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Self Control and Commitment: Can Decreasing the Liquidity of a Savings Account Increase Deposits?

John Beshears, James J. Choi, Christopher Harris, David Laibson, Brigitte C. Madrian, Jung Sakong

NBER Working Paper No. 21474
Issued in August 2015

---- Acknowledgments ----

This paper was formerly titled “Self Control and Liquidity: How to Design a Commitment Contract.” This research was made possible by grants from the Russell Sage Foundation and the Sloan Foundation (joint grant 981011), the Pershing Square Fund for Research on the Foundations of Human Behavior, the National Institute on Aging of the National Institutes of Health (awards P01AG005842, P30AG034532, and R01AG021650), and the Social Security Administration (grant RRC08098400). We have benefited from the comments of George-Marios Angeletos, B. Douglas Bernheim, Bruce Carlin, Stefano DellaVigna, Ulrike Malmendier, Sendhil Mullainathan, Christopher Parsons, and Ivan Werning. We thank Christopher Clayton, Peter Maxted, and Sean (Yixiang) Wang for excellent research assistance. The findings and conclusions expressed are solely those of the authors and do not represent the views of the Russell Sage Foundation, the Sloan Foundation, the Pershing Square Fund, the National Institutes of Health, the Social Security Administration, any agency of the Federal Government, or the NBER. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for John Beshears ----

John Beshears is a member of the Advisory Board of Nutmeg Saving and Investment, a paid position. Nutmeg is a provider of investment products. John Beshears is also a member of the Behavioral Science Advisory Board of Morningstar, an unpaid position. Morningstar is a provider of investment research and investment products.

---- Disclosure of Financial Relationships for James J. Choi ----

Disclosure of outside activities:

I have received honoraria from the following non-academic organizations:

2015: TIAA-CREF

2014: TIAA-CREF, State Street, U.S. Department of Health and Human Services

2012: Pensions & Investments

2011: iOMe Challenge

2010: State Street, iOMe Challenge

2006: Ibbotson Associates, American Council for Capital Formation

---- Disclosure of Financial Relationships for David Laibson ----

I have received honoraria for speaking about my academic research at the following private and government organizations:

2015: TFC Financial Management

2014: Benefits Canada, Blackrock, Canada's Public Policy Forum, Investment Management Consultants Association, Morningstar, National Association of Government Defined Contribution Administrators, Principal Financial Group, State Street

2013: Bank of America, Blackrock, Principal Financial Group, Pensions & Investments, SAGE, Singapore Civil Service College

2012: Bank of America, Blackrock, Callan, Danish Government, Fidelity, Humana****

2011: ANZ, Blackrock, Express Scripts*** (member Scientific Advisory Board), Morningstar

2010: Blackrock, Express Scripts** (member Scientific Advisory Board), Financial Advisers to U.S. Armed Forces Service Members, Financial Planning Association, Merrill Lynch, MetLife, North American Securities Administrators Association (investor protection association comprised of state securities regulators), Pioneer*

2009: AARP, Barclays Global Investors, Express Scripts (member Scientific Advisory Board), Fidelity, Mackenzie, MassMutual, Pioneer*

2008: American Institute of Certified Public Accountants, Alliance Bernstein, Barclays Global Investors, Express Scripts (Scientific Advisory Board), Financial Advisers to U.S. Armed Forces Service Members, MetLife, Pioneer*

2007: AARP, Barclays Global Investors, BP, Citigroup, European Commission, Fidelity, Pioneer*

*Keybridge Research arranged my talks at Pioneer.

**All payments donated to charitable organizations.

***All payments donated directly by Express Scripts to charitable organizations.

****All payments donated directly by Humana to charitable organizations.

---- Disclosure of Financial Relationships for Brigitte C. Madrian ----

Outside Professional Activities For Brigitte Madrian:

In addition to my position as a faculty member at Harvard, I am occasionally compensated for my participation in outside activities, such as speaking, reviewing, writing/editing articles or reports, consulting, and serving on panels/advisory boards.

In the past few years, I have received compensation in excess of $500 from the following organizations:

2014

National Bureau of Economic Research, FINRA, State Street Global Advisors, AARP, Brigham Young University

2013

National Bureau of Economic Research, State Street Global Advisors, TIAA-CREF, Brigham Young University, Stanford University, Government of Canada

2012

National Bureau of Economic Research, State Street Global Advisors, PIMCO, American Bankers Association, The World Bank, Dartmouth College, University of Wisconsin

2011

National Bureau of Economic Research, Social Security Advisory Board, Brigham Young University, The World Bank, TIAA-CREF, State Street Global Advisors

2010

National Bureau of Economic Research, Social Security Advisory Board, Mathematica Policy Research, Columbia University, American Economic Association, University of Washington, Brookings Institution Press, Harding House Publishers, University of Wisconsin, Diversified Investment Advisors, Brigham Young University, National Institutes of Health

2009

National Bureau of Economic Research, Fidelity Investments, Prudential, Wellesley College, University of Michigan, University of Wisconsin, Georgia State University, Professional Insurance Marketing Association, National Institutes of Health

2008

National Bureau of Economic Research, Fidelity Investments, Alliance Bernstein, University of Wisconsin, Austrian National Bank, Institute for Quantitative Research in Finance, Behavioral Finance Forum, Netspar,

2007

National Bureau of Economic Research, Fidelity Investments, Callan Associates, TIAA-CREF, University of Wisconsin, Brigham Young University, University of Michigan, National Institutes of Health

My affiliations with other organizations are listed on my CV which can be accessed from my Harvard Kennedy School web page: http://www.hks.harvard.edu/about/faculty-staff-directory/brigitte-madrian

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