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Golden eggs and hyperbolic discounting

[PDF] from oxfordjournals.org
D Laibson - The Quarterly Journal of Economics, 1997 - qje.oxfordjournals.org
Abstract Hyperbolic discount functions induce dynamically inconsistent preferences,
implying a motive for consumers to constrain their own future choices. This paper analyzes
the decisions of a hyperbolic consumer who has access to an imperfect commitment ...
Cited by 2308 - Related articles - BL Direct - All 45 versions

Measuring trust

[PDF] from oxfordjournals.org
EL Glaeser, DI Laibson… - … Quarterly Journal of …, 2000 - qje.oxfordjournals.org
Page 1. MEASURING TRUST* EDWARD L. GLAESER DAVID I. LAIBSON JOSE´ A.
SCHEINKMAN CHRISTINE L. SOUTTER We combine two experiments and a survey to
measure trust and trustworthi- ness—two key components of social capital. ...
Cited by 1400 - Related articles - BL Direct - All 20 versions

Separate neural systems value immediate and delayed monetary rewards

SM McClure, DI Laibson, G Loewenstein… - Science, 2004 - sciencemag.org
Cited by 1194 - Related articles - BL Direct - All 15 versions

An Economic Approach to Social Capital*

[PDF] from res.org.uk
EL Glaeser, D Laibson… - The Economic Journal, 2002 - Wiley Online Library
A standard optimal investment model can be used to analyse an individual's decision to
accumulate social capital. We analyse six facts that support the predictions of this individual-
based approach:(1) social capital first rises and then falls with age,(2) social capital ...
Cited by 1109 - Related articles - BL Direct - All 29 versions

Self-control and saving for retirement

[PDF] from upenn.edu
DI Laibson, A Repetto, J Tobacman, RE Hall… - Brookings Papers on …, 1998 - JSTOR
Page 1. DAVID I. LAIBSON Harvard University ANDREA REPETTO Universidad
de Chile JEREMY TOBACMAN Harvard University Self-Control and Saving for
Retirement In Lake Wobegone we believe in salting money away ...
Cited by 441 - Related articles - BL Direct - All 12 versions

The hyperbolic consumption model: Calibration, simulation, and empirical evaluation

[PDF] from eief.it
GM Angeletos, D Laibson, A Repetto… - The Journal of Economic …, 2001 - JSTOR
O ur preferences for the long run tend to conflict with our short-run behavior. When planning
for the long run, we intend to meet our deadlines, exercise regularly, and eat healthfully. But
in the short run, we have little interest in revising manuscripts, jogging on the StairMaster, ...
Cited by 457 - Related articles - BL Direct - All 43 versions

Shrouded attributes, consumer myopia, and information suppression in competitive markets

[PDF] from oxfordjournals.org
X Gabaix… - 2005 - nber.org
Bayesian consumers infer that hidden add-on prices (eg the cost of ink for a printer) are
likely to be high prices. If consumers are Bayesian, firms will not shroud information in
equilibrium. However, shrouding may occur in an economy with some myopic (or unaware ...
Cited by 421 - Related articles - BL Direct - All 44 versions

[PDF] Defined contribution pensions: Plan rules, participant choices, and the path of least resistance

[PDF] from nber.org
JJ Choi, D Laibson, BC Madrian… - 2002 - nber.org
... Title: Defined Contribution Pensions: Plan Rules, Participant Choices, and the Path of Least
Resistance Author: James J. Choi, David Laibson, Brigitte C. Madrian, Andrew Metrick ... James
J. Choi Harvard University David Laibson Harvard University and NBER ...
Cited by 323 - Related articles - View as HTML - BL Direct - All 43 versions

[BOOK] The matching law: Papers in psychology and economics

[PDF] from umn.edu
RJ Herrnstein, H Rachlin… - 2000 - books.google.com
Page 1. RICHARD J_ HERRNSTEIN EDITED BY HOWARD RACHLIN & DAVID I.
LAIBSON Page 2. Page 3. The Matching Law Page 4. Page 5. RICHARD J.
HERRNSTEIN The Matching Law Papers in Psychology and Economics ...
Cited by 294 - Related articles - All 7 versions

[PDF] For better or for worse: Default effects and 401 (k) savings behavior

[PDF] from nber.org
JJ Choi, D Laibson, BC Madrian… - 2004 - nber.org
Seemingly minor changes in the way a choice is framed to a decision maker can generate
dramatic changes in behavior. Automatic enrollment provides a clear example of such
effects. Under automatic enrollment (also called negative election), employees are ...
Cited by 298 - Related articles - View as HTML - BL Direct - All 38 versions

Dynamic choices of hyperbolic consumers

[PDF] from su.se
C Harris… - Econometrica, 2001 - Wiley Online Library
Laboratory and field studies of time preference find that discount rates are much greater in
the short-run than in the long-run. Hyperbolic discount functions capture this property. This
paper solves the decision problem of a hyperbolic consumer who faces stochastic income ...
Cited by 293 - Related articles - BL Direct - All 17 versions

