Automatically enrolling employees in retirement plans is a powerful tool for increasing savings. But Yale SOM’s James Choi and his coauthors find that once enrolled, people with lower incomes are more likely to remain at default contribution rates, even if they aren’t optimal.
Before teaching a personal finance course, Prof. James Choi dipped into some popular books on the topic. He found that much of what personal finance gurus suggest is at odds with economic research—but that they also have insights into human nature that are sometimes missing from economic analyses.
Personal finance gurus frequently depart from conventional economic wisdom, Yale SOM’s James Choi discovered, but their advice isn’t all bad.
A study co-authored by Yale SOM’s James Choi tested a variety of text messages to prompt people to get flu vaccines, offering one potential tool to encourage those who aren’t rushing to get a COVID shot.
A study in the Philippines, co-authored by Yale SOM’s James Choi, suggests that learning Protestant Christian values and theology can boost poor families’ income.
A classic 1997 paper on mutual fund performance doesn’t describe present-day markets, Yale SOM's James Choi found.
We asked Yale SOM’s James Choi, who has examined the implications of academic research for personal finance, what studies say about how to respond to a market crash.
In a new study, Yale SOM’s James Choi and his colleagues found that the implicit default—what happens if people don't make a choice—affects whether they make a choice at all.
Academic theories explaining which factors affect individual investment decisions abound, but few studies have involved asking people about the issue directly.
When companies automatically enroll employees in retirement plans, the employees save more money for their later years. But the extra savings may exact a pre-retirement toll on their finances.