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Framing Lifetime Income

Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan and Marian V. Wrobel
The Journal of Retirement Summer 2013, 1 (1) 27-37; DOI: https://doi.org/10.3905/jor.2013.1.1.027
Jeffrey R. Brown
is the William G. Karnes Professor of Finance at the College of Business at University of Illinois in Champaign, IL.
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  • For correspondence: brownjr@illinois.edu
Jeffrey R. Kling
is the associate director for economic analysis at the Congressional Budget Office in Washington, DC.
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  • For correspondence: jeffrey_kling@nber.org
Sendhil Mullainathan
is a professor of economics at Harvard University in Cambridge, MA.
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  • For correspondence: mullain@fas.harvard.edu
Marian V. Wrobel
is the director of research at the Health Policy Commission in Boston, MA.
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  • For correspondence: marian.wrobel@gmail.com
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Abstract

We provide evidence that individuals optimize imperfectly when making annuity decisions, and that this result is not driven by loss aversion. Annuities are more attractive when presented in a consumption frame rather than in an investment frame. Highlighting the purchase price in the consumption frame does not alter this result. The level of habitual spending has little interaction with preferences for annuities in the consumption frame. In an investment frame, consumers prefer annuities with principal guarantees; this result is similar for guarantee amounts below, at, and above the purchase price. We discuss implications for the retirement services industry and its regulators.

TOPICS: Retirement, wealth management, risk management

  • © 2013 Pageant Media Ltd
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The Journal of Retirement: 1 (1)
The Journal of Retirement
Vol. 1, Issue 1
Summer 2013
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Framing Lifetime Income
Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, Marian V. Wrobel
The Journal of Retirement Jun 2013, 1 (1) 27-37; DOI: 10.3905/jor.2013.1.1.027

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Framing Lifetime Income
Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, Marian V. Wrobel
The Journal of Retirement Jun 2013, 1 (1) 27-37; DOI: 10.3905/jor.2013.1.1.027
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  • Article
    • Abstract
    • IS THE LOW DEMAND FOR ANNUITIES CONSISTENT WITH OPTIMIZING MODELS?
    • RESEARCH DESIGN
    • NEW EVIDENCE ON FRAMING AND REFERENCE POINTS
    • CONCLUSIONS AND POLICY DISCUSSION
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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