{"id":"https://openalex.org/W3206390608","doi":"https://doi.org/10.1017/s1474747218000410","title":"Navigating complex financial decisions at retirement: evidence from annuity choices in public sector pensions","display_name":"Navigating complex financial decisions at retirement: evidence from annuity choices in public sector pensions","publication_year":2019,"publication_date":"2019-01-29","ids":{"openalex":"https://openalex.org/W3206390608","doi":"https://doi.org/10.1017/s1474747218000410","mag":"3206390608"},"language":"en","primary_location":{"id":"doi:10.1017/s1474747218000410","doi":"https://doi.org/10.1017/s1474747218000410","is_oa":false,"landing_page_url":"https://doi.org/10.1017/s1474747218000410","pdf_url":null,"source":{"id":"https://openalex.org/S73680622","display_name":"Journal of Pensions Economics and Finance","issn_l":"1474-7472","issn":["1474-7472","1475-3022"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-4","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Pension Economics and Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5057150141","display_name":"Robert L. Clark","orcid":"https://orcid.org/0000-0003-2947-2987","observed_orcids":["https://orcid.org/0000-0003-2947-2987","https://orcid.org/0009-0002-7030-1741","https://orcid.org/0009-0005-1659-6114"]},"institutions":[{"id":"https://openalex.org/I137902535","display_name":"North Carolina State University","ror":"https://ror.org/04tj63d06","country_code":"US","type":"education","lineage":["https://openalex.org/I137902535"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Robert L. Clark","raw_affiliation_strings":["North Carolina State University and NBER, Box 7229, Poole College of Management, Raleigh, North Carolina, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"North Carolina State University and NBER, Box 7229, Poole College of Management, Raleigh, North Carolina, USA","institution_ids":["https://openalex.org/I137902535"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5072450739","display_name":"Robert G. Hammond","orcid":"https://orcid.org/0000-0002-9315-1232","observed_orcids":["https://orcid.org/0000-0002-9315-1232"]},"institutions":[{"id":"https://openalex.org/I137902535","display_name":"North Carolina State University","ror":"https://ror.org/04tj63d06","country_code":"US","type":"education","lineage":["https://openalex.org/I137902535"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Robert G. Hammond","raw_affiliation_strings":["North Carolina State University, Raleigh, North Carolina, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"North Carolina State University, Raleigh, North Carolina, USA","institution_ids":["https://openalex.org/I137902535"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5028632489","display_name":"David Vanderweide","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4405261791","display_name":"North Carolina General Assembly","ror":"https://ror.org/05vdh4r44","country_code":"US","type":"government","lineage":["https://openalex.org/I4405261791"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"David Vanderweide","raw_affiliation_strings":["Fiscal Research Division, North Carolina General Assembly, Raleigh, North Carolina, USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Fiscal Research Division, North Carolina General Assembly, Raleigh, North Carolina, USA","institution_ids":["https://openalex.org/I4405261791"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5057150141"],"corresponding_institution_ids":["https://openalex.org/I137902535"],"apc_list":{"value":2980,"currency":"USD","value_usd":2980},"apc_paid":null,"fwci":5.1025,"has_fulltext":false,"cited_by_count":17,"citation_normalized_percentile":{"value":0.95190565,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"18","issue":"04","first_page":"594","last_page":"611"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9994999766349792,"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":0.9994999766349792,"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/T11631","display_name":"Retirement, Disability, and Employment","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/3317","display_name":"Demography"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":9.999999747378752e-05,"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/public-employee-pensions","display_name":"public employee pensions","score":0.8730000257492065},{"id":"https://openalex.org/keywords/retirement-income-security","display_name":"retirement income security","score":0.949999988079071},{"id":"https://openalex.org/keywords/retirement-decisions","display_name":"retirement decisions","score":0.5979999899864197},{"id":"https://openalex.org/keywords/financial-literacy","display_name":"financial literacy","score":0.7689999938011169},{"id":"https://openalex.org/keywords/risk-preferences","display_name":"risk preferences","score":0.9399999976158142},{"id":"https://openalex.org/keywords/time-preference","display_name":"time preference","score":0.9950000047683716},{"id":"https://openalex.org/keywords/household-characteristics","display_name":"household