An important topic for future research is determining which public policy measure or
mix of measures—for example, investments in financial education24 or advice for
asset allocation default options in pension plans25—should be implemented to
achieve the maximum welfare gain. Combining knowledge about the welfare
contributions of various policy measures with the results on the location of welfare
losses presented in this paper should help considerably to meet the demographic
challenges ahead.
References
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Large 401 (k) Plan, The American Economic Review, 93: 193-215.
Ameriks, J., and S. Zeldes (2004), How do Household Portfolios Vary with Age,
mimeo, Columbia University.
Arias, E. (2006), United States Life Tables, 2003, National Vital Statistics Report,
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Bajtelsmit, V. L., and N. A. Jianakoplos (2000), Women and Pensions: A Decade of
Progress?, EBRIA Issues Brief, 227: 1-15.
Bajtelsmit, V. L., and J. L. VanDerhei (1997), Risk aversion and Pension Investment
Choices, in: Michael S. Gordon, Olivia S. Mitchell, and Marc M. Twinney (eds.),
Positioning Pensions for the Twenty-First Century (Philadelphia: The Pension
Research Council & University of Pennsylvania Press), 45-66.
Banks, J., R. Blundell, Z. Oldfield, and J. P. Smith (2007), Housing Price Volatility
and Downsizing in Later Life, NBER Working Paper No. 13496, Cambridge
(MA).
Barsky, R. B., F. T. Juster, M. S. Kimball, and M. D. Shapiro (1997), Preference
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panel attrition. A cross country comparison based on the European Community
24 See footnote 3.
25 The power of default options—the tendency that pension plan members stick to
predefined asset allocations—is demonstrated in Beshears et al. (2006). Thus, one can
reach desired asset allocation results while avoiding too much regulatory force.
32
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