Choosing Outcomes Versus Choosing Products: Consumer-Focused Retirement Investment Advice

  title={Choosing Outcomes Versus Choosing Products: Consumer-Focused Retirement Investment Advice},
  author={Daniel G. Goldstein and Eric J. Johnson and William F. Sharpe},
  journal={Microeconomics: Intertemporal Choice \& Growth eJournal},
Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth constrained by market forces and the amount invested. We collect desired wealth distributions from a sample of working adults, provide evidence of the technique’s reliability and predictive validity, characterize… 
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