Research

Google Scholar profile

Journal articles

Published papers are slightly different than the drafts posted here because of editorial changes.

  1. Does Aggregated Returns Disclosure Increase Portfolio Risk-Taking?
    Review of Financial Studies (with John Beshears, David Laibson, and Brigitte C. Madrian), forthcoming.
    Supplement: Online appendix

  2. Does Front-Loading Taxation Increase Savings? Evidence from Roth 401(k) Introductions
    Journal of Public Economics (with John Beshears, David Laibson, and Brigitte C. Madrian), forthcoming.

  3. Religious Identity and Economic Behavior
    Review of Economics and Statistics (with Daniel J. Benjamin and Geoffrey Fisher), 2016.
    • Lead article
    Supplement: Online appendix

  4. Vaccination Rates are Associated With Functional Proximity But Not Base Proximity of Vaccination Clinics
    Medical Care (with John Beshears, David Laibson, Brigitte C. Madrian, and Gwendolyn Reynolds), 2016.

  5. Contributions to Defined Contribution Pension Plans [Click here for final typeset file]
    Annual Review of Financial Economics, 2015.

  6. The Effect of Providing Peer Information on Retirement Savings Decisions
    Journal of Finance (with John Beshears, David Laibson, Brigitte C. Madrian, and Katherine L. Milkman), 2015.
    Supplement: Online appendix

  7. Liquidity in Retirement Savings Systems: An International Comparison
    American Economic Review Papers and Proceedings (with John Beshears, Joshua Hurwitz, David Laibson, and Brigitte C. Madrian), 2015.
    Supplement: Online appendix

  8. What Makes Annuitization More Appealing?
    Journal of Public Economics (with John Beshears, David Laibson, Brigitte C. Madrian, and Stephen P. Zeldes), 2014.
    • Lead article
    Summarized in NBER Bulletin on Aging and Health.
    Supplement: Online appendix

  9. Simplification and Saving
    Journal of Economic Behavior and Organization (with John Beshears, David Laibson, and Brigitte C. Madrian), 2013.
    Older draft summarized in NBER Digest.

  10. Testimonials Do Not Convert Patients from Brand to Generic Medication
    American Journal of Managed Care (with John Beshears, David Laibson, Brigitte C. Madrian, and Gwendolyn Reynolds), 2013.

  11. Consumers' Misunderstanding of Health Insurance
    Journal of Health Economics (with George Loewenstein, Joelle Y. Friedman, Barbara McGill, Sarah Ahmad, Suzanne Linck, Stacey Sinkula, John Beshears, Jonathan Kolstad, David Laibson, Brigitte C. Madrian, John A. List, and Kevin G. Volpp), 2013.

  12. What Does Stock Ownership Breadth Measure?
    Review of Finance (with Li Jin and Hongjun Yan), 2013.
    • Lead article
    Data on stock assignments to ownership breadth portfolios are available here.

  13. What Goes Up Must Come Down? Experimental Evidence on Intuitive Forecasting
    American Economic Review Papers and Proceedings (with John Beshears, Andreas Fuster, David Laibson, and Brigitte C. Madrian), 2013.
    Online appendix is here.

  14. Planning Prompts as a Means of Increasing Preventive Screening Rates
    Preventive Medicine (with Katherine L. Milkman, John Beshears, David Laibson, and Brigitte C. Madrian), 2013.
    Longer working paper version: Following Through on Good Intentions: The Power of Planning Prompts. Summarized in NBER Bulletin on Aging and Health.

  15. Planning Prompts as a Means of Increasing Rates of Immunization and Preventive Screening
    Public Policy & Aging Report (with Hengchen Dai, Katherine L. Milkman, John Beshears, David Laibson, and Brigitte C. Madrian), 2012.

  16. $100 Bills on the Sidewalk: Suboptimal Investment in 401(k) Plans
    Review of Economics and Statistics (with David Laibson and Brigitte C. Madrian), 2011.

  17. Using Implementation Intentions Prompts to Enhance Influenza Vaccination Rates
    Proceedings of the National Academy of Sciences (with Katherine L. Milkman, John Beshears, David Laibson, and Brigitte C. Madrian), 2011.

  18. Behavioral Economics Perspectives on Public Sector Pension Plans
    Journal of Pension Economics and Finance (with John Beshears, David Laibson, and Brigitte C. Madrian), 2011.
    Supplement: Online appendix.

