NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect

James J. Choi, David Laibson, Brigitte C. Madrian

NBER Working Paper No. 13656
Issued in November 2007

---- Acknowledgements -----

We thank Hewitt Associates for providing the data analyzed in this paper. We are particularly grateful to Lori Lucas, Pam Hess, Yan Xu, and Greg Tabickman, some of our many current and former contacts at Hewitt. We thank Wayne Ferson, Scott Weisbenner, and seminar audiences at Brigham Young University, Brown, HKUST, National University of Singapore, Netspar, Northwestern, Singapore Management University, the Texas Finance Festival, UCLA, Wharton, and Yale for helpful comments. We appreciate the research assistance of David Borden, Ananya Chakravarti, Ben Hebert, Chris Nosko, and Neel Rao. Choi acknowledges financial support from the Mustard Seed Foundation. Choi, Laibson, and Madrian acknowledge individual and collective financial support from the National Institute on Aging (grants R01-AG-021650, P30- AG012810, and T32-AG00186).

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