RAND Behavioral Finance Forum
May 31, 2013

thinking about stock market
Date: May 31, 2013
Time: 8:45 a.m. – 5:00 p.m.
Location: Washington, D.C.

Event Details

The Spring 2013 Behavioral Finance (BeFi) Forum Public Policy Roundtable brought together the brightest minds in behavioral finance to discuss research that combines behavioral science and cognitive psychology with economics and finance. The work presented focused on topics of immediate relevance to public policy makers and industry leaders, including retirement security, financial inclusion, consumer financial protection and financial advice. The annual 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.

This day-long event included a series of topical panels based on curated presentations of academic research followed by discussion by leading practitioners.

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

Conference Proceedings

Conference Agenda

COFFEE AND REGISTRATION

8:15 - 8:45 a.m.

ORGANIZING COMMITTEE OPENING REMARKS

8:45 – 9:00 a.m.

 

Jeremy Burke and Krishna Kumar, RAND
Warren Cormier, Boston Research Group

PANEL I

Enhancing Retirement Security through Behavioral Finance

9:00 - 10:15 a.m.

Moderator:

Anna Rappaport, Society of Actuaries Committee on Post-retirement Needs and Risk

Incentivizing Delayed Claiming Before Full Retirement Age

Anya Olsen, U.S. Social Security Administration

Time Discounting and Retirement

Michael Finke, Texas Tech

Consumer Preferences for Annuities: Beyond NPV

Robert Zeithammer, UCLA

Discussant:

Donald Fuerst, Senior Pension Fellow, American Academy of Actuaries

COFFEE AND DISCUSSION BREAK

10:15 – 10:30 a.m.

PANEL II

Building Knowledge to Build Financial Stability

10:30 – 11:45 a.m.

Moderator:

Pamela Chan, CFED

The Power of Visual Tools and Stories: Improving Financial Literacy through Online Interventions

Anya Samak, University of Wisconsin-Madison

Access and Information: Complements or Substitutes for Youth Savings?

Julian Jamison, IPA

The Miracle of Compound Interest: Does our Intuition Fail?

Katherine Carman, RAND

Discussant:

Bobby Shriver, Civility

LUNCH

11:45 a.m. – 1:30 p.m.

Behavioral Finance in Industry

12:00 – 1:30 p.m.

Moderator:

Warren Cormier, President, Boston Research Group

Participants:

Doug Lebda, Chairman, CEO and Founder, LendingTree
Lee Lundy, Senior Vice President, Experian Consumer and Client Services
Hugh O’Toole, Senior Vice President, MassMutual Retirement Services

PANEL III

Behavioral Finance in the Federal Agencies

1:30 – 2:15 p.m.

Moderator:

David Rogofsky, U.S. Social Security Administration

Participants:

Louisa Quittman, Director, Office of Financial Education, Treasury
Brendan Kelly, Family Self-Sufficiency Research Team Leader, ACF
Emily Schmitt, Social Science Research Analyst, ACF

PANEL IV

Using Behavioral Finance to Protect Investors

2:15 – 3:30 p.m.

Moderator:

Christine Fahlund, T Rowe Price

Manipulating Attention to Past Performance Changes Investor Biases: Neural and Behavioral Evidence

Cary Frydman, USC Marshall School of Business

Second Thoughts on Second Opinions

Sunita Sah, Georgetown University and Harvard University

Distribution Fees and Mutual Fund Flows: Evidence from a Natural Experiment in the Indian Mutual Funds Market

Santosh Anagol, University of Pennsylvania

Discussant:

Matt O’Hara, BlackRock

COFFEE AND DISCUSSION BREAK

3:30 – 3:45 p.m.

PANEL V

Behavioral Approaches to Building Savings and Reducing Debt

3:45 – 5:00 p.m.

Moderator:

Ashish Shrestha, Dimensional Fund Advisors

Do Lottery Payments Induce Savings: Evidence From the Lab

Melissa Kearney, University of Maryland

Household Debt Is Where the Money Is

Jonathan Zinman, Dartmouth and IPA

Soft versus Hard Commitments: A Test on Savings Behavior

Jill Luoto, RAND

Discussant:

Steve Wendel, HelloWallet

Further Inquiries

Contact randbefi@rand.org.