  19. Social Identity and Preferences
    American Economic Review (with Daniel J. Benjamin and A. Joshua Strickland), 2010.
    Supplement: Online appendix.

  20. Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds
    Review of Financial Studies (with David Laibson and Brigitte C. Madrian), 2010.
    • Winner, TIAA-CREF Paul A. Samuelson Prize for outstanding scholarly writing on lifelong financial security
    Older draft (without Harvard staff sample) summarized in NBER Digest.
    Supplement: Prospectuses used in experiments.

  21. Reinforcement Learning and Savings Behavior*
    Journal of Finance (with David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2009.

  22. Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect
    American Economic Review (with David Laibson and Brigitte C. Madrian), 2009.

  23. Optimal Defaults and Active Decisions
    Quarterly Journal of Economics (with Gabriel D. Carroll, David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2009.
    • Finalist, TIAA-CREF Paul A. Samuelson Prize for outstanding scholarly writing on lifelong financial security
    Summarized in Summer 2005 NBER Bulletin on Aging and Health.
    Supplement: Web appendix with proofs.
    Supplement: Earlier draft with more general model.

  24. How Are Preferences Revealed?
    Journal of Public Economics (with John Beshears, David Laibson, and Brigitte C. Madrian), 2008.

  25. Early Decisions: A Regulatory Framework
    Swedish Economic Policy Review (with John Beshears, David Laibson, and Brigitte C. Madrian), 2005.

  26. Are Empowerment and Education Enough? Underdiversification in 401(k) Plans
    Brookings Papers on Economic Activity (with David Laibson and Brigitte C. Madrian), 2005.

  27. Plan Design and 401(k) Savings Outcomes
    National Tax Journal (with David Laibson and Brigitte C. Madrian), 2004.
    Summarized in NBER Digest.

  28. Optimal Defaults
    American Economic Review Papers and Proceedings (with David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2003.
    A longer version of this paper is "Passive Decisions and Potent Defaults."

  29. How Does the Internet Affect Trading? Evidence from Investor Behavior in 401(k) Plans
    Journal of Financial Economics (with David Laibson and Andrew Metrick), 2002.
    Summarized in NBER Digest.

  30. The Value Line Enigma: The Sum of Known Parts?
    Journal of Financial and Quantitative Analysis, 2000.

Book chapters

Published chapters are slightly different than the drafts posted here because of editorial changes.

  1. Who Uses the Roth 401(k), and How Do They Use It?
    Discoveries in the Economics of Aging, David A. Wise, editor (with John Beshears, David Laibson, and Brigitte C. Madrian), 2014.
    Summarized in NBER Bulletin on Aging and Health.

  2. The Availability and Utilization of 401(k) Loans
    Investigations in the Economics of Aging, David A. Wise, editor (with John Beshears, David Laibson, and Brigitte C. Madrian), 2012.

  3. How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?
    Explorations in the Economics of Aging, David A. Wise, editor (with John Beshears, David Laibson, and Brigitte C. Madrian), 2011.
    Summarized in NBER Digest.

  4. The Impact of Employer Matching on Savings Plan Participation under Automatic Enrollment [Click here for nicely typeset file]
    Research Findings in the Economics of Aging, David A. Wise, editor (with John Beshears, David Laibson, and Brigitte C. Madrian), 2010.

  5. Public Policy and Saving for Retirement: The 'Autosave' Features of the Pension Protection Act of 2006
    Better Living Through Economics: How Economic Research Improves Our Lives, John J. Siegfried, editor (with John Beshears, David Laibson, Brigitte C. Madrian, and Brian Weller), 2010.

  6. Reducing the Complexity Costs of 401(k) Participation Through Quick Enrollment [Click here for nicely typeset file]
    Developments in the Economics of Aging, David A. Wise, editor (with David Laibson and Brigitte C. Madrian), 2009.

  7. The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States [Click here for nicely typeset file]
    Lessons from Pension Reform in the Americas, Stephen J. Kay and Tapen Sinha, editors (with John Beshears, David Laibson, and Brigitte C. Madrian), 2008.

  8. Saving for Retirement on the Path of Least Resistance
    Behavioral Public Finance: Toward a New Agenda, Ed McCaffrey and Joel Slemrod, editors (with David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2006.

