Since 2008, BeFi has provided a platform for the academic community to present cutting-edge financial and economic behavioral decision making research. By convening policymakers, practitioners, and researchers, RAND facilitates the behavioral finance and economic discourse to improve decision making and outcomes. This year's BeFi Forum will continue this approach but will also explore the evolving and more complex nature of decision making. The emergence of an "on-demand" workforce, demographic trends, and cultural cognition biases create new challenges and opportunities to address. The post-ACA era also generates new decision making biases and perceptions of risk to navigate the tension between quality of care and the financial aspects of health coverage decisions. Technology has accelerated the changes in the landscape in which decisions are made, acting as a challenge while simultaneously offering solutions to navigate them. In short, the scale of the decision making environment has considerably expanded. Our presentations and panels will not only examine the evidence base in current behavioral economics and finance but will also explore implications for this evolving future.
Agenda is subject to change. All times are Eastern.
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CONTINENTAL BREAKFAST | 8:00 - 8:20 a.m. |
WELCOME, RAND Corporation and the Aspen Institute | 8:20 - 8:30 a.m. |
OPENING REMARKS
| 8:30 - 9:00 a.m. |
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Maya Shankar, White House Office of Science and Technology Policy, Senior Advisor for the Behavioral Sciences; Chair, Social and Behavioral Sciences Team
POTUS Executive Order 13707: Using Behavioral Science Insights to Better Serve the American People
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KEYNOTE ADDRESS
| 9:00 - 10:00 a.m. |
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Robert J. Shiller, Sterling Professor of Economics, Yale University, Nobel Laureate in Economics, 2013; Author, Phishing for Phools: The Economics of Manipulation and Deception
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BREAK | 10:00 - 10:15 a.m. |
SPOTLIGHT PANEL
| 10:15 - 11:30 a.m. |
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The Changing Behavioral Finance Landscape: Technology and the On-Demand Workforce
Devin Fidler, Institute for the Future, Director, Workable Futures Initiative
Maureen Conway, Aspen Institute, Executive Director, Economic Opportunities Program Director
Ryan Falvey, Center for Financial Services Innovation (CFSI), Director, Financial Solutions Lab
Moderator: Krishna Kumar, RAND Corporation, Director, RAND Labor and Population; Distinguished Chair in International Economic Policy; Senior Economist
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BREAK | 11:30 - 11:45 a.m. |
PANEL I |
Information and Framing in Credit Card Repayment
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11:45 - 1:00 p.m. |
| Minimum Payments and Debt Pay Down in Consumer Credit Cards Jialan Wang, Consumer Financial Protection Bureau (CFPB) | |
| Are Information Disclosures Effective? Evidence from the Credit Card Market Eduardo Laguna-Müggenburg, Stanford University | |
| When Simpler is Better: Evidence from Interest Rate Displays Melissa Knoll, Consumer Financial Protection Bureau (CFPB) | |
| Discussant: Katherine Carman, RAND Corporation |
| Moderator: Joyce Klein, Aspen Institute, Director, Economic Opportunities Program |
LUNCH | 1:00 - 1:15 p.m. |
SPOTLIGHT LUNCH PANEL
| 1:15 - 2:30 p.m. |
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The Changing Consumer Behavioral Decision Making Landscape in the Post Affordable Care Act Era
Lynn Quincy, Consumers Union, Director, Director, Health Care Value Hub
Rachel Maguire, Institute for the Future, Research Director, Health Finance
Mike McGinnis, National Academy of Medicine, Executive Director, Leadership Consortium for Value and Science Driven Health Care
Deborah Freund, RAND Corporation, Paul O'Neill Alcoa Chair in Policy Analysis
Moderator: Ruth Katz, Aspen Institute, Director, Health Medicine and
Society Program
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PANEL II |
Behavioral Interventions to Boost Savings
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2:30 - 3:45 p.m. |
| Consumer Financial Decision Making and Human-Computer Interaction Oded Nov, New York University | |
| Role of Time Preferences and Exponential Growth Bias in Retirement Savings Joshua Tasoff, Claremont Graduate University | |
| Using Field Experiments to Inform Regulatory Policy: Testing New Disclosure for UK Savings Accounts Redis Zaliauskas, UK Financial Conduct Authority | |
| Discussant: Philip Armour, RAND Corporation |
| Moderator: Jeremy Smith, Aspen Institute, Associate Director, Financial Security |
BREAK | 3:45 - 4:00 p.m. |
PANEL III |
Behavioral Biases in Managing Finances
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4:00 - 5:15 p.m. |
| Understanding the Expense Prediction Bias Chuck Howard, Sauder School of Business, University of British Columbia | |
| The Cost of Keeping Track Johannes Haushofer, Princeton University | |
| The Interpersonal Dynamics of Shared Financial Decisions Scott Rick, University of Michigan | |
| Discussant: Salar Jahedi, RAND Corporation |
| Moderator: Ida Rademacher, Aspen Institute, Executive Director, Initiative on Financial Security |
CLOSING REMARKS | 5:15 - 5:30 p.m. |