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Abstract

Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth constrained by market forces and the amount invested. We collect desired wealth distributions from a sample of working adults, provide evidence of the technique's reliability and predictive validity, characterize individual- and cluster-level differences, and estimate parameters of risk aversion and loss aversion. We discuss how such an interactive method might help people construct more informed preferences. (c) 2008 by JOURNAL OF CONSUMER RESEARCH, Inc..

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File URL: http://www.journals.uchicago.edu/doi/pdf/10.1086/589562
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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Consumer Research.

Volume (Year): 35 (2008)
Issue (Month): 3 (08)
Pages: 440-456

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Handle: RePEc:ucp:jconrs:v:35:y:2008:i:3:p:440-456

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Web page: http://www.journals.uchicago.edu/JCR/

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Cited by:

1. Stefan Zeisberger & Dennis Vrecko & Thomas Langer, 2012. "Measuring the time stability of Prospect Theory preferences," Theory and Decision, Springer, vol. 72(3), pages 359-386, March.
2. Dimitris Georgarakos & Roman Inderst, 2011. "Financial Advice and Stock Market Participation," BCL working papers 51, Central Bank of Luxembourg.
   
   • Dimitris Georgarakos & Roman Inderst, 2011. "Financial advice and stock market participation," Working Paper Series 1296, European Central Bank.
3. Phillip Monin, 2013. "On a dynamic adaptation of the Distribution Builder approach to investment decisions," Papers 1301.0907, arXiv.org.
4. Gopi Shah Goda & Colleen Flaherty Manchester, 2010. "Incorporating Employee Heterogeneity into Default Rules for Retirement Plan Selection," NBER Working Papers 16099, National Bureau of Economic Research, Inc.
   
   • Gopi Shah Goda & Colleen Flaherty Manchester, 2013. "Incorporating Employee Heterogeneity into Default Rules for Retirement Plan Selection," Journal of Human Resources, University of Wisconsin Press, vol. 48(1), pages 198-235.
   • Gopi Shah Goda & Colleen Flaherty Manchester, 2010. "Incorporating Employee Heterogeneity Into Default Rules for Retirement Plan Selection," Working Papers, Center for Retirement Research at Boston College wp2010-5, Center for Retirement Research.
5. Carole Bernard & Jit Seng Chen & Steven Vanduffel, 2013. "All investors are risk averse expected utility maximizers," Papers 1302.4679, arXiv.org.
6. Katerina Straznicka, 2012. "Temporal stability of risk preference measures," Working Papers halshs-00768437, HAL.
7. Hazel Bateman & Christine Eckert & John Geweke & Jordan Louviere & Stephen Satchell & Susan Thorp, 2011. "Financial Competence, Risk Presentation and Retirement Portfolio Preferences," Working Papers 201120, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
8. Katerina Straznicka, 2012. "Temporal stability of risk preference measures," Working Papers 1236, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.

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