AgarwalS. and MazumderB. (2011) Cognitive abilities and household financial decision making. Second Boulder Conference on Consumer Financial Decision Making, June 2011, Boulder, CO.
AGESTSuper (2010) AGESTSuper Product Disclosure Statement, January 2010.
AgnewJ. R. and SzykmanL. R. (2005) Asset allocation and information overload: the influence of information display, asset choice and investor experience. Journal of Behavioral Finance, 6: 57–90.
AgnewJ. R., AndersonL. R., GerlachJ. R. and SzykmanL. R. (2008) Who chooses annuities? an experimental investigation of the role of gender, framing and defaults. American Economic Review, 98(2): 418–22.
AndersonL. R. and MellorJ. M. (2009) Are risk preferences stable? comparing an experimental measure with a validated survey-based measure. Journal of Risk and Uncertainty, 39: 137–160.
Australian Bureau of Statistics (ABS) (2008) Employment Arrangements, Retirement and Superannuation. Australia: ABS 6361.0.
BanksJ. and OldfieldZ. (2007) Understanding pensions: cognitive function, numerical ability, and retirement saving. Fiscal Studies, 28: 143–170.
BarskyR. B., JusterF. T., KimballM. S. and ShapiroM. D. (1997) Preference parameters and behavioral heterogeneity: an experimental approach in the health and retirement study. Quarterly Journal of Economics, 112(2): 537–579.
BatemanH. J., EblingC., GewekeJ., LouviereJ. J., SatchellS. E. and ThorpS. J. (2010) Economic Rationality, Risk Presentation and Retirement Portfolio Choice. CenSoC Working Paper No. 10–004.
BenartziS. and ThalerR. H. (1999) Risk aversion or myopia? choices in repeated gambles and retirement investments. Management Science, 45(3): 364–381.
BenartziS. and ThalerR. H. (2001) Naïve diversification strategies in defined contribution saving plans. American Economic Review, 91(1): 79–97.
BenartziS. and ThalerR. H. (2002) How much is investor autonomy worth?
Journal of Finance, 57(4): 1593–1616.
BeshearsJ., ChoiJ. J., LaibsonD. and MadrianB. C. (2009) The importance of default options for retirement saving outcomes: evidence from the United States. In BrownJ. R., LiebmanJ. and WiseD. A. (eds), Social Security Policy in a Changing Environment. Chicago: University of Chicago Press, pp. 167–195.
BrownJ. R., LiangN. and WeisbennerS. J. (2007) Individual account investment options and portfolio choice: Behavioral lessons from 410(k) plans. Journal of Public Economics, 91(10): 1992–2013.
BrownJ. R., KlingJ. R., MullainathanS. and WrobelM. V. (2008) Why don't people insure late life consumption? a framing explanation of the under-annuitization puzzle. American Economic Review, 98(2): 304–309.
Bucher-KoenenT. (2010) Financial Literacy and Private Old Age Provision in Germany. University of Mannheim Discussion Paper No. 104.
BurksS. V., CarpenterJ. P., GoetteL. and RustichiniA. (2009) Cognitive skills affect economic preferences, strategic behavior, and job attachment. Proceedings of the National Association of Sciences, 106(19): 7745–7750.
DaveC., EckelC. C., JohnsonC. A. and RojasC. (2010) Eliciting risk preferences: when is simple better?
Journal of Risk and Uncertainty. 41: 219–243.
Department of Labor (2010) Fiduciary Requirements for Disclosure in Participant-Directed Individual Account Plans; Final Rule. 29 CFR Part 2550, Federal Register 75(202), Wednesday, October 20.
DohmenT., FalkA., HuffmanD., SundeU., SchuppJ. and WagnerG. G. (2011) Individual risk attitudes: measurement, determinants and behavioral consequences. Journal of the European Economic Association
European Commission (2009a) UCITS Disclosure Testing Research Report, prepared for the European Commission by IFF Research and YouGov, June 2009.
European Commission (2009b) Update on Commission work on Packaged Retail Investment Products, December 2009.
European Commission (2012) Commission Proposes Legislation to Improve Consumer Protection in Financial Services. Brussels: Press Release.
GerardiK., GoetteL. and MeierS. (2010) Financial Literacy and Subprime Mortgage Delinquency: Evidence from a Survey Matched to Administrative Data. Federal Reserve Bank of Atlanta Working Paper Series No. 2010-10.
GoldsteinD. G., JohnsonE. J. and SharpeW. F. (2008) Choosing outcomes versus choosing products: consumer-focused retirement investment advice. Journal of Consumer Research, 35, 440–456.
