Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans

Jeffrey R. Brown, Nellie Liang, Scott Weisbenner

NBER Working Paper No. 13169
Issued in June 2007

---- Acknowledgements -----

This research was supported by the U.S. Social Security Administration through grant #10-P-98363-1 to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. The opinions and conclusions expressed are solely those of the author(s) and do not represent the opinions or policy of SSA, any agency of the Federal Government, or the NBER. We are grateful to the Social Security Administration for this financial support. We thank Julie Agnew, Matias Eklof, Wei Jiang, Brigitte Madrian, Clemens Sialm, and conference participants at the 2005 Retirement Research Consortium, the 2006 American Economic Association meetings, the 2006 Trans-Atlantic Public Economics Seminar, and the 2007 Wharton Household Portfolio Choice and Financial Decision-Making conference. Vivek Choudhary, Soonho Lee, and Yoon Sok Lee provided excellent research assistance.

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