bankruptcy Law
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  11. Improving Household Debt Management with Robo-Advice
    Autor*in: Chak, Ida; Croxson, Karen; D'Acunto, Francesco; Reuter, Jonathan; Rossi, Alberto G.; Shaw, Jonathan M.
    Erschienen: November 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Poor debt-management skills lower financial security and wealth accumulation. Because optimal solutions to credit repayment problems depend on neither risk preferences nor beliefs, loan repayment is a prime application for robo-advising. Vulnerable... mehr

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    Poor debt-management skills lower financial security and wealth accumulation. Because optimal solutions to credit repayment problems depend on neither risk preferences nor beliefs, loan repayment is a prime application for robo-advising. Vulnerable households, though, tend to distrust new technologies and override suggestions that do not align with ingrained heuristics, such as matching the minimum payment on a credit card balance. Lower adoption rates by these groups might increase rather than reduce wealth inequalities. To assess these trade-offs, we design and implement an RCT in which robo-advice for borrower repayment decisions is offered to a set of representative UK consumers. The availability of free robo-advice significantly improves average loan repayment choices. When their willingness to pay is elicited, many subjects report values larger than the monetary benefits of the tool, perhaps due to lower cognitive and psychological costs decision-makers face when making assisted choices. Non-adopters and overriders report lower trust in algorithms at the end of the experiment. We find no evidence of learning from robo-advice, which barely improves subsequent unassisted choices, even when paired with explicit tips. In fact, robo-advice usage crowds out learning-by-doing, which is highest for those who make all choices unassisted

     
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    Schriftenreihe: NBER working paper series ; no. w30616
    Schlagworte: Private Verschuldung; Schuldenmanagement; Kredittilgung; Robo-Advice; Randomisierte kontrollierte Studie; Großbritannien; Household Saving; Personal Finance; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making; Household Saving, Borrowing, Debt, and Wealth; Financial Literacy
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  12. Financial Regret at Older Ages and Longevity Awareness
    Autor*in: Hurwitz, Abigail; Mitchell, Olivia S.
    Erschienen: November 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Older people often express regret about financial decisions made earlier in life that left them susceptible to old-age insecurity. Prior work has explored one outcome, saving regret, or peoples' expressed wish that they had saved more earlier in... mehr

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    Older people often express regret about financial decisions made earlier in life that left them susceptible to old-age insecurity. Prior work has explored one outcome, saving regret, or peoples' expressed wish that they had saved more earlier in life. The present paper extends attention to five additional areas regarding financial decisions, examining whether older Americans also regret not having insured better, claimed benefits and quit working too early, and becoming financially dependent on others. Using a controlled randomized experiment conducted on 1,764 respondents age 50+ in the Health and Retirement Study, we show that providing people objective longevity information does alter their self-reported financial regret. Specifically, giving people information about objective survival probabilities more than doubled regret expressed about not having purchased long term care, and it also boosted their regret by 2.4 times for not having purchased lifetime income. We conclude that information provision can be a potent, as well as cost-effective, method of alerting people to retirement risk

     
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  13. How do Behavioral Approaches to Increase Savings Compare? Evidence from Multiple Interventions in the U.S. Army
    Autor*in: Patterson, Richard W.; Skimmyhorn, William L.
    Erschienen: November 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Information provision, choice simplification, social messaging, active-choice frameworks, and automatic enrollment all increase retirement savings. However, gauging the relative efficacy of these approaches is challenging because the supporting... mehr

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    Information provision, choice simplification, social messaging, active-choice frameworks, and automatic enrollment all increase retirement savings. However, gauging the relative efficacy of these approaches is challenging because the supporting evidence spans widely different institutional settings, populations, and time periods. In this study, we leverage experimental and quasi-experimental variation in a constant setting, the U.S. military between 2016-2018, to examine the effects of nearly two dozen experiments for four leading policy options (i.e., information emails, action steps, target contribution rates, active choice, and automatic enrollment) designed to increase retirement savings. Consistent with previous literature, we find sizable effects of savings interventions on participation and cumulative contributions that increase with the intensity of the intervention. We then exploit cost data to complete the first cost-effectiveness analysis in the literature. Our analysis suggests that active choice programs are the most cost-effective method to generate new program participation and contributions for small, medium, and large firms, while automatic enrollment is more cost-effective for very large firms

