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RAND Behavioral Finance Forum
June 1, 2012

The Promise and Challenge of Evidence-Based Policy and Practice

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

RAND Behavioral Finance Forum 2012: The Promise and Challenge of Evidence-Based Policy and Practice — 2012

Video compilation of the 2012 Behavioral Finance (BeFi) Forum in Washington, D.C., a day-long event that included a series of topical panels on curated presentations of academic research followed by discussion by leading practitioners, and featuring keynote speakers Michael Barr and Dan Ariely.

Full Document

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.