characteristics","score":0.5490000247955322},{"id":"https://openalex.org/keywords/default-options","display_name":"default options","score":0.30399999022483826}],"concepts":[{"id":"https://openalex.org/C44465351","wikidata":"https://www.wikidata.org/wiki/Q215579","display_name":"Annuity","level":4,"score":0.8819870948791504},{"id":"https://openalex.org/C2780899237","wikidata":"https://www.wikidata.org/wiki/Q156223","display_name":"Pension","level":2,"score":0.7480419874191284},{"id":"https://openalex.org/C2777941463","wikidata":"https://www.wikidata.org/wiki/Q1416374","display_name":"Financial literacy","level":2,"score":0.7191080451011658},{"id":"https://openalex.org/C76485209","wikidata":"https://www.wikidata.org/wiki/Q2510714","display_name":"Life annuity","level":3,"score":0.5994746088981628},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.5551853775978088},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5518530011177063},{"id":"https://openalex.org/C2777111884","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Social security","level":2,"score":0.4941916763782501},{"id":"https://openalex.org/C2991981721","wikidata":"https://www.wikidata.org/wiki/Q156223","display_name":"Pension plan","level":3,"score":0.46671387553215027},{"id":"https://openalex.org/C2780176501","wikidata":"https://www.wikidata.org/wiki/Q5690755","display_name":"Health and Retirement Study","level":2,"score":0.44233983755111694},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.41967907547950745},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.39084407687187195},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.23095008730888367},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C74909509","wikidata":"https://www.wikidata.org/wiki/Q10387","display_name":"Gerontology","level":1,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1017/s1474747218000410","doi":"https://doi.org/10.1017/s1474747218000410","is_oa":false,"landing_page_url":"https://doi.org/10.1017/s1474747218000410","pdf_url":null,"source":{"id":"https://openalex.org/S73680622","display_name":"Journal of Pensions Economics and Finance","issn_l":"1474-7472","issn":["1474-7472","1475-3022"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-4","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Pension Economics and Finance","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[{"id":"https://openalex.org/study-designs/observational-study","display_name":"Observational Study"}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":11,"referenced_works":["https://openalex.org/W1502190244","https://openalex.org/W1988304127","https://openalex.org/W2131523051","https://openalex.org/W2133364582","https://openalex.org/W2155623012","https://openalex.org/W2324447981","https://openalex.org/W2605237958","https://openalex.org/W3025531196","https://openalex.org/W3100773775","https://openalex.org/W3121925575","https://openalex.org/W4229691237"],"related_works":["https://openalex.org/W4281701698","https://openalex.org/W7097811947","https://openalex.org/W4283374119","https://openalex.org/W2121599175","https://openalex.org/W2128722954","https://openalex.org/W2918735665","https://openalex.org/W3025531196","https://openalex.org/W3125459054","https://openalex.org/W3134533443","https://openalex.org/W4366347241"],"abstract_inverted_index":{"Abstract":[0],"Choices":[1],"regarding":[2],"the":[3,19,27,50],"disposition":[4],"of":[5,29,52,100,107,113,122,137],"wealth":[6],"at":[7],"retirement":[8,14,75,123],"can":[9],"have":[10],"substantial":[11],"implications":[12],"for":[13],"income":[15,124],"security.":[16],"We":[17,67],"analyze":[18],"factors":[20],"determining":[21],"annuity":[22,39,92],"payout":[23],"option":[24],"choices":[25],"within":[26],"context":[28],"a":[30],"public":[31],"sector":[32],"defined":[33],"pension":[34],"plan":[35],"with":[36,74,82,128],"no":[37],"default":[38],"option.":[40,93],"Using":[41],"combined":[42],"administrative":[43],"records":[44],"and":[45,54,64,72],"survey":[46],"data,":[47],"we":[48,102],"explore":[49],"role":[51],"individual":[53],"household":[55],"characteristics":[56],"as":[57,59],"well":[58],"risk":[60],"preferences,":[61,63],"time":[62],"financial":[65],"literacy.":[66],"also":[68],"document":[69],"retiree":[70],"well-being":[71,114],"satisfaction":[73],"decision":[76],"making.":[77],"The":[78],"evidence":[79],"is":[80],"consistent":[81],"predictions":[83],"over":[84,126],"which":[85],"households":[86],"might":[87],"benefit":[88],"most":[89],"from":[90],"each":[91],"Comparing":[94],"retirees":[95,108,118],"who":[96,133],"chose":[97,134],"different":[98,111,135],"types":[99,136],"annuities,":[101],"find":[103],"that":[104],"these":[105],"groups":[106],"report":[109,119],"very":[110],"levels":[112,121],"in":[115],"retirement.":[116],"All":[117],"lower":[120],"security":[125],"time,":[127],"strong":[129],"differences":[130],"among":[131],"those":[132],"annuities.":[138]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2021-10-25T00:00:00"}