RAND Behavioral Finance Forum
May 30, 2014

silhouette of brain made of money
Theme: Leveraging Behavioral Insights to Improve Financial Health
Date: May 30, 2014
Time: 9:00 a.m. – 4:30 p.m.
Location: Dirksen Senate Office Building, Room 106
Washington, D.C.

Event Details

The Spring 2014 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.

2014 Conference Proceedings

Conference Agenda

COFFEE AND REGISTRATION

8:30 - 9:00 a.m.

ORGANIZING COMMITTEE OPENING REMARKS

9:00 - 9:15 a.m.

 

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

OPENING KEYNOTE ADDRESS

9:15 - 9:45 a.m.

The Economic Importance of Financial Literacy

Annamaria Lusardi, Denit Trust Distinguished Scholar and Professor of Economics and Accountancy, George Washington University

PANEL I

Consumer Financial (In)Attention: Causes, Consequences, and Possible Solutions

9:45 - 11:00 a.m.

Moderator:

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

A Fourfold Portrait of Financial Health

Carsten Erner, UCLA Anderson School of Management

Scarcity Frames Value

Anuj K. Shah, University of Chicago Booth School of Business

How to Keep Users Engaged With Their Finances

Steve Wendel, HelloWallet

Discussant:

Katie Carman, RAND

COFFEE AND DISCUSSION BREAK

11:00 - 11:15 a.m.

PANEL II

BeFi in the Markets

11:15 a.m. - 12:30 p.m.

Moderator:

Craig Vollmer, T. Rowe Price

Visual Representation and Observational Learning in Asset Market Bubbles

Anya Savikhin Samek, University of Wisconsin-Madison

Variable Risk Preference Bias

Michael Finke, Texas Tech University

Price Discovery on the Internet: Evidence from Ticker Lookups

Stefano DellaVigna, University of California Berkeley

Discussant:

Gary Mottola, FINRA

LUNCH

12:30 - 1:45 p.m.

Lunch Discussion: Fostering Collaboration Across Sectors

1:00 - 1:45 p.m.

Jim Gatz, Office of Consumer Policy, U.S. Treasury Department

Warren Cormier, CEO, Boston Research Technologies

PANEL III

Financial Advice: Who Do You Trust? Who Should You?

1:45 - 3:00 p.m.

Moderator:

Warren Cormier, Boston Research Technologies

Individual Judgment and Trust Formation: An Experimental Investigation of Online Financial Advice

Julie Agnew, Mason School of Business, College of William and Mary

Financial (Dis-)Information and Disclosure: New Experimental Evidence

Xavier Giné, World Bank

Trust and Financial Advice

Angela Hung, RAND

Discussant:

Max Schmeiser, Federal Reserve Board

COFFEE AND DISCUSSION BREAK

3:00 - 3:15 p.m.

PANEL IV

Behavioral Nudges for Loan Repayment and Debt Reduction

3:15 - 4:15 p.m.

Moderator:

Stephanie Wilshusen, Federal Reserve Bank of Philadelphia

Shifting Borrower Repayment Behavior through the BETA Project

Pamela Chan, CFED (Corporation for Enterprise Development)

Prize-Linked Debt Reduction

Jeremy Burke, RAND

Discussant:

Damon Jones, University of Chicago Harris School of Public Policy

CLOSING REMARKS

4:15 - 4:30 p.m.

Further Inquiries

Contact randbefi@rand.org.