Hyperbolic discount functions, undersaving, and savings policy

[PDF] from harvard.edu
DI Laibson - 1996 - nber.org
Page 1. NBER WORKING PAPER SERIES HYPERBOLIC DISCOUNT FUNCTIONS,
UNDERSAVING, AND SAVINGS POLICY David I. Laibson Working Paper 5635
NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts ...
Cited by 252 - Related articles - BL Direct - All 13 versions

The adequacy of household saving

[PDF] from harvard.edu
EM Engen, WG Gale, CE Uccello, CD Carroll… - Brookings Papers on …, 1999 - JSTOR
... We have received help- ful comments from Henry Aaron, John Ameriks, Orazio Attanasio,
Christopher Carroll, Darrel Cohen, Victor Fuchs, David Laibson, Dean Maki, Christopher Mayer,
Olivia Mitchell, Michael Palumbo, Wayne Passmore, Andrew Samwick, John Karl Scholz ...
Cited by 247 - Related articles - BL Direct - All 30 versions

Life-cycle consumption and hyperbolic discount functions

[PDF] from unipd.it
D Laibson - European Economic Review, 1998 - Elsevier
Studies of animal and human behavior suggest that discount functions are approximately
hyperbolic (Ainslie, Picoeconomics, 1992). Hyperbolic models explain a wide range of
empirical anomalies including (1) missing precautionary savings effects,(2) incongruence ...
Cited by 219 - Related articles - All 10 versions

A cue-theory of consumption

[PDF] from harvard.edu
D Laibson - Quarterly Journal of Economics, 2001 - JSTOR
Psychological experiments demonstrate that repeated pairings of a cue and a consumption
good eventually create cue-based complementarities: the presence of the cue raises the
marginal utility derived from consumption. In this paper, such dynamic preferences are ...
Cited by 213 - Related articles - BL Direct - All 21 versions

[PDF] The importance of default options for retirement saving outcomes: Evidence from the United States

[PDF] from nber.org
J Beshears, JJ Choi, D Laibson… - 2009 - nber.org
John Beshears is a PhD candidate in business economics at Harvard University. James J.
Choi is an assistant professor of finance at Yale School of Management, and a faculty
research fellow of the National Bureau of Economic Research. David Laibson is the ...
Cited by 175 - Related articles - View as HTML - BL Direct - All 53 versions

[PDF] The 6D bias and the equity-premium puzzle

[PDF] from nber.org
X Gabaix… - 2002 - nber.org
Consumption growth covaries only weakly with equity returns, which seems to imply that
equities are not very risky. However, investors have historically received a very large
premium for holding equities. For twenty years, economists have asked why an asset with ...
Cited by 171 - Related articles - View as HTML - BL Direct - All 38 versions

What is social capital? The determinants of trust and trustworthiness

EL Glaeser, D Laibson, JA Scheinkman… - 1999 - nber.org
Using a sample of Harvard undergraduates, we analyze trust and social capital in two
experiments. Trusting behavior and trustworthiness rise with social connection; differences
in race and nationality reduce the level of trustworthiness. Certain individuals appear to be ...
Cited by 159 - Related articles - BL Direct - All 11 versions

Plan design and 401 (k) savings outcomes

[PDF] from harvard.edu
JJ Choi, D Laibson… - 2004 - nber.org
We assess the impact of 401 (k) plan design on four different 401 (k) savings outcomes:
participation in the 401 (k) plan, the distribution of employee contribution rates, asset
allocation, and cash distributions. We show that plan design can have an important effect ...
Cited by 147 - Related articles - BL Direct - All 21 versions

Costly information acquisition: Experimental analysis of a boundedly rational model

[PDF] from harvard.edu
X Gabaix, D Laibson, G Moloche… - The American Economic …, 2006 - JSTOR
The directed cognition model assumes that agents use partially myopic option-value
calculations to select their next cognitive operation. The current paper tests this model by
studying information acquisition in two experiments. In the first experiment, information ...
Cited by 141 - Related articles - BL Direct - All 21 versions

Why does the law of one price fail? An experiment on index mutual funds

[HTML] from nih.gov
JJ Choi, D Laibson… - 2006 - nber.org
Experimental subjects allocate $10,000 across four S&P 500 index funds. Subject rewards
depend on the chosen portfolio's subsequent return. Because the investments are not
actually intermediated by the fund companies, portfolio returns are unbundled from non- ...
Cited by 139 - Related articles - BL Direct - All 73 versions

Economic implications of extraordinary movements in stock prices

[PDF] from harvard.edu
BM Friedman, DI Laibson… - Brookings Papers on Economic …, 1989 - JSTOR
Page 1. BENJAMIN M. FRIEDMAN Harvard University DAVID I. LAIBSON London School
of Economics Economic Implications Of Extraordinary Movements In Stock Prices MOST
PEOPLE AGREE that stock prices sometimes behave in strange ways. ...
Cited by 125 - Related articles - All 11 versions