     
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    Schriftenreihe: NBER working paper series ; no. w30697
    Schlagworte: Militär; Altersvorsorge; Private Altersvorsorge; Sparen; Verhaltensökonomik; USA; Household Saving; Personal Finance; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets; Household Saving, Borrowing, Debt, and Wealth; Public Sector Labor Markets
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  14. Dynamic Pricing Regulation and Welfare in Insurance Markets
    Autor*in: Aizawa, Naoki; Ko, Ami
    Erschienen: February 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    While the traditional role of insurers is to provide protection against idiosyncratic risks of individuals, insurers themselves face substantial uncertainties due to aggregate shocks. To prevent insurers from passing through aggregate risks to... mehr

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    While the traditional role of insurers is to provide protection against idiosyncratic risks of individuals, insurers themselves face substantial uncertainties due to aggregate shocks. To prevent insurers from passing through aggregate risks to consumers, governments have increasingly adopted dynamic pricing regulations that limit insurers' ability to change premiums over time. This paper develops and estimates an equilibrium model with dynamic pricing and firm entry and uses it to evaluate the design of dynamic pricing regulations in the U.S. long-term care insurance (LTCI) market. We find that stricter dynamic pricing regulation lowers social welfare as the benefit from improved premium stability is outweighed by the cost of reduced insurer participation. The welfare loss from stricter dynamic pricing regulation could be mitigated if the government also expands public LTCI through Medicaid

     
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    Schriftenreihe: NBER working paper series ; no. w30952
    Schlagworte: Versicherungsbeitrag; Preisregulierung; Versicherungsmarkt; Markteintritt; Wettbewerb; Wohlfahrtsanalyse; USA; Household Saving; Personal Finance; Insurance; Insurance Companies; Actuarial Studies; Health Insurance, Public and Private; Production, Pricing, and Market Structure; Size Distribution of Firms; Economics of Regulation
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  15. The Value of Student Debt Relief and the Role of Administrative Barriers
    Evidence from the Teacher Loan Forgiveness Program
    Autor*in: Jacob, Brian Aaron; Jones, Damon; Keys, Benjamin J.
    Erschienen: June 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We explore how much borrowers value student debt relief, in the setting of the federal Teacher Loan Forgiveness (TLF) program, and further document whether information and eligibility for this program affect teacher employment decisions. The program... mehr

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    We explore how much borrowers value student debt relief, in the setting of the federal Teacher Loan Forgiveness (TLF) program, and further document whether information and eligibility for this program affect teacher employment decisions. The program cancels between $5,000 and $17,500 in debt for teachers who remain employed in a high-need school for five consecutive years. Using both quasi-experimental evidence and a randomized control trial, we find that neither eligibility nor a targeted information intervention result in changes in teacher employment decisions, despite the presence of sizable student loan balances in our sample. Information was found, however, to increase application and receipt rates for teachers who had already accrued the five years of eligibility. Additional evidence from contingent valuation surveys suggests that teachers do in general value possible debt relief. Incorporating qualitative evidence from focus groups, we conclude that take-up may be constrained by program complexity and administrative barriers that involve knowing which schools qualify, tracking employment records, having employers sign off, and coordinating with loan servicers

     
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    Schriftenreihe: NBER working paper series ; no. w31359
    Schlagworte: Lehrkräfte; Studienfinanzierung; Schuldenerlass; Arbeitsangebot; USA; Household Saving; Personal Finance; Household Saving, Borrowing, Debt, and Wealth; Educational Finance; Financial Aid
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  16. How Do Firms Respond to State Retirement Plan Mandates?
    Autor*in: Bloomfield, Adam; Lee, Kyung Min; Philbrick, Jay; Slavov, Sita N.
    Erschienen: June 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper investigates the effect of state retirement plan mandates on the supply of employer-sponsored retirement plans (ESRPs) by firms. These policies require employers to either (1) offer ESRPs to workers or (2) facilitate automatic payroll... mehr

