RAND Behavioral Finance Webinar

Perceived Ownership