Reinforcement Learning and Savings Behavior

• 成果类型: Article
• 署名作者: Choi, James J.; Laibson, David; Madrian, Brigitte C.; Metrick, Andrew
• 署名单位: Yale University; National Bureau of Economic Research; Harvard University; Harvard University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2009.01509.x
• 发表日期: 2009
• 页码: 2515-2534
• 关键词: DISPOSITION; INFORMATION; games; long

摘要

We show that individual investors over-extrapolate from their personal experience when making savings decisions. Investors who experience particularly rewarding outcomes from 401(k) saving-a high average and/or low variance return-increase their 401(k) savings rate more than investors who have less rewarding experiences. This finding is not driven by aggregate time-series shocks, income effects, rational learning about investing skill, investor fixed effects, or time-varying investor-level heterogeneity that is correlated with portfolio allocations to stock, bond, and cash asset classes. We discuss implications for the equity premium puzzle and interventions aimed at improving household financial outcomes.