A debt puzzle

[PDF] from harvard.edu
D Laibson, A Repetto… - 2000 - nber.org
Over 60% of US households with credit cards are currently borrowing--ie, paying interest--on
those cards. We attempt to reconcile the high rate of credit card borrowing with observed
levels of life cycle wealth accumulation. We simulate a lifecycle model with five properties ...
Cited by 130 - Related articles - BL Direct - All 20 versions

Optimal defaults

[PDF] from yale.edu
JJ Choi, D Laibson, BC Madrian… - The American economic …, 2003 - JSTOR
Default options have an enormous impact on household" choices." Such effects are
documented in the literature on 401 (k) plans (see Madrian and Dennis Shea, 2001; Choi et
al., 2002, 2003b). Defaults affect 401 (k) participation, savings rates, rollovers, and asset ...
Cited by 125 - Related articles - BL Direct - All 16 versions

Estimating discount functions with consumption choices over the lifecycle

[PDF] from upenn.edu
D Laibson, A Repetto… - 2007 - nber.org
Intertemporal preferences are difficult to measure. We estimate time preferences using a
structural buffer stock consumption model and the Method of Simulated Moments. The
model includes stochastic labor income, liquidity constraints, child and adult dependents, ...
Cited by 121 - Related articles - BL Direct - All 63 versions

[PDF] Saving for retirement on the path of least resistance

[PDF] from yale.edu
JJ Choi, D Laibson, BC Madrian… - RODNEY L WHITE …, 2005 - faculty.som.yale.edu
Abstract: We assess the impact on savings behavior of several different 401 (k) plan
features, including automatic enrollment, automatic cash distributions, employer matching
provisions, eligibility requirements, investment options, and financial education. We also ...
Cited by 114 - Related articles - View as HTML - BL Direct - All 23 versions

The age of reason: Financial decisions over the lifecycle

[TXT] from nyu.edu
S Agarwal, J Driscoll, X Gabaix… - American Law & …, 2008 - law.bepress.com
Abstract We document that middle-aged adults borrow at lower interest rates and pay fewer
fees compared to both younger and older adults in ten financial markets. The measured
effects cannot be explained by observed risk characteristics. Fee and interest payments ...
Cited by 105 - Related articles - BL Direct - All 99 versions

[BOOK] The implications of hyperbolic discounting for project evaluation

[HTML] from google.com
ML Cropper… - 1998 - books.google.com
Page 1. a> N < o Z3 (/) o o Q o 15 Policy Research Working Paper WPs )943 1943 a> N < o Z3
O o </) Q o 5 The Implications of Hyperbolic Discounting for Project Evaluation Maureen Cropper
David Laibson There is strong empirical evidence that people discount the future ...
Cited by 99 - Related articles - BL Direct - All 17 versions

Amos Tversky and the ascent of behavioral economics

[PDF] from harvard.edu
D Laibson… - Journal of Risk and Uncertainty, 1998 - Springer
Amos Tversky investigated and explained a wide range of phenomena that lead to
anomalous human decisions. His two most significant contributions, both written with Daniel
Kahneman, are the decision-making heuristics—representativeness, availability, and ...
Cited by 101 - Related articles - BL Direct - All 16 versions

The age of reason: financial decisions over the life-cycle with implications for regulation

[PDF] from harvard.edu
S Agarwal, J Driscoll, X Gabaix… - 2008 - papers.ssrn.com
Abstract: Many consumers make poor financial choices and older adults are particularly
vulnerable to such errors. About half of the population between ages 80 and 89 either has
dementia or a medical diagnosis of" cognitive impairment without dementia." We study ...
Cited by 100 - Related articles - All 31 versions

Intertemporal choice-toward an integrative framework

[PDF] from harvard.edu
GS Berns, D Laibson… - Trends in cognitive sciences, 2007 - Elsevier
Intertemporal choices are decisions with consequences that play out over time. These
choices range from the prosaic–how much food to eat at a meal–to life-changing decisions
about education, marriage, fertility, health behaviors and savings. Intertemporal ...
Cited by 93 - Related articles - All 18 versions

Optimal defaults and active decisions

[PDF] from oxfordjournals.org
GD Carroll, JJ Choi, D Laibson, B Madrian… - 2005 - nber.org
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 ...
Cited by 82 - Related articles - All 41 versions

How are preferences revealed?

