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Deciding to invest responsibly: Choice architecture and demographics in an incentivised retirement savings experiment

Citation

Hoffmann, R and Cam, M-A and Camilleri, AR, Deciding to invest responsibly: Choice architecture and demographics in an incentivised retirement savings experiment, Journal of Behavioral and Experimental Economics, 80 pp. 219-230. ISSN 2214-8043 (2019) [Refereed Article]


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DOI: doi:10.1016/j.socec.2019.04.005

Abstract

We report results from a framed field experiment with a realistic retirement savings simulation to examine two factors in socially responsible investment (SRI) decisions: characteristics of investors and the investment choice architecture. We find that default options, age and values are significant explanators while infographics, gender, education and income are not. Further, repeated decisions affect SRI negatively through donor fatigue and positively through windfall gains. Our results suggest SRI is significantly limited by the non-ethical default options pension providers commonly set. Conversely there is scope for nudging pension savers towards socially responsible investments using defaults.

Item Details

Item Type:Refereed Article
Keywords:socially responsible investment, field experiment, retirement savings
Research Division:Economics
Research Group:Applied economics
Research Field:Behavioural economics
Objective Division:Economic Framework
Objective Group:Microeconomics
Objective Field:Preference, behaviour and welfare
UTAS Author:Hoffmann, R (Professor Robert Hoffmann)
ID Code:154745
Year Published:2019
Web of Science® Times Cited:1
Deposited By:Economics
Deposited On:2023-01-03
Last Modified:2023-01-03
Downloads:0

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