Andre Lot | Retirement Decision-Making

Experimental Research on Retirement Decision-Making: Evidence from Replications

We adapt the design of four experimental studies on retirement decision-making and conduct replications with a larger online sample from the broader population. We replicate most of the main effects of the original studies. In particular, we confirm that consumption decisions are less efficient when subjects need to borrow from the future than when they need to save from the present. When subjects collect retirement benefits as lump sum instead of annuities, they choose to retire later, as suggested by the original study. We also confirm that savings are higher when they are incentivized with matching contributions than when incentivized with tax rebates. However, when faced with varying survival risks, subjects in our replication make only partial adjustments to spending paths when ambiguity is reduced. We also propose a further experimental research agenda in related topics and discuss practical issues on subject recruitment, attrition, and redesign of complex tasks.

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Andre Lot has been a Lecturer of Finance at the University of Sydney Business School since January 2024. Prior to that, he was a Research Scholar at the Norwegian School of Economics. His main research interests are household finance and individual financial decision-making.

Learn more about him on his USYD webpage.