Efficiency in Household Decision-Making: Evidence from the Retirement Savings of US Couples

• 成果类型: Article
• 署名作者: Choukhmane, Taha; Goodman, Lucas; O'Dea, Cormac
• 署名单位: Massachusetts Institute of Technology (MIT); United States Department of the Treasury; Yale University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20230524
• 发表日期: 2025
• 页码: 1485-1519
• 关键词: intertemporal behavior; separate spheres; marriage market; allocation; balance; RESOURCES; GENDER; CHOICE; matter; POWER

摘要

We study how couples allocate retirement-saving contributions across each spouse's account. In a new dataset covering over a million US individuals, we find retirement contributions are not allocated to the account with the highest employer match rate. This lack of coordination-which goes against the assumptions of most models of household decision-making-is common, costly, persistent over time, and cannot be explained by inertia, auto-enrollment, or simple heuristics. Complementing the administrative evidence with an online survey, we find that inefficient allocations reflect both financial mistakes as well as deliberate choices, especially when trust and commitment inside the households are weak. (JEL D13, G51, J26, J32)