[PDF] from vse.cz
J Beshears, JJ Choi, D Laibson… - Journal of Public …, 2008 - Elsevier
Revealed preferences are tastes that rationalize an economic agent's observed actions.
Normative preferences represent the agent's actual interests. It sometimes makes sense to
assume that revealed preferences are identical to normative preferences. But there are ...
Cited by 77 - Related articles - BL Direct - All 46 versions

Hyberbolic Discounting and Consumption

[PDF] from harvard.edu
C Harris… - Econometric Society Monographs, 2003 - books.google.com
Robert Strotz (1956) first suggested that people are more impatient when they make short-
run trade-offs than when they make long-run trade-offs. 1 Virtually every experimental study
on time preference has supported Strotz's conjecture. 2 When two rewards are both far ...
Cited by 71 - Related articles - BL Direct - All 8 versions

[PDF] Self-control and saving

[PDF] from harvard.edu
D Laibson - unpublished, Harvard University May, 1994 - ws1.ad.economics.harvard.edu
Research on animal and human behavior has led psychologists to conclude (see Ainslie
(1992)) that discount functions are approximately hyperbolic: eg, rewards r periods in the
future are discounted-Д—where the/c's are constants. Hyperbolic discount functions imply ...
Cited by 65 - Related articles - All 3 versions

[CITATION] $100 bills on the sidewalk: Suboptimal saving in 401 (k) plans

JJ Choi, D Laibson… - Levine's Bibliography, 2005 - econpapers.repec.org
By James Jinwoo Choi, David Laibson and Brigitte C. Madrian; $100 Bills
on the Sidewalk: Suboptimal Saving in 401(k) Plans.
Cited by 64 - Related articles - Cached - BL Direct - All 3 versions

How does the Internet affect trading? Evidence from investor behavior in 401 (k) plans

[PDF] from 112.78.41.54
JJ Choi, D Laibson… - Journal of Financial economics, 2002 - Elsevier
We analyze the impact of a Web-based trading channel on trader behavior and performance
in two large corporate 401 (k) plans. After 18 months of Web access, trading frequency at
sample firms doubles relative to a control group of firms without a Web channel. Web ...
Cited by 64 - Related articles - BL Direct - All 28 versions

Individual laboratory-measured discount rates predict field behavior

[HTML] from nih.gov
CF Chabris, D Laibson, CL Morris… - Journal of Risk and …, 2008 - Springer
Abstract We estimate discount rates of 555 subjects using a laboratory task and find that
these individual discount rates predict inter-individual variation in field behaviors (eg,
exercise, BMI, smoking). The correlation between the discount rate and each field ...
Cited by 62 - Related articles - All 51 versions

Reducing the Complexity Costs of 401 (k) Participation Through Quick Enrollment (TM)

[PDF] from reish.com
J Choi, D Laibson… - 2006 - nber.org
The complexity of the retirement savings decision may overwhelm employees, encouraging
procrastination and reducing 401 (k) enrollment rates. We study a low-cost manipulation
designed to simplify the 401 (k) enrollment process. Employees are given the option to ...
Cited by 59 - Related articles - BL Direct - All 35 versions

A boundedly rational decision algorithm

[PDF] from harvard.edu
X Gabaix… - The American Economic Review, 2000 - JSTOR
Cognition requires scarce inputs, including time and concentration. Since cognition is costly,
sophisticated decision-makers should use mental short-cuts, or heuristics, to reduce
cognitive burdens. We propose and test a model motivated by these principles. We base ...
Cited by 52 - Related articles - BL Direct - All 17 versions

Employees' investment decisions about company stock

[PDF] from harvard.edu
JJ Choi, D Laibson, B Madrian… - 2004 - nber.org
We study the relationship between past returns on a company's stock and the level of
investment in that stock by the participants in that company's 401 (k) plan. Using data on
94,191 plan participants, we analyze several different decision points: the initial fraction of ...
Cited by 52 - Related articles - BL Direct - All 33 versions

Reinforcement learning and savings behavior

[HTML] from nih.gov
JJ Choi, D Laibson, BC Madrian… - The Journal of …, 2009 - Wiley Online Library
We show that individual investors over-extrapolate from their personal experience when
making savings decisions. Investors who experience particularly rewarding outcomes from
401 (k) saving—a high average and/or low variance return—increase their 401 (k) savings ...
Cited by 50 - Related articles - All 40 versions

Simplification and saving

[PDF] from yale.edu
J Beshears, JJ Choi, D Laibson… - 2006 - nber.org
The daunting complexity of important financial decisions can lead to procrastination. We
evaluate a low-cost intervention that substantially simplifies the retirement savings plan
participation decision. Individuals received an opportunity to enroll in a retirement savings ...
Cited by 49 - Related articles - BL Direct - All 28 versions

The allocation of attention: theory and evidence

[PDF] from umn.edu
X Gabaix, D Laibson, G Moloche… - 2003 - papers.ssrn.com
Abstract: A host of recent studies show that attention allocation has important economic
consequences. This paper reports the first empirical test of a cost-benefit model of the
endogenous allocation of attention. The model assumes that economic agents have finite ...
Cited by 47 - Related articles - All 5 versions