GuisoL. and JappelliT. (2008) Financial Literacy and Portfolio Diversification, European University Institute Working Paper, No. ECO 2008/31.
HastingsJ., MitchellO. S. and ChynE. (2010) Fees, framing, and financial literacy in the choice of pension manager, Pension Research Council Working Paper No. PRC WP2010-09.
HoltC. A. and LauryS. K. (2002) Risk aversion and incentive effects. American Economic Review, 92(5): 1644–1655.
HubermanG. and JiangW. (2006) Offering versus choice in 401(k) plans: equity exposure and number of funds. Journal of Finance, 56(2): 763–801.
JorionP. (2007) Value at Risk: The New Benchmark for Managing Financial Risk, 3rd edn. New York: McGraw-Hill.
KahnemanD. and TverskyA. (1979) Prospect theory: an analysis of decision under risk. Econometrica, 47(2): 263–291.
KaufmannC., WeberM. and HaisleyE. (2013) The role of experience sampling and graphical displays on one's investment risk appetite. Management Science, 59(2): 323–340.
LevinI. P., SchneiderS. L. and GaethG. J. (1998) All frames are not created equal: a typology and critical analysis of framing effects. Organizational Behavior and Human Decision Processes, 76(2): 149–188.
LipkusI. M. (2007) Numeric, verbal, and visual formats of conveying health risks: suggested best practices and future recommendations. Medical Decision Making, 27: 696–713.
LouviereJ. J., HensherD. A. and SwaitJ. D. (2002) Stated Choice Methods: Analysis and Applications. Cambridge: Cambridge University Press.
LusardiA. and MitchellO. S. (2009) How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness. NBER Working Paper No. w15350.
MadrianB. C. and SheaD. F. (2001) The power of suggestion: inertia in 401(k) participation and saving behavior. Quarterly Journal of Economics, 16(4): 1149–1187.
MagidsonJ. and VermuntJ. K. (2005) Technical guide to Latent Gold Software 4.5. Statistical Innovations.
MauleJ. and VillejoubertG. (2007) What lies beneath: reframing framing effects. Thinking and Reasoning, 13(1): 25–44.
PetersE. and LevinI. P. (2008) Dissecting the risky-choice framing effect: numeracy as an individual-difference factor in weighting risky and riskless options. Judgment and Decision Making, 3(6): 435–448.
ReveltD. and TrainK. (1998) Mixed logit with repeated choices: households’ choices of appliance efficiency level. Review of Economics and Statistics, 80(4): 647–657.
RubaltelliE., RubichiS., SavadoriL., TedeschiM. and FerrettiR. (2005) Numerical information format and investment decisions: implications for the disposition effect and status quo bias. Journal of Behavioral Finance, 6(1): 19–26.
SaezE. (2009) Details matter: the impact of presentation and information on the take-up of financial incentives for retirement saving. American Economic Journal: Economic Policy, 1(1): 204–228.
SchirilloJ. A. and StoneE. R. (2005) The greater ability of graphical versus numerical displays to increase risk avoidance involves a common mechanism. Risk Analysis, 25(3): 555–566.
Securities and Exchange Commission (2009) Enhanced Disclosure and New Prospectus Delivery Option for Registered Open-End Management Investment Companies. Investment Company Act Release No. 28,585, 74, Federal Registry 4546, January 26.
TverskyA. and KahnemanD. (1981) The framing of decisions and the psychology of choice. Science, 211(4481): 453–458.
TverskyA. and KahnemanD. (1986) Rational choice and the framing of decisions. Journal of Business, 2(2): 73–85.
van RooijM. C. J., ClemensJ. M. K. and PrastH. M. (2007) Risk-return preferences in the pension domain: are people able to choose?
Journal of Public Economics, 91(3–4): 701–722.
van RooijM. C. J., LusardiA. and AlessieR. (2009) Financial literacy and retirement planning in the Netherlands. DNB Working Paper No. 231, November, De Nederlandsche Bank.
VlaevI., ChaterN. and StewartN. (2009) Dimensionality of risk perception: factors affecting consumer understanding and evaluation of financial risk. Journal of Behavioral Finance, 10(3): 158–181.
WeberE. U., SiebenmorgenN. and WeberM. (2005) Communicating asset risk: how name recognition and the format of historic volatility information affect risk perception and investment decisions. Risk Analysis, 25(3): 597–609.
YoongJ. (2010) Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel. Pension Research Council Working Paper, No. PRC WP2010-29.