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    This paper investigates the effect of state retirement plan mandates on the supply of employer-sponsored retirement plans (ESRPs) by firms. These policies require employers to either (1) offer ESRPs to workers or (2) facilitate automatic payroll deductions that are deposited into individual retirement accounts (IRAs) established for workers by the state. In this paper, we utilize individual-level data from the Current Population Survey (CPS) and firm-level data from Form 5500 filings to examine the effect of these automatic-enrollment IRA ("auto-IRA") policies on employer decisions to offer, and worker inclusion in, ESRPs. We exploit variation in the timing of implementation across states and firm size categories and estimate that auto-IRA policies increase the probability that an individual works for a firm with an ESRP by roughly 3 percent, and the probability that the individual participates in that ESRP by 33 percent. These policies also increase the number of ESRP participants at the average firm in our sample by 3-5 percent

     
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    Schriftenreihe: NBER working paper series ; no. w31398
    Schlagworte: Rentenpolitik; Betriebliche Altersversorgung; Wirkungsanalyse; USA; Household Saving; Personal Finance; State and Local Government: Health; Education; Welfare; Public Pensions; Retirement; Retirement Policies
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  17. Risk Sharing, Commitment Constraints and Self Help Groups
    Autor*in: Attanasio, Orazio P.; Kochar, Anjini; Mahajan, Aprajit; Surendra, Vaishnavi
    Erschienen: May 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Evaluations of group savings and lending programs have largely focused on average impacts, rather than distributional impacts -- finding modest effects on long-term economic well-being. In this paper, we exploit the randomized roll-out of a self-help... mehr

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    Evaluations of group savings and lending programs have largely focused on average impacts, rather than distributional impacts -- finding modest effects on long-term economic well-being. In this paper, we exploit the randomized roll-out of a self-help group lending program in rural Bihar, India (Hoffmann et al., 2021) to demonstrate that well-functioning groups facilitate risk-sharing within rural communities. We find no impact of the program on risk-sharing, measured as a reduction in the variance of consumption growth, in the aggregate. However, the program significantly improves risk-sharing in regions where it had greater institutional capacity and was better implemented. Building on our theoretical framework, we provide evidence of a specific channel of impact: program quality and pre-existing scale improve the quality and functioning of groups, which in turn increase the insurance value of the program to communities

     
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    Schriftenreihe: NBER working paper series ; no. w31245
    Schlagworte: Privater Haushalt; Private Verschuldung; Privater Konsum; Selbsthilfe; Verteilungswirkung; Indien; Household Saving; Personal Finance; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Government Policy; Provision and Effects of Welfare Programs; Agriculture; Natural Resources; Energy; Environment; Other Primary Products; Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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  18. Households' response to the wealth effects of inflation
    Autor*in: Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas
    Erschienen: 2023
    Verlag:  Universitätsbibliothek Johann Christian Senckenberg, Frankfurt am Main

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  19. Households' Response to the Wealth Effects of Inflation
    Autor*in: Schnorpfeil, Philip; Weber, Michael; Hackethal, Andreas
    Erschienen: September 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study the redistributive effects of inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are... mehr

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    We study the redistributive effects of inflation combining administrative bank data with an information provision experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are unaware of nominal-debt erosion. Once they receive information on the debt-erosion channel, households update upwards their beliefs about nominal debt and their own real net wealth. These changes in beliefs causally affect actual consumption and hypothetical debt decisions. Our findings suggest that real wealth mediates the sensitivity of consumption to inflation once households are aware of the wealth effects of inflation

     
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    Schriftenreihe: NBER working paper series ; no. w31672
    Schlagworte: Inflation; Privater Haushalt; Privater Konsum; Konsumentenverhalten; Finanzwissen; Vermögenseffekt; Konsumtheorie; Consumer Economics: Empirical Analysis; Household Saving; Personal Finance; Search; Learning; Information and Knowledge; Communication; Belief; Unawareness; Expectations; Speculations; Consumption; Saving; Wealth; Price Level; Inflation; Deflation; Monetary Policy
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  20. Aspiring to a Better Future
    Can a Simple Psychological Intervention Reduce Poverty?
    Autor*in: Orkin, Kate; Garlick, Robert; Mahmud, Mahreen; Sedlmayr, Richard; Haushofer, Johannes; Dercon, Stefan
    Erschienen: September 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    How do aspirations influence investment decisions for people living in poverty? Does this change as peoples economic conditions improve? To answer these questions, we design a workshop teaching techniques to raise aspirations and plan to achieve... mehr

