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1、±±±±±±±±±±±±±±±±±±±UNDERSTANDING±±±±±±CHAPTER±±±±17±±±±RETIREMENTSAVING±BEHAVIORANDIMPROVINGDCPENSIONS17.1INTRODUCTIONOneareawherethelessonsofbehavioralfinancearebeingemployedtogreateffectisunderstandingretirementsavingbehaviorandimprovingpensions.Thischapt
2、erwillhelpusunderstandsomeofthekeyissues.WebegininSection17.2bydescribinganinternationalmovementtowardpensionswhereemployeesarealsoinvestorsinthesensethattheymustmonitorandcontroltheirownretirementaccounts.Unfortunately,employee-investorsareoftenillequipped
3、forthetask.Theproblemfacingthemisaverydifficultone.Howmuchshouldbesaved?Whatassetclassesshouldbeinvestedin,andinwhatproportions?Whatspecificinvestmentvehiclesshouldbeused?InSection17.3,weaddresstheissueofhowmuchoneshouldsavetobepreparedforretirement.Unfortu
4、nately,savingcanbehamperedbythefactthatweareallsubjecttolimitedself-controlandprocrasti-nation,eventhoughtheconsequencescanbequitedamaginginthisrealm.InSection17.4,weturntooneofthemostimportantdecisionsthatallinvestorsneedtomake,theassetallocationdecision.N
5、evertheless,manyareconfusedbythisdecision,suggestingtheneedforeducation.Whileeducationcanhelpunso-phisticatedinvestorsmakemoreinformeddecisions,pensiondesignimprovements,especiallythosecapitalizingonsuchbehavioraltendenciesasprocrastinationandlossaversion,s
6、eemtoholdgreaterpromise.Thefinalsectionofthechapterdis-cussespensiondesigninnovations.295296CHAPTER1717.2THEWORLD-WIDEMOVETODCPENSIONSANDITSCONSEQUENCESDBSVS.DCSOverthelastnumberofyears,thepensionenvironmentaroundtheworldhasbeenevolving.Mostnotably,manydeve
7、lopedcountrieshavebeenmovingfromemployer-investeddefinedbenefit(DB)pensionstoemployee-investeddefinedcontribution(DC)pensions.InaDB,theemployernormallypromises,accordingtoaformula,periodicpaymentssubsequenttoretirement,whereas,inaDC,theemployeralongwiththee
8、mployeenormallymakescontributionsintoaretirementaccountwhoseaccumulationisafunctionofinvestmentreturns,withoutanyguar-anteeastowhatwillbeavailableafterretirement.TheUnitedStateshasbeenaleaderinDCpensio