Are empowerment and education enough? Underdiversification in 401 (k) plans

[PDF] from jhu.edu
JJ Choi, D Laibson… - Brookings papers on economic activity, 2005 - JSTOR
At the end of 2000, current and former employees of the energy trading company Enron
Corporation held $2.1 billion in the firm's 401 (k) retire? ment savings plan. Sixty-two percent
of that money was invested in Enron stock, then trading at $83 a share. In October 2001 ...
Cited by 46 - Related articles - BL Direct - All 26 versions

[CITATION] Intertemporal decision making

D Laibson - Encyclopedia of Cognitive Science. London: Nature …, 2003
Cited by 39 - Related articles

[PDF] Estimating discount functions from lifecycle consumption choices

[PDF] from psu.edu
D Laibson, A Repetto… - manuscript, January, 2004 - Citeseer
Abstract This paper uses field evidence and a structural consumptionMsavings model to
estimate disM count functions. Evidence on wealth accumulation implies that people act
patiently when considering longMterm decisions, while data on credit card borrowing and ...
Cited by 38 - Related articles - View as HTML - All 5 versions

Learning in the credit card market

[PDF] from harvard.edu
S Agarwal, JC Driscoll, X Gabaix… - 2008 - nber.org
Agents with more experience make better choices. We measure learning dynamics using a
panel with four million monthly credit card statements. We study add-on fees, specifically
cash advance, late payment, and overlimit fees. New credit card accounts generate fee ...
Cited by 40 - Related articles - BL Direct - All 54 versions

$100 bills on the sidewalk: Suboptimal investment in 401 (k) plans

[PDF] from jhu.edu
JJ Choi, D Laibson… - Review of Economics and Statistics, 2011 - MIT Press
Abstract We identify employees at seven companies whose 401 (k) investment choices are
dominated because they are contributing less than the employer matching contribution
threshold despite being vested in their match and being able to make penalty-free 401 (k) ...
Cited by 38 - Related articles - All 13 versions

Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis*

[PDF] from harvard.edu
D Laibson… - The Economic Journal, 2010 - Wiley Online Library
Bernanke (2005) hypothesised that a 'global savings glut'was causing large trade
imbalances. However, we show that the global savings rates did not show a robust upward
trend during the relevant period. Moreover, if there had been a global savings glut there ...
Cited by 36 - Related articles - All 18 versions

[CITATION] Hyperbolic discounting and golden eggs

D Laibson - Quarterly Journal of Economics, 1997
Cited by 34 - Related articles

[PDF] Passive decisions and potent defaults

[PDF] from nber.org
JJ Choi, D Laibson, BC Madrian… - 2005 - nber.org
Default options have an enormous impact on household choices. Such effects have now
been extensively documented in the literature on 401 (k) plans (Madrian and Shea 2001;
Choi et al. 2002b, 2004). Defaults have been shown to affect participation, savings rates, ...
Cited by 33 - Related articles - View as HTML - BL Direct - All 26 versions

[CITATION] Hyperbolic discount functions and time preference heterogeneity

D Laibson - Manuscript, Harvard University, 1997
Cited by 32 - Related articles

[PDF] Intertemporal choice

[PDF] from harvard.edu
CF Chabris, DI Laibson… - To appear in: Durlauf, 2006 - wjh2.wjh.harvard.edu
Page 1. Intertemporal Choice Christopher F. Chabris Department of Psychology Harvard
University David I. Laibson Department of Economics Harvard University Jonathon P. Schuldt
Department of Psychology University of Michigan 17 December 2006 ...
Cited by 30 - Related articles - View as HTML - All 13 versions

[BOOK] Shrouded attributes and information suppression in competitive markets

[PDF] from aeaweb.org
X Gabaix… - 2004 - aeaweb.org
Abstract Following Becker (1957) we ask whether competition will eliminate the effects of
behavioral biases. We study the case of shrouded product attributes, such as maintenance
costs, expensive add-ons, and hidden fees. In standard competitive models with costless ...
Cited by 26 - Related articles - View as HTML - All 19 versions

Mental accounting in portfolio choice: Evidence from a flypaper effect

[HTML] from nih.gov
JJ Choi, D Laibson… - 2007 - nber.org
Consistent with mental accounting, we document that investors sometimes choose the asset
allocation for one account without considering the asset allocation of their other accounts.
The setting is a firm that changed its 401 (k) matching rules. Initially, 401 (k) enrollees ...
Cited by 27 - Related articles - All 44 versions

Does the internet increase trading? Evidence from investor behavior in 401 (k) plans

[PDF] from psu.edu
JJ Choi, D Laibson… - 2000 - nber.org
We analyze the impact of a Web-based trading channel on the trading activity in two
corporate 401 (k) plans. Using detailed data on about 100,000 participants, we compare
trading growth in these firms to growth for a sample of firms without a Web channel. After ...
Cited by 26 - Related articles - BL Direct - All 16 versions