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    How do aspirations influence investment decisions for people living in poverty? Does this change as peoples economic conditions improve? To answer these questions, we design a workshop teaching techniques to raise aspirations and plan to achieve them. We cross-randomise this with large unconditional cash transfers in a 415-village, 8,300-person, 1.5-year experiment in Kenya. The workshop substantially raises aspirations, investment, and living standards. But the workshop+cash produces similar effects to cash alone, potentially because cash raises aspirations. Thus, helping people living in poverty set higher aspirations can raise investment and living standards, but improving economic conditions can activate the same process

     
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    Schriftenreihe: NBER working paper series ; no. w31735
    Schlagworte: Psychologie; Armut; Armutsbekämpfung; Anlageverhalten; Lebensstandard; Kenia; Household Saving; Personal Finance; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making; Government Policy; Provision and Effects of Welfare Programs; Microeconomic Analyses of Economic Development
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  21. Universalizing the Access to Long-term Care
    Evidence from Spain
    Autor*in: Costa-Font, Joan; Jiménez-Martín, Sergi; Vilaplana Prieto, Cristina; Viola, Analía
    Erschienen: November 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Spain together with Scotland are two countries that exhibit the largest expansions in long term care (LTC) in the last two decades, universalizing subsidies and supports. This paper is part of a global effort to provide a snapshot of the trends in... mehr

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    Spain together with Scotland are two countries that exhibit the largest expansions in long term care (LTC) in the last two decades, universalizing subsidies and supports. This paper is part of a global effort to provide a snapshot of the trends in LTC use and access, as well as the financing, and organization of the LTC system compared to other higher-income countries. The passage of Act 39/2006 on the Promotion of Personal Autonomy and Care for Dependent Persons (SAAD in Spanish) on December 14th, 2006, universalized coverage for care subsidies and supports, allowing access to care conditioned only on individuals' assessment of care needs. As a consequence, LTC spending as a percentage of GDP has risen from 0.5% in 2003 to nearly 0.9% in 2019, despite private LTC insurance playing a minor role. Still today, LTC remains heavily reliant on informal care, which is now partially subsidized by a caregiving subsidy as part of SAAD. Long-term care spending in Spain amounts to between 1.27% (conservative estimates) and 1.70% (flexible estimation) of GDP. Finally, the system reveals significant gender imbalances in the provision of care, with women accounting for most caregivers in both formal (87%) and informal (58%) care

     
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    Schriftenreihe: NBER working paper series ; no. w31825
    Schlagworte: Häusliche Pflege; Altenhilfe; Pflegeheim; Gesundheitskosten; Pflegeversicherung; Spanien; Household Saving; Personal Finance; Insurance; Insurance Companies; Actuarial Studies; Government Policy; Regulation; Public Health
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  22. Automatic Enrollment with a 12% Default Contribution Rate
    Autor*in: Beshears, John; Guo, Ruofei; Laibson, David I.; Madrian, Brigitte C.; Choi, James J.
    Erschienen: August 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study a retirement savings plan with a default contribution rate of 12% of income, which is much higher than previously studied defaults. Twenty-five percent of employees had not opted out of this default 12 months after hire; a literature review... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We study a retirement savings plan with a default contribution rate of 12% of income, which is much higher than previously studied defaults. Twenty-five percent of employees had not opted out of this default 12 months after hire; a literature review finds that the corresponding fraction in plans with lower defaults is approximately one-half. Because only contributions above 12% were matched by the employer, 12% was likely to be a suboptimal contribution rate for employees. Employees who remained at the 12% default contribution rate had average income that was approximately one-third lower than would be predicted from the relationship between salaries and contribution rates among employees who were not at 12%. Defaults may influence low-income employees more strongly in part because these employees face higher psychological barriers to active decision making

     
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    Schriftenreihe: NBER working paper series ; no. w31601
    Schlagworte: Private Altersvorsorge; Sparen; Privater Haushalt; USA; Household Saving; Personal Finance; Intertemporal Household Choice; Life Cycle Models and Saving; General; Household Saving, Borrowing, Debt, and Wealth; Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
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  23. Social Security Claiming Intentions
    Psychological Ownership, Loss Aversion, and Information Displays
    Autor*in: Shu, Suzanne B.; Payne, John W.
    Erschienen: July 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    For many Americans the question of when to claim Social Security benefits is one of the most consequential financial decisions they will ever face. While acknowledging that individuals differ in terms of optimal timing for starting Social Security... mehr

