Gabriel Carroll
University of Toronto
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October 18, 2011 - Article
More than half of all U.S. workers are covered by a pension plan through their employer, yet approximately one in five eligible workers do not participate in the plan, according to the Employee Benefit Research Institute. Furthermore, even some of those who participate may not be saving adequately...
Defaults can have a dramatic influence on consumer decisions. We identify an overlooked but practical alternative to defaults: requiring individuals to make an explicit choice for themselves. We study such "active decisions" in the context of 401(k) saving. We find that compelling new hires to make...
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