[PDF] the impact of employer Matching on savings plan participation under automatic enrollment

[PDF] from nber.org
J Beshears, JJ Choi, D Laibson… - 2010 - nber.org
Abstract: Existing research has documented the large impact that automatic enrollment has
on savings plan participation. All the companies examined in these studies, however, have
combined automatic enrollment with an employer match. This raises a question about how ...
Cited by 25 - Related articles - View as HTML - BL Direct - All 24 versions

[PDF] Safety in markets: An impossibility theorem for dutch books

[PDF] from harvard.edu
D Laibson… - V Society for Economic Dynamics Meeting …, 2004 - scholar.harvard.edu
Abstract We show that competitive markets protect consumers from many forms of
exploitation, even when consumers have non/standard preferences. We analyze a
competitive dynamic economy in which consumers have arbitrary time/separable ...
Cited by 22 - Related articles - View as HTML - All 16 versions

[CITATION] Some industrial organization with boundedly rational consumers

X Gabaix… - 2003 - working paper
Cited by 22 - Related articles - All 7 versions

Natural expectations and macroeconomic fluctuations

[PDF] from harvard.edu
A Fuster, D Laibson… - The Journal of Economic …, 2010 - ingentaconnect.com
Abstract: A large body of empirical evidence suggests that beliefs systematically deviate
from perfect rationality. Much of the evidence implies that economic agents tend to form
forecasts that are excessively influenced by recent changes. We present a parsimonious ...
Cited by 20 - Related articles - All 15 versions

[PDF] Extreme value theory and the effects of competition on profits

[PDF] from harvard.edu
X Gabaix, D Laibson, H Li - Massachusetts …, 2005 - ws1.ad.economics.harvard.edu
Abstract It is likely that consumers make some errors and have at least some noise in their
calculations. Using the framework of Perloff and Salop (1985), we ask how such noise
effects markups. Because of problems with analytical tractability, past research has only ...
Cited by 20 - Related articles - View as HTML - All 11 versions

[PDF] Competition and Consumer Confusion

[PDF] from psu.edu
X Gabaix… - Harvard and MIT mimeo, 2004 - Citeseer
Abstract In many markets consumer biases do not affect prices, since competition forces
firms to price their products close to marginal cost; competition protects the consumer. We
show that noisy consumer product evaluations undermine the force of competition, ...
Cited by 20 - Related articles - View as HTML - All 4 versions

How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?

[PDF] from harvard.edu
J Beshears, JJ Choi, D Laibson… - 2009 - nber.org
We use an experiment to estimate the effect of the SEC's Summary Prospectus, which
simplifies mutual fund disclosure. Our subjects chose an equity portfolio and a bond
portfolio. Subjects received either statutory prospectuses or Summary Prospectuses. We ...
Cited by 19 - Related articles - All 25 versions

[PDF] Good policies for bad governments: Behavioral political economy

[PDF] from bostonfed.org
DJ Benjamin… - Boston Fed Conference on Behavioral …, 2003 - bostonfed.org
... _____ Acknowledgements: We are grateful to Andrei Shleifer and Jesse Shapiro
for useful conversations. David Laibson thanks the National Science Foundation
and the Sloan Foundation for financial support. ...
Cited by 19 - Related articles - View as HTML - All 18 versions

Hyperbolic discounting and consumption

DI Laibson… - 1994 - en.scientificcommons.org
Cited by 17 - Related articles - Cached - All 2 versions

Measuring intertemporal preferences using response times

CF Chabris, D Laibson, CL Morris, JP Schuldt… - 2008 - nber.org
We use two different approaches to measure intertemporal preferences. First we employ the
classical method of inferring preferences from a series of choices (subjects choose between
$ X now or $ Y in D days). Second we adopt the novel approach of inferring preferences ...
Cited by 13 - Related articles - All 8 versions

[PDF] Active decisions: A natural experiment in savings

[PDF] from yale.edu
JJ Choi, D Laibson, BC Madrian… - Manuscript in …, 2003 - aida.econ.yale.edu
Abstract: Decision-makers tend to overwhelmingly accept default options. In this paper, we
identify an overlooked but practical alternative to defaults. We analyze the experience of a
company that required its employees to either affirmatively elect to enroll in the company's ...
Cited by 13 - Related articles - View as HTML - All 21 versions

[CITATION] Hyperbolic Discount Functions

D Laibson - Undersaving, and Savings Policy, Harvard University, 1995
Cited by 13 - Related articles

[CITATION] $100 Bills on the Sidewalk: Violation of No-Arbitrage in 401 (k) Accounts

JJ Choi, D Laibson… - Document de treball, Universitat de Pennsilvània, 2004
Cited by 12 - Related articles

THE ALLOCATION OF TIME IN DECISION‐MAKING

[HTML] from nih.gov
CF Chabris, CL Morris, D Taubinsky… - Journal of the …, 2009 - Wiley Online Library
Abstract We study the allocation of time across decision problems. If a decision-maker (1)
has noisy estimates of value,(2) improves those estimates the longer she analyzes a choice
problem, and (3) allocates time optimally, then the decision-maker should spend less time ...
Cited by 13 - Related articles - All 44 versions

[PDF] When Should Borrowers Refinance Their Mortgages?

