Behavioral Finance Forum (BeFi) Multimedia Library

Archived versions of past BeFi Webinars can be downloaded and viewed through your Web browser. Downloads are also available as PDFs (without audio) and video files.


Welcome and Organizing Committee Opening Remarks

Presented by Arie Kapteyn, Joanne Yoong and Warren Cormier

Opening Keynote Remarks, No Slack: The Financial Lives of Low-Income Americans

Presented by Michael Barr, University of Michigan Law School

Misunderstanding Savings Growth: Implications for Retirement Savings Behavior

Presented by Craig R.M. McKenzie, University of California, San Diego

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

Presented by Melissa A. Z. Knoll, Social Security Administration

Using Psychology to Enhance Household Savings

Presented by Dilip Soman, University of Toronto

Working Together To Translate Behavioral Finance into Action

Presented by Jason Fichtner, Gary Mottola, Irene Skricki, Steve Wagner, Diane Ty, and Jeff Maggioncalda

Bonuses for Life: Building a Better Annuity

Presented by David Laibson, Harvard University

Altering Intertemporal Choice

Presented by Shane Frederick, Yale University

Good Advice, Good Outcomes?

Presented by Max Schmeiser, Federal Reserve Board of Governors

Financial Advisors' Conflicts of Interest and the Limits of Disclosure

Presented by Sunita Sah, Georgetown University and Harvard University


Temporal References and Temporal Preferences

Presented by Shane Frederick, Yale School of Management

Borrow Less Tomorrow: Behavioral Approaches to Debt Reduction

Presented by Jonathan Zinman, Dartmouth College

Payday Borrowers and Pecuniary Mistakes

Presented by Jeremy Tobacman, The Wharton School of the University of Pennsylvania

401(k) Loans and Retirement Plan Leakage

Presented by Brigitte Madrian, Harvard University

Smarter Regulation: Applying Behavioral Economic Research to Policy

Presented by Tim Shakesby, Asset Management, European Commission, DG Internal Market and Services

A General Equilibrium Model of Homeownership

Presented by Jian Chen, Director of Risk and Modeling, Freddie Mac

Designing an Enhanced Online Retirement Calculator

Presented by Francisco Perez-Arce, RAND Corporation

The Market for Financial Advice

Presented by Piyush Tantia, Executive Director, ideas42

Bad Advice: Explaining the Persistence of Whole Life Insurance

Presented by Santosh Anagol, The Wharton School, University of Pennsylvania


Americans' Financial Capability

Presented by Annamaria Lusardi, Dartmouth College

Virtual Balance: Making Disposable Income Salient

Presented by Emir Kamenica, University of Chicago

The Limitations of Defaults

Presented by John Beshears, NBER

A Psychological Model of Annuitization Decisions

Presented by John Lynch, Duke University

Increasing Retirement Saving by Making the Future Self More Vivid

Presented by Hal Ersner-Hershfield, Kellogg School of Management, Northwestern University


Welcome, Opening Remarks and Overview of Seminar Objectives

Presented by Arie Kapteyn, Academic Liaison, RAND BeFi; Shlomo Benartzi, Professor, UCLA and Co-Founder of BeFi; Warren Cormier, President, Boston Research Group and Co-Founder of BeFi

Electronic Disclosure: Using Modern Technology to Nudge

Presented by Richard Thaler, University of Chicago

Encouraging Saving by Low Income Families

Presented by Emily Haisley, Yale University, and George Loewenstein, Carnegie Mellon University

A Recommender System to Nudge Consumers to Choose Mortgages and Houses that Match their Risks and Tastes

Presented by John G. Lynch, Duke University, and Susan Woodward, Sand Hill Econometrics

Payday Lending and Bank Overdrafts

Presented by Jonathan Zinman, Dartmouth College

Should We Increase Dividend Taxation?

