CBO: Behavioral Economics: Lessons from Retirement Research for Health Care and Beyond

by Sabrina I. Pacifici on August 7, 2008

Behavioral Economics: Lessons from Retirement Research for Health Care and Beyond, August 7, 2008. A Presentation by CBO Director Peter Orszag to the Retirement Research Consortium.

  • “Research now demonstrates what many people who aren’t economists always knew: that when it comes to complex choices such as whether to save and when to retire, people’s decisions are often influenced by social norms and the presentation of their options—in addition to the “substance” of the options themselves. Behavioral economics has suggested ways to change how such choices are presented in order to
    help improve decisionmaking without necessarily constraining choice. Those suggestions—particularly regarding the automatic enrollment of workers in employer-provided savings plans—are beginning to see widespread adoption. This trend represents a tangible example of how economic research can be rapidly translated into concrete policy changes that should improve people’s lives.”
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