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

Hoffmann, J, Cam, M and Camilleri, A 2019, 'Deciding to invest responsibly: Choice architecture and demographics in an incentivised retirement savings experiment', Journal of Behavioral and Experimental Economics, vol. 80, pp. 219-230.


Document type: Journal Article
Collection: Journal Articles

Title Deciding to invest responsibly: Choice architecture and demographics in an incentivised retirement savings experiment
Author(s) Hoffmann, J
Cam, M
Camilleri, A
Year 2019
Journal name Journal of Behavioral and Experimental Economics
Volume number 80
Start page 219
End page 230
Total pages 12
Publisher Elsevier BV
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.
Subject Decision Making
Experimental Economics
Keyword(s) Socially responsible investment
Field experiment
Retirement savings
DOI - identifier 10.1016/j.socec.2019.04.005
Copyright notice © 2019 Published by Elsevier Inc.
ISSN 2214-8043
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