publication . Article . 2009

Decision Support for Retirement Portfolio Management: Overcoming Myopic Loss Aversion via Technology Design

Clayton Arlen Looney; Andrew M. Hardin;
Open Access
  • Published: 01 Jan 2009 Journal: Management Science, volume 55, issue 10 October, pages 1,688-1,703
As firms continue to abandon pensions in favor of employee-managed retirement plans, tremendous demands are being placed on the decision-making proficiency of future retirees. As reflected in the equity premium puzzle, individual investors tend to hold overly conservative portfolios that provide meager payoffs over time. Consequently, there is growing concern that the vast majority of retirement accounts might be insufficiently funded when employees reach retirement. Given that most retirement plans can now be managed online, a potential solution lies in designing a Web-based decision support system (DSS) that helps future retirees make more-profitable portfolio...
free text keywords: decision support systems, decisional guidance, equity premium puzzle, field experiment, human-computer interaction, information horizon, myopic loss aversion, retirement planning, system restrictiveness
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