The Effect of Providing Peer Information on Retirement Savings Decisions
NBER Working Paper No. 17345
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Harvard University and NBER, Yale University and NBER, Harvard University and NBER, Harvard University and NBER, and University of Pennsylvania. We thank Aon Hewitt and our corporate partner for conducting the field experiment and providing the data. We are particularly grateful to Pam Hess, Mary Ann Armatys, Diane Dove, Barb Hogg, Diana Jacobson, Larry King, Bill Lawless, Shane Nickerson, and Yan Xu, some of our many contacts at Aon Hewitt. We thank Sherry Li and seminar participants at Berkeley, Cornell, Stanford, Wharton, the NBER Summer Institute, the Harvard Business School / Federal Reserve Bank of Boston Consumer Finance Workshop, and the Behavioral Decision Research in Management Conference for their insightful feedback. Michael Buckley, Yeguang Chi, Christina Jenq, John Klopfer, Henning Krohnstad, and Eric Zwick provided excellent research assistance. Beshears acknowledges financial support from a National Science Foundation Graduate Research Fellowship. Beshears, Choi, Laibson, and Madrian acknowledge individual and collective financial support from the National Institute on Aging (grants R01-AG-021650, P01-AG-005842, and T32-AG-000186). This research was also supported by the U.S. Social Security Administration through grant #19-F-10002-9-01 to RAND as part of the SSA Financial Literacy Research Consortium. The findings and conclusions expressed are solely those of the authors and do not represent the views of SSA, any agency of the Federal Government, RAND, or the National Bureau of Economic Research. See the authors’ websites for lists of their outside activities.