Presented by Roni Michaely, Cornell University

Facilitating Annuity Choices in the UK Personal Account System

Presented by Brigitte Madrian, Harvard University

Consumer Behavior in Relation to Truth in Lending Disclosures

Presented by Suzanne Shu, UCLA

Behaviorally Informed Financial Services Regulation

Presented by Sendhil Mullainathan, Harvard University and Eldar Shafir, Princeton University


2008 BeFi Conference Agenda

Presented by BeFi

2008 Conference Summary

Presented by BeFi

Helping Individuals Hedge Risks

Presented by Robert Shiller, Yale University

Personalities of Financial Products

Presented by Meir Statman, Santa Clara University and Priya Raghubir, UC Berkeley

The Psychology and Marketing of Tontine-Based Retirement Income Solutions

Presented by Suzanne Shu, UCLA

Smart(er) Defaults

Presented by Eric Johnson, Columbia University

Simplifying Savings Plan Participation

Presented by Brigitte Madrian, Harvard University, David Laibson, Harvard University, James Choi, Yale University, John Beshears, Harvard University

Hedonic Arbitrage

Presented by Shlomo Benartzi, UCLA, George Loewenstein, Carnegie Mellon University, Allesandro Previtero, UCLA

Measuring Risk Perception and Risk Attitude in the Domain of Financial Investing

Presented by Elke Weber, Columbia University


2007 BeFi Conference Agenda

Presented by BeFi

Improving Choices with Gentle Persuasion: The Power of Nudges

Presented by Richard Thaler, joint research with Shlomo Benartzi, Cass Sunstein and Henrik Conqvist

Credit Me with Savings: Using Preset Card Payments to Facilitate Investment

Presented by Yuval Rottenstreich and Suzanne Shu

People Like Me

Presented by John Beshears, James Choi, David Laibson and Brigitte Madrian

Cognitive Ability and Financial Preferences

Presented by Shane Frederick

Estimating Risk Tolerance: Legal Obligation and Competitive Advantage

Presented by Dr. Martin Weber

Affective Communication: Engaging Emotion to Change Consumer Behavior When Cognitive Appeals Fail

Presented by Shlomo Benartzi, Sheena Iyengar and Alessandro Previtero

Commitment Store

Presented by Ian Ayres, Dean Karlan and Jonathan Zinman

Resource Slack and Savings Behavior

Presented by John Lynch, Stephen Spiller and Gal Zauberman

Using Lotteries to Promote Saving

Presented by George Loewenstein and Emily Haisley

Concrete Budgeting

Presented by Dan Ariely

Brainstorming on Decumulation: The Annuity Puzzle

Presented by David Blake


The Power of Visual Tools for Financial Literacy and Decision-Making

Presented by Anya Samek, UW-Madison, on March 20, 2014

Metacognitive Knowledge and Financial Decision Making

Presented by Craig Fox, UCLA, on January 14, 2014

Confidence, Overconfidence, and Retirement Planning

Presented by Andrew Parker, RAND, on November 13 2013

Predictably Irrational

Presented by Dan Ariely, Duke on Sep 24th, 2008

Discussing his book: "Predictably Irrational"

Defaults and Behavioral Outcomes

Presented by Brigitte Madrian, Harvard on Aug 27th, 2008

This presentation will discuss some of the evidence on how and why defaults impact behavioral outcomes. Which individuals are most impacted by defaults? How persistent are the effects of defaults? When is the use of defaults most appropriate? How do we think about optimal defaults? What are some alternatives to default in shaping behavior?

Collaborative Research Opportunities

Presented by Alessandro Previtero, UCLA and Martin Weber, Mannheim University on Jun 25th, 2008

Academics will present opportunities for collaboration. Industry members are encouraged to invite plan sponsors and advisors.

Financial Issues Facing Consumers

Presented by Industry Members on May 28th, 2008

2008 Conference Highlights

Presented by BeFi Co-Founder, Professor Shlomo Benartzi on Apr 30th, 2008

Risk Questionnaires and
Behavioral Portfolios

Presented by Meir Statman on Feb 27th, 2008

Customer-Focused Investment Advice

Presented by Dan Goldstein from London Business School on Jan 30th, 2008

What to do About Fuzzy Math and Red Ink?

Presented by Jonathan Zinman from Dartmouth College on Nov 28th, 2007

We discuss a specific and treatable driver of consumer undersaving: the systematic tendency to underestimate compound yields. This tendency derives from a simple and general cognitive "bug" in how people intuit the mathematics of borrowing and saving decisions. The same bug that generates anti-saving bias also affects portfolio choice (discouraging long-term, high-yield investing), and makes certain types of discretionary borrowing seem deceptively cheap. So how do we convert these borrowers, low-yield investors, and other undersavers into profitable customers? We discuss strategies for marketing, product development, and regulation that are motivated by our findings and related research on behavioral financial decision making.