[PDF] from psu.edu
S Agarwal, FB Financial, JC Driscoll… - System, 2000 - Citeseer
Page 1. When Should Borrowers Refinance Their Mortgages? Sumit Agarwal
FleetBoston Financial John C. Driscoll Brown University and NBER David I. Laibson*
Harvard University and NBER Preliminary and Incomplete Abstract ...
Cited by 11 - Related articles - View as HTML - All 9 versions

Early decisions: A regulatory framework

[PDF] from sweden.gov.se
J Beshears, JJ Choi, D Laibson… - 2006 - nber.org
We describe a regulatory framework that helps consumers who have difficulty sticking to
their own long-run plans. Early Decision regulations help long-run preferences prevail by
allowing consumers to partially commit to their long-run goals, making it harder for a ...
Cited by 11 - Related articles - BL Direct - All 31 versions

Consumption-Wealth Comovement of the Wrong Sign

[PDF] from harvard.edu
JJ Choi, D Laibson, BC Madrian… - 2004 - nber.org
Economic theory predicts that an unexpected wealth windfall should increase consumption
shortly after the windfall is received. We test this prediction using administrative records on
over 40,000 401 (k) accounts. Contrary to theory, we estimate a negative short-run ...
Cited by 11 - Related articles - BL Direct - All 36 versions

. The Importance of Default Options for Retirement Saving Outcomes: Evidence from the USA

J Beshears, JJ Choi, D Laibson… - Lessons from Pension …, 2007 - ingentaconnect.com
Abstract: If transaction costs are small, standard economic theory would suggest that
defaults have little impact on economic outcomes. Agents with well-defined preferences will
opt out of any default that does not maximize their utility, regardless of the nature of the ...
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[CITATION] Sacerdote Bruce (2000).“

EL Glaeser… - The economic approach to social capital”, Paper, …, 2000
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Optimal Mortgage Refinancing: A Closed Form Solution

[PDF] from harvard.edu
S Agarwal, JC Driscoll… - 2007 - nber.org
The research activities of the NBER are funded by grants from federal research agencies, by
private foundations, and by generous donations from our corporate associates and from
private individuals. The NBER is a non-profit, 501 (c)(3) organization. For information on ...
Cited by 12 - Related articles - BL Direct - All 19 versions

[HTML] Impatience and Savings

[HTML] from nber.org
D Laibson - 2005 - nber.org
When making decisions with immediate consequences, economic actors typically display a
high degree of impatience. Consumers choose immediate pleasures instead of waiting a
few days for much larger rewards. Consumers want" instant gratification."
Cited by 9 - Related articles - Cached - All 2 versions

[PDF] Financial mistakes over the life cycle

[PDF] from nber.org
S Agarwal, JC Driscoll, X Gabaix… - Manuscript, Harvard …, 2006 - nber.org
Abstract We show that in ten different contexts—three kinds of credit card fee payments,
credit card interest payments, interest rates on credit cards, mortgages, auto loans, home
equity loans and credit lines, and small business credit cards—the young and the old pay ...
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[CITATION] Self control and retirement savings

DI Laibson, A Repetto… - Brookings Papers on Economic Activity, 1998
Cited by 8 - Related articles - All 2 versions

The effect of providing peer information on retirement savings decisions

[PDF] from uvm.edu
J Beshears, JJ Choi, D Laibson, BC Madrian… - 2011 - nber.org
We measure how receiving information about coworkers' savings behavior affects recipients'
savings choices. Low-saving employees were sent a simplified 401 (k) plan enrollment or
contribution increase form. A randomized subset of forms included information on the ( ...
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[PDF] Bubble economics

[PDF] from firstsightmedia.co.uk
D Laibson - Frank Hahn Lecture at the Royal Economic …, 2009 - firstsightmedia.co.uk
• Definition: A bubble occurs when an asset trades above its fundamental value.• Another
way of saying it: A bubble occurs when the discounted value of cash flow when the
discounted value of cash flow received by the owners is less than the price f hothe asset
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[CITATION] Optimal defaults and active decisions: theory and evidence from 401 (k) saving

J Choi, D Laibson, B Madrian… - 2003 - Harvard University Working Paper. …
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A New Challenge for Economics:“The Frame Problem”

[PDF] from harvard.edu
X Gabaix… - … , volume one: rationality and well-being, 2003 - books.google.com
1. INTRODUCTION: THE FRAME PROBLEM Consider the problem of a travelling salesman
who must map out a route that includes visits to K cities. If an economist were asked to
predict the path chosen by the traveller, the economist might begin by conceptualizing an ...
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[CITATION] 0Dynamic Choices of Hyperbolic Consumers, 1 Econometrica

