Choosing Outcomes versus Choosing Products: Consumer‐Focused Retirement Investment Advice

Choosing Outcomes versus Choosing Products: Consumer‐Focused Retirement Investment Advice

Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth constrained by...

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Veröffentlicht in:Journal of Consumer Research. - University of Chicago Press. - 35(2008), 3, Seite 440-456
1. Verfasser: Goldstein, Daniel G. (VerfasserIn)
Weitere Verfasser: Johnson, Eric J., Sharpe, William F.
Format: Online-Aufsatz
Veröffentlicht: 2008
Zugriff auf das übergeordnete Werk:Journal of Consumer Research
Schlagworte:Behavioral Decision Theory Consumer Information/Education Consumer Welfare/Quality of Life Perceived Risk Preferences Economics Behavioral sciences Mathematics Daniel G.
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500 |a * Daniel G. Goldstein is an assistant professor of marketing, London Business School, London, NW1 4SA, United Kingdom ( dgoldsteinlondon.edu ). Eric J. Johnson is Norman Eig Professor of Business, Columbia University, New York, NY 10027 ( ejj3@columbia.edu ). William F. Sharpe is the STANCO 25 Professor of Finance, Emeritus, Stanford University Graduate School of Business, 518 Memorial Way, Stanford, CA 94305‐5015 ( wfsharpe@stanford.edu ). This research has been supported by the Columbia Center for Excellence in E‐Business and by National Science Foundation grant SES‐0352062 to Eric J. Johnson. The authors thank the editors and reviewers, in addition to the following people, for help in developing this article: Beatrice Belizaire, Shlomo Benartzi, Phil Blythe, Noel Capon, Isaac Dinner, Emel Filiz, Wendy Garrido, Dominique Goldstein, John Hauser, Bruce Hardie, Peggy Hu, Raghu Iyengar, Anja Lambrecht, John Payne, Margaret Pierson, Drazen Prelec, Duncan Simester, Richard Thaler, Elke Weber, Martijn Willemsen, and Besir Wrayet. 
520 |a Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth constrained by market forces and the amount invested. We collect desired wealth distributions from a sample of working adults, provide evidence of the technique’s reliability and predictive validity, characterize individual‐ and cluster‐level differences, and estimate parameters of risk aversion and loss aversion. We discuss how such an interactive method might help people construct more informed preferences. 
540 |a © 2008 by JOURNAL OF CONSUMER RESEARCH, Inc. 
650 4 |a Behavioral Decision Theory 
650 4 |a Consumer Information/Education 
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650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk aversion 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments 
650 4 |a Economics  |x Microeconomics  |x Economic utility  |x Utility functions 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial management  |x Financial risk  |x Investment risk 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments  |x Investors 
650 4 |a Behavioral sciences  |x Behavioral economics  |x Prospect theory  |x Loss aversion 
650 4 |a Economics  |x Microeconomics  |x Economic costs and benefits  |x Economic costs  |x Cost allocation 
650 4 |a Economics  |x Microeconomics  |x Income  |x Retirement income 
650 4 |a Economics  |x Microeconomics  |x Income  |x Income estimates 
650 4 |a Mathematics  |x Applied mathematics  |x Statistics  |x Applied statistics  |x Inferential statistics  |x Statistical estimation  |x Estimation methods 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk aversion 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments 
650 4 |a Economics  |x Microeconomics  |x Economic utility  |x Utility functions 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial management  |x Financial risk  |x Investment risk 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial investments  |x Investors 
650 4 |a Behavioral sciences  |x Behavioral economics  |x Prospect theory  |x Loss aversion 
650 4 |a Economics  |x Microeconomics  |x Economic costs and benefits  |x Economic costs  |x Cost allocation 
650 4 |a Economics  |x Microeconomics  |x Income  |x Retirement income 
650 4 |a Economics  |x Microeconomics  |x Income  |x Income estimates 
650 4 |a Mathematics  |x Applied mathematics  |x Statistics  |x Applied statistics  |x Inferential statistics  |x Statistical estimation  |x Estimation methods 
650 4 |a Daniel G. 
655 4 |a research-article 
700 1 |a Johnson, Eric J.  |e verfasserin  |4 aut 
700 1 |a Sharpe, William F.  |e verfasserin  |4 aut 
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