Identifying, Prioritizing, and Using Objectives for Complex Decisions

Presented by Ralph L. Keeney, Research Professor Duke University and Consultant U.S. Marketing and Decisions Group, Inc. on Oct 31st, 2007

Most complex decisions involve multiple conflicting objectives. This presentation describes recent research and summarizes tested approaches to develop a more complete set of objectives and to provide reasoned value tradeoffs.

Decisions Not Made: How Defaults and Loss Aversion Affect Customers

Presented by Eric Johnson of Columbia University on Sep 26th, 2007

We will examine two of the most surprising things that affect customers' choice: The option that is preselected before they make a decsion, or default, and loss aversion, the fact that consumers are more affected by losses than gains. Together, they have a suprisingly large effect on consumer behavior and satisfaction. We will include a couple of real world examples including field experiments with web sites.

Building Strong Brands

Presented by Sanjay Sood of UCLA on Aug 29th, 2007

One of a firm's most valuable assets is the brand that it has invested in and developed over time. The difficulty and expense of introducing new products puts more pressure than ever on firms to skillfully manage their existing brands and leverage their assets to create successful new marketing opportunities. The concept of brand equity offers marketers a unified framework for building, managing and leveraging strong brands. This session will apply branding principles to the financial services industry, suggesting ways to conceptualize, understand, and measure the impact of brand equity in financial services.

The Unappreciated Impact of Decision Context

Presented by Eldar Shafir of Princeton University on Jul 25th, 2007

We will discuss some fundamental insights stemming from social and cognitive psychology and behavioral decision research in exploring the impact of minor contextual nuances on people's decision behavior. Whereas the standard account typically assumes that people make choices that reflect a well-established subjective preference order, the empirical research finds that people "construct" their decisions, and that such construction is influenced by contextual nuance, which can be accidental, normatively problematic, and typically under-appreciated.

Minds and Markets: Some Frontiers of Behavioral Finance

Presented by Colin Camerer of Cal Tech on Jun 27th, 2007

Excess profits might exist in markets because investors do not see profits or cannot bring themselves to make profitable investments. Recent studies of the nature of attention in financial markets, aspects of loss-aversion and other emotional impediments to profitable trade help explain existence of these opportunities. Recent work in "neuroeconomics" is also beginning to show neural bases of risky decision making which might someday inform financial practices at many levels.

The Affect Heuristic: Exploring the Psychological Foundation of Neural Economics

Presented by Paul Slovic of University of Oregon on May 30th, 2007

Applications of Fluency to Investment

Presented by Danny Oppenheimer of Princeton University on Apr 25th, 2007

Fluency - the subjective experience of ease or difficulty associated with performing a mental task - has been shown to have an influence on an astounding array of judgments. In this talk, Danny Oppenheimer discusses specific applications of fluency to finance. In particular, I will review evidence that the fluency of a company name influences the success of that company's stock immediately after IPO. I will then discuss how fluency impacts what pieces of information investors consider when making stock purchases.

The U.S. Individual Annuity Market

Presented by Matthew Drinkwater of LIMRA International on Feb 28th, 2007

The issue of asset accumulation occupies a great deal of the financial industry's creative energy in helping consumers meet their life goals. However, demographic trends have focused financial institutions on decumulation strategies. Dr. Drinkwater will discuss market trends in annuities, including adoption rates, asset accumulation, product development, what has worked well and what hasn't.

Motivating Consumer Financial Behavior Through Choice-Set Characteristics

Presented by Sheena Iyengar of Columbia University on Jan 30th, 2007

BeFi Bulletins

The Behavioral Finance Forum produces occasional e-newsletters, the BeFi Bulletin. Past issues are available online and archived here.

Required Software

The Adobe Flash Player is required to watch archived Webinars and conference videos as well as the live web seminars. Download the latest browser plugin at

The Adobe Reader is recommended for viewing the PDF files. Download the latest software at