C Harris… - 2001 - Vol
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[CITATION] Mortgage refinancing for distracted consumers

S Agarwal, JC Driscoll… - 2004 - Mimeo, Federal Reserve Bank of …
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What is for me is not for you: brain correlates of intertemporal choice for self and other

[PDF] from harvard.edu
K Albrecht, KG Volz, M Sutter… - Social Cognitive …, 2011 - scan.oxfordjournals.org
... Correspondence should be addressed to David Laibson, Harvard University, Department of
Economics, Littauer M-12, Cambridge, MA 02138, USA. E-mail: dlaibson{at}harvard.edu.
Received August 23, 2009. Accepted May 3, 2010. Next Section. Abstract. ...
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[BOOK] Wealth accumulation, credit card borrowing, and consumption-income comovement

[PDF] from webmeets.com
DI Laibson, A Repetto, J Tobacman… - 2003 - webmeets.com
... David Laibson, Andrea Repetto, and Jeremy Tobacman March 2002* ... David Laibson is Paul Sack
Associate Professor of Political Economy, Harvard University, and Faculty Research Fellow,
National Bureau of Economic Research, Cambridge, Massachusetts. ...
Cited by 7 - Related articles - View as HTML - All 88 versions

[CITATION] de Vries.(2009)." Competition and Prices: Insights from Extreme Value Theory."

X Gabaix, D Laibson, D Li, H Li, S Resnick… - Mimeo, NYU Stern
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[CITATION] Measuring Trust

G Edward, DI Laibson, JA Scheinkman… - The Quarterly Journal of …, 2000
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[CITATION] Comments on “Personal Retirement Saving Programs and Asset Accumulation,” by James M. Poterba, Steven F. Venti, and David A. Wise

DI Laibson - Studies in the Economics of Aging, 1998 - … , Mass: NBER and the University of …
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[PDF] Mental accounts, self-control and an intrapersonal principal-agent problem

[PDF] from harvard.edu
DI Laibson - 1994 - economics.harvard.edu
Page 1. First Draft: December, 1993 Current Draft: May, 1994 Comments appreciated.
Mental Accounts, Self-Control, and an Intrapersonal Principal-Agent Problem David
Laibson1 I analyze the problem of an agent with dynamically ...
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[PDF] Stimulus and Response: The Path from Naiveté to Sophistication in the Credit Card Market

[PDF] from berkeley.edu
S Agarwal, JC Driscoll, X Gabaix… - 2007 - elsa.berkeley.edu
... in the Credit Card Market Sumit Agarwal, John C. Driscoll, Xavier Gabaix, and David Laibson*
August 20, 2006 Abstract ... John Driscoll: Federal Reserve Board. Xavier Gabaix: MIT, Princeton
University and NBER. David Laibson: Harvard University and NBER. ...
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[CITATION] Forthcoming.“Estimating Discount Functions with Consumption Choices over the Lifecycle,”

D Laibson, A Repetto… - American Economic Review
Cited by 5 - Related articles

[CITATION] Flypaper and Active Decision Effects in 401 (k) Asset Allocation

JJ Choi, D Laibson… - 2005 - Yale University Working Paper
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[CITATION] †œEstimating Discount Functions with Consumption Choices over the Lifecycle, †Working paper

D Laibson, A Repetto… - Har% vard University, 2007
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[BOOK] Hyperbolic discounting, wealth accumulation, and consumption

[PDF] from webmanager.cl
M Angeletos, DI Laibson, A Repetto, J Tobacman… - 2000 - webmanager.cl
HYPERBOLIC DISCOUNTING, WEALTH ACCUMULATION, AND CONSUMPTION Marios
Angeletos David Laibson Andrea Repetto Jeremy Tobacman Stephen Weinberg ... Hyperbolic
Discounting, Wealth Accumulation, and Consumption Marios Angeletos, David Laibson, ...
Cited by 4 - Related articles - View as HTML - All 7 versions

[CITATION] Why does the law of one price fail

JJ Choi, D Laibson… - An Experiment on Index Mutual Funds. …, 2006
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[CITATION] Benign Paternalism and Active Decisions: A Natural Experiment in Savings

J Choi, D Laibson, B Madrian… - 2002 - NBER
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Using implementation intentions prompts to enhance influenza vaccination rates

[HTML] from nih.gov
KL Milkman, J Beshears, JJ Choi… - Proceedings of the …, 2011 - National Acad Sciences
Abstract We evaluate the results of a field experiment designed to measure the effect of
prompts to form implementation intentions on realized behavioral outcomes. The outcome of
interest is influenza vaccination receipt at free on-site clinics offered by a large firm to its ...
Cited by 5 - Related articles - All 14 versions

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