RAND Behavioral Finance Forum
June 1, 2012

The Promise and Challenge of Evidence-Based Policy and Practice

money and brain
Date: June 1, 2012
Time: 8:30 a.m. – 5:00 p.m.
Location: Washington, D.C.

Event Details

The 2012 Behavioral Finance (BeFi) Forum Public Policy Roundtable brings together the brightest minds in behavioral finance to discuss research that combines behavioral science and cognitive psychology with economics and finance. The work presented will focus on topics of immediate relevance to public policy makers and industry leaders, including retirement security, financial inclusion, consumer financial protection and financial advice. The Roundtable is a unique opportunity to learn about the cutting edge of behavioral finance and how it can be incorporated into public policy and your efforts to improve Americans' financial decision making and well-being.

In addition to featured keynote speakers, Michael Barr and Dan Ariely, this day-long event includes a series of topical panels based on curated presentations of academic research followed by discussion by leading practitioners.

To inquire about attending this event, please email randbefi@rand.org.

Conference Proceedings

Agenda

COFFEE AND REGISTRATION

8:00 - 8:30 a.m.

ORGANIZING COMMITTEE OPENING REMARKS

8:30 - 8:45 a.m.

 

Arie Kapteyn and Joanne Yoong, RAND
Warren Cormier, Boston Research Group

 

OPENING KEYNOTE REMARKS

8:45 - 9:00 a.m.

No Slack: The Financial Lives of Low-Income Americans

Michael Barr, University of Michigan Law School

PANEL I

Enhancing Retirement Security through Behavioral Finance

9:00 - 10:30 a.m.

Moderator:

Anna Rappaport, Anna Rappaport Consulting

Misunderstanding Savings Growth: Implications for Retirement Savings Behavior

Craig R.M. McKenzie, UCSD

What Will My Account Really Be Worth? An Experiment on Exponential Growth Bias and Retirement Saving

Colleen Flaherty Manchester, University of Minnesota

Discussant:

Ed O'Connor, Morgan Stanley Smith Barney

Time to Retire: Exploring the Psychology Behind the Retirement Claiming Decision

Melissa A. Z. Knoll, Social Security Administration

Approaching Annuities: Complexity, Framing and Consumer Decisions

Arie Kapteyn, RAND

Discussant:

Christine Fahlund, T Rowe Price

COFFEE AND DISCUSSION BREAK

10:30 - 10:45 a.m.

PANEL II

BeFi at the Bottom of the Pyramid

10:45 a.m. - 12:15 p.m.

Moderator:

Billy Hensley, NEFE

Using Psychology to Enhance Household Savings

Dilip Soman, University of Toronto

Testing strategies to increase saving and retention in Individual Development Account Programs

Caezilia Loibl, Ohio State University

Discussant:

Sherrie Rhine, FDIC

Under-Savers Anonymous: Evidence on Self-Help Groups and Peer Pressure as a Savings Commitment Device

Stephan Meier, Columbia University

I Won’t Start My Diet on Monday: The Effect of Increasing Awareness about Self-Control Problems on Savings

Leandro Carvalho (with Silvia Barcellos), RAND

Discussant:

Joanne Hsu, Federal Reserve Board of Governors

LUNCH

12:15 - 2:00 p.m.

Walking the Talk: Working Together to Translate Behavioral Finance into Action

12:30 – 1:45 p.m.

Moderator:

Jason Fichtner, Mercatus Institute

Participants:

Gary Mottola, FINRA Foundation
Irene Skricki, CFPB
Steve Wagner, Experian Credit Services
Jeff Maggioncala, Financial Engines
Diane Ty, Georgetown Alliance for Financial Capability

EXHIBITION TABLES ON VIEW

PANEL III

Design Strategies To Support Consumer Financial Capability

2:00 - 3:30 p.m.

Moderator:

Jeanne Hogarth, Federal Reserve Board of Governors

Bonuses for Life: Building a Better Annuity

David Laibson, Harvard University

Altering Intertemporal Choice

Shane Frederick, Yale University

Discussant:

Matt O’Hara, BlackRock

Behavioral Financial Product Development: A Progress Report on Seven Products

Jonathan Zinman, Dartmouth/IPA

Development of Visual Analytic Tools as an Effective Financial Planning Intervention for Recent Homebuyers

Anya Savikhin, University of Chicago

Discussant:

Steve Wendel, HelloWallet

COFFEE AND DISCUSSION BREAK

3:30 - 3:45 p.m.

PANEL IV

Financial Advice – Do Consumers Benefit?

3:45 - 4:30 p.m.

Moderator:

Joseph Piacentini, DOL-EBSA

Good Advice, Good Outcomes?

Max Schmeiser, FRB

Financial Advisors' Conflicts of Interest and the Limits of Disclosure

Sunita Sah, Georgetown University and Harvard University

Discussant:

Michael Finke, Texas Tech

CLOSING KEYNOTE AND ADVANCE BOOK SIGNING

4:30 - 5:00 p.m.

The Honest Truth About Dishonesty: How We Lie to Everyone — Especially Ourselves

Dan Ariely, Duke University

ENDING ADDRESS

5:00 p.m.

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