  9. Passive Decisions and Potent Defaults [Click here for nicely typeset file]
    Analyses in the Economics of Aging, David A. Wise, editor (with David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2005.

  10. Employees' Investment Decisions About Company Stock
    Pension Design and Structure: New Lessons from Behavioral Finance, Olivia S. Mitchell and Stephen P. Utkus, editors (with David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2004.

  11. For Better or For Worse: Default Effects and 401(k) Savings Behavior [Click here for nicely typeset file]
    Perspectives in the Economics of Aging, David A. Wise, editor (with David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2004.
    Summarized in NBER Digest.

  12. Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance [Click here or here for nicely typeset file]
    Tax Policy and the Economy, James Poterba, editor (with David Laibson, Brigitte C. Madrian, and Andrew Metrick), 2002.
    Summarized in NBER Digest.

Working papers

  1. Randomizing Religion: The Impact of Protestant Evangelism on Economic Outcomes
    (with Gharad Bryan and Dean Karlan), 2017.

  2. From the Horse's Mouth: What Matters to Individual Investors?
    (with Adriana Z. Robertson), 2017.

  3. Optimal Illiquidity
    (with John Beshears, Christopher Clayton, Christopher Harris, David Laibson, and Brigitte C. Madrian), 2017.

  4. Evaluation of a Commitment Contract to Improve HIV Medication Adherence and Persistence
    (with Marcella Alsan, John Beshears, Wendy Armstrong, Brigitte C. Madrian, Minh Ly T. Nguyen, Carlos del Rio, David Laibson, and Vincent C. Marconi), 2016.
    Revise and resubmit, AIDS

  5. Informed Trading and Expected Returns
    (with Li Jin and Hongjun Yan), 2016.
    Summarized in NBER Digest and Vox.

  6. Small Cues Change Savings Choices
    (with Emily Haisley, Jennifer Kurkoski, and Cade Massey), 2016.
    Summarized in Vox and NBER Bulletin on Aging and Health.

  7. Self-Control and Commitment: Can Decreasing the Liquidity of a Savings Account Increase Deposits?
    (with John Beshears, Christopher Harris, David Laibson, Brigitte C. Madrian, and Jung Sakong), 2015.
    Supplement: Appendix with proofs

  8. Active Choice and Health Care Costs: Evidence from Prescription Drug Home Delivery
    (with John Beshears, David Laibson, and Brigitte C. Madrian), 2013.

  9. Extrapolative Expectations and the Equity Premium
    (with Thomas M. Mertens), 2013.

Other writings

  1. Review of Automatic: Changing the Way America Saves, edited by William G. Gale, J. Mark Iwry, David C. John, and Lina Walker
    Journal of Economic Literature, 2010.

  2. Product Proposal: Birthday CDs
    Remarks on "Managing Longevity Risk" at the Financial Innovation and Retirement Security: From Ideas to Implementation conference, 2008.

  3. Retirement Saving: Helping Employees Help Themselves
    Milken Institute Review (with John Beshears, David Laibson, and Brigitte C. Madrian), 2006.

Slide presentations

  1. Household Finance and Libertarian Paternalism
    2009
    Slides from a lecture to Ph.D. students at the 2009 Yale Summer School in Behavioral Finance.

  2. Defined Contribution Plans for Passive Investors
    2004 (with David Laibson and Brigitte C. Madrian)
    Summarizes our recommendations for designing defined contribution retirement savings plans such as 401(k)s and 403(b)s.

Disclosure of outside activities

I have received monetary compensation from the following non-academic organizations for activities unrelated to a research grant. (Research grants are disclosed in my CV and in the acknowledgements section of each relevant paper.)

2016: Alfred P. Sloan Foundation
2015: TIAA-CREF, International Economic Forum of the Americas, GLG, NIH, Wall Street Journal
2014: TIAA-CREF, State Street, U.S. Department of Health and Human Services
2012: Pensions & Investments, NIH
2011: iOMe Challenge
2010: State Street, iOMe Challenge
2006: Ibbotson Associates, American Council for Capital Formation

* This is an electronic version of an article published in the Journal of Finance. Complete citation information for the final version of the paper, as published in the print edition of the Journal of Finance, is available on the Blackwell Synergy online delivery service, accessible via the journal's website at www.blackwellpublishing.com/journals/jofi or http://www.blackwell-synergy.com.