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    For many Americans the question of when to claim Social Security benefits is one of the most consequential financial decisions they will ever face. While acknowledging that individuals differ in terms of optimal timing for starting Social Security benefits, many economists argue that an average person would benefit from delaying claiming as long as they could. Yet this is not what average Americans do. Many more Americans claim as soon as possible, at age 62, rather than as late as possible, at age 70. Why? This paper focuses on individual differences in beliefs and values that influence Social Security claiming intentions. As expected from economic theory, individual differences in life expectations and degree of patience for later larger payouts relate to claiming intentions. In addition, however, we also find that individual differences in psychological ownership of one's Social Security benefits and individual differences in degree of loss aversion are both significant predictors of Social Security claiming intentions. Further, we find that an "enriched" information display manipulation (nudge) that emphasizes longer-term consequences of late claiming leads to earlier, not later, claiming intentions, and that the size of this effect is related to individual differences in the degree of loss aversion

     
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    Schriftenreihe: NBER working paper series ; no. w31499
    Schlagworte: Gesetzliche Rentenversicherung; Private Finanzplanung; Altersgrenze; Privater Haushalt; Konsumentenverhalten; Soziale Werte; Risikoaversion; USA; Household Saving; Personal Finance; Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making; Household Saving, Borrowing, Debt, and Wealth
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  24. Does Pension Automatic Enrollment Increase Debt? Evidence from a Large-Scale Natural Experiment
    Autor*in: Beshears, John; Blakstad, Matthew; Choi, James J.; Firth, Christopher; Gathergood, John; Laibson, David I.; Notley, Richard; Sheth, Jesal D.; Sandbrook, Will; Stewart, Neil
    Erschienen: February 2024
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Does automatic enrollment into retirement saving increase household debt? We study the randomized roll-out of automatic enrollment pensions to ~160,000 employers in the United Kingdom with 2-29 employees. We find that the additional savings generated... mehr

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    Does automatic enrollment into retirement saving increase household debt? We study the randomized roll-out of automatic enrollment pensions to ~160,000 employers in the United Kingdom with 2-29 employees. We find that the additional savings generated through automatic enrollment are partially offset by increases in unsecured debt. Over the first 41 months after enrollment, each additional month increases the average automatically enrolled employee's pension savings by £32-£38, unsecured debt (such as personal loans and bank overdrafts) by £7, the likelihood of having a mortgage by 0.05 percentage points, and mortgage balances by £118. Automatic enrollment causes loan defaults to fall and credit scores to rise modestly

     
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    Schriftenreihe: NBER working paper series ; no. w32100
    Schlagworte: Altersvorsorge; Private Verschuldung; Intertemporale Entscheidung; Großbritannien; Household Saving; Personal Finance; Intertemporal Household Choice; Life Cycle Models and Saving; General; Household Saving, Borrowing, Debt, and Wealth; Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
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  25. Protective Behavior and Life Insurance
    Autor*in: Hurwitz, Abigail; Mitchell, Olivia S.; Sade, Orly
    Erschienen: February 2024
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study life insurance market responses to Covid-19 using unique national administrative data from Israel on purchases and cancellations of life insurance policies, and an internet survey of Americans' life insurance choices, risk attitudes,... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We study life insurance market responses to Covid-19 using unique national administrative data from Israel on purchases and cancellations of life insurance policies, and an internet survey of Americans' life insurance choices, risk attitudes, Covid-19 perceptions, and vaccination behavior. We see no evidence that life insurance purchases or cancellations were consistent with adverse selection during the pandemic, while we do find advantageous selection. Moreover, life insurance policyholders were more likely to get vaccinated, thus taking ex-post preventive action reducing their pandemic risk. Such positive reactive behavior has not been previously reported in the life insurance setting

     
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    Schriftenreihe: NBER working paper series ; no. w32102
    Schlagworte: Lebensversicherung; Risikopräferenz; Coronavirus; Epidemie; Impfung; Israel; USA; Household Saving; Personal Finance; Consumption; Saving; Wealth; Household Saving, Borrowing, Debt, and Wealth; Insurance
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