{"id":"https://openalex.org/W3125815470","doi":"https://doi.org/10.3386/w13169","title":"Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans","display_name":"Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans","publication_year":2007,"publication_date":"2007-06-01","ids":{"openalex":"https://openalex.org/W3125815470","doi":"https://doi.org/10.3386/w13169","mag":"3125815470"},"language":"en","primary_location":{"id":"doi:10.3386/w13169","doi":"https://doi.org/10.3386/w13169","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w13169","pdf_url":"https://doi.org/10.3386/w13169","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w13169","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5001664022","display_name":"Jeffrey R. Brown","orcid":"https://orcid.org/0000-0001-6376-0945","observed_orcids":["https://orcid.org/0000-0001-6376-0945"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Jeffrey Brown","raw_affiliation_strings":["Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall , MC-706 1206 South Sixth Street Champaign , IL 61820-9080 and","Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall, MC-706 1206 South Sixth Street Champaign, IL 61820-9080","Department of Finance University of Illinois, Urbana-Champaign 304C David Kinley Hall 1407 W. Gregory Drive Urbana, IL 61801","Federal Reserve Board 20th and Constitution Ave NW Washington, DC 20551","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall , MC-706 1206 South Sixth Street Champaign , IL 61820-9080 and","institution_ids":["https://openalex.org/I157725225"]},{"raw_affiliation_string":"Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall, MC-706 1206 South Sixth Street Champaign, IL 61820-9080","institution_ids":["https://openalex.org/I157725225"]},{"raw_affiliation_string":"Department of Finance University of Illinois, Urbana-Champaign 304C David Kinley Hall 1407 W. Gregory Drive Urbana, IL 61801","institution_ids":["https://openalex.org/I157725225"]},{"raw_affiliation_string":"Federal Reserve Board 20th and Constitution Ave NW Washington, DC 20551","institution_ids":["https://openalex.org/I2802905149"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5001556993","display_name":"Nellie Liang","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Nellie Liang","raw_affiliation_strings":["Federal Reserve Board 20th and Constitution Ave NW Washington, DC 20551","Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall, MC-706 1206 South Sixth Street Champaign, IL 61820-9080","Department of Finance University of Illinois, Urbana-Champaign 304C David Kinley Hall 1407 W. Gregory Drive Urbana, IL 61801","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve Board 20th and Constitution Ave NW Washington, DC 20551","institution_ids":["https://openalex.org/I2802905149"]},{"raw_affiliation_string":"Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall, MC-706 1206 South Sixth Street Champaign, IL 61820-9080","institution_ids":["https://openalex.org/I157725225"]},{"raw_affiliation_string":"Department of Finance University of Illinois, Urbana-Champaign 304C David Kinley Hall 1407 W. Gregory Drive Urbana, IL 61801","institution_ids":["https://openalex.org/I157725225"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5048301975","display_name":"Scott J. Weisbenner","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I157725225","display_name":"University of Illinois Urbana-Champaign","ror":"https://ror.org/047426m28","country_code":"US","type":"education","lineage":["https://openalex.org/I157725225"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Scott Weisbenner","raw_affiliation_strings":["Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall, MC-706 1206 South Sixth Street Champaign, IL 61820-9080","Department of Finance University of Illinois, Urbana-Champaign 304C David Kinley Hall 1407 W. Gregory Drive Urbana, IL 61801","Federal Reserve Board 20th and Constitution Ave NW Washington, DC 20551","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Finance University of Illinois at Urbana-Champaign 340 Wohlers Hall, MC-706 1206 South Sixth Street Champaign, IL 61820-9080","institution_ids":["https://openalex.org/I157725225"]},{"raw_affiliation_string":"Department of Finance University of Illinois, Urbana-Champaign 304C David Kinley Hall 1407 W. Gregory Drive Urbana, IL 61801","institution_ids":["https://openalex.org/I157725225"]},{"raw_affiliation_string":"Federal Reserve Board 20th and Constitution Ave NW Washington, DC 20551","institution_ids":["https://openalex.org/I2802905149"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":35,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.989300012588501,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.989300012588501,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.006000000052154064,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.0032999999821186066,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/401-k-plans","display_name":"401(k) plans","score":0.9819999933242798},{"id":"https://openalex.org/keywords/defined-contribution-pensions","display_name":"defined contribution pensions","score":0.8019999861717224},{"id":"https://openalex.org/keywords/portfolio-optimization","display_name":"portfolio optimization","score":0.7590000033378601},{"id":"https://openalex.org/keywords/investment-options","display_name":"investment alternatives","score":0.8090000152587891},{"id":"https://openalex.org/keywords/asset-allocation","display_name":"asset allocation","score":0.765999972820282},{"id":"https://openalex.org/keywords/actively-managed-funds","display_name":"actively managed funds","score":0.8420000076293945},{"id":"https://openalex.org/keywords/fund-costs","display_name":"fund costs","score":0.6010000109672546},{"id":"https://openalex.org/keywords/portfolio-performance","display_name":"portfolio performance","score":0.7269999980926514},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.6769999861717224},{"id":"https://openalex.org/keywords/retirement-savings","display_name":"retirement savings","score":0.5350000262260437},{"id":"https://openalex.org/keywords/personal-account","display_name":"personal account","score":0.38499999046325684}],"concepts":[{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6848580837249756},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5011389255523682},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4280610978603363},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3687794804573059},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.34717434644699097},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.34658947587013245},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.061718493700027466},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.3386/w13169","doi":"https://doi.org/10.3386/w13169","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w13169","pdf_url":"https://doi.org/10.3386/w13169","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"}],"best_oa_location":{"id":"doi:10.3386/w13169","doi":"https://doi.org/10.3386/w13169","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w13169","pdf_url":"https://doi.org/10.3386/w13169","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","score":0.47999998927116394,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320308309","display_name":"U.S. Social Security Administration","ror":"https://ror.org/04b7xxn32"},{"id":"https://openalex.org/F4320315885","display_name":"Australian Government","ror":"https://ror.org/0314h5y94"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3125815470.pdf","grobid_xml":"https://content.openalex.org/works/W3125815470.grobid-xml"},"referenced_works_count":18,"referenced_works":["https://openalex.org/W1515855651","https://openalex.org/W1741133179","https://openalex.org/W1976943697","https://openalex.org/W1990969594","https://openalex.org/W2109632703","https://openalex.org/W2110070697","https://openalex.org/W2122108455","https://openalex.org/W2125069636","https://openalex.org/W2136120210","https://openalex.org/W2151531860","https://openalex.org/W2156545174","https://openalex.org/W2169786125","https://openalex.org/W2890401980","https://openalex.org/W3124550172","https://openalex.org/W4247021123","https://openalex.org/W4251104856","https://openalex.org/W4255314762","https://openalex.org/W4302382102"],"related_works":["https://openalex.org/W7098470664","https://openalex.org/W7098377285","https://openalex.org/W1566109656","https://openalex.org/W7099557406","https://openalex.org/W1538464554","https://openalex.org/W7100576160","https://openalex.org/W47361212","https://openalex.org/W7095749695","https://openalex.org/W7097601683","https://openalex.org/W9469257"],"abstract_inverted_index":{"This":[0],"paper":[1],"examines":[2],"how":[3],"the":[4,27,37,72,76,97,113,145],"menu":[5],"of":[6,23,39,75,100,115,128,148],"investment":[7,40,146],"options":[8,41],"made":[9],"available":[10],"to":[11,80,91,140],"workers":[12,149],"in":[13,26,42,103,112,144],"defined":[14],"contribution":[15],"plans":[16,25,82],"influences":[17],"portfolio":[18,63,118,123],"choice.Using":[19],"unique":[20],"panel":[21,135],"data":[22,136],"401(k)":[24,81],"U.S.,":[28],"we":[29,34,69],"present":[30],"three":[31],"principle":[32],"findings.First,":[33],"show":[35],"that":[36,71],"share":[38,99],"a":[43,57,134],"particular":[44],"asset":[45,67],"class":[46],"(i.e.,":[47],"company":[48],"stock,":[49],"equities,":[50],"fixed":[51],"income,":[52],"and":[53,121,152],"balanced":[54],"funds)":[55],"has":[56],"significant":[58],"effect":[59],"on":[60],"aggregate":[61],"participant":[62],"allocations":[64],"across":[65,150,153],"these":[66,129],"classes.Second,":[68],"document":[70],"vast":[73],"majority":[74],"new":[77],"funds":[78,107],"added":[79],"are":[83,131],"high-cost":[84],"actively":[85],"managed":[86],"equity":[87,93,105],"funds,":[88],"as":[89],"opposed":[90],"lower-cost":[92],"index":[94,106],"funds.Third,":[95],"because":[96],"average":[98,117,122],"assets":[101],"invested":[102],"low-cost":[104],"declines":[108],"with":[109],"an":[110],"increase":[111,120],"number":[114],"options,":[116],"expenses":[119],"performance":[124],"is":[125],"thus":[126],"depressed.All":[127],"findings":[130],"obtained":[132],"from":[133],"set,":[137],"enabling":[138],"us":[139],"control":[141],"for":[142],"heterogeneity":[143],"preferences":[147],"firms":[151],"time.":[154]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2016,"cited_by_count":4},{"year":2015,"cited_by_count":7},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":5}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2021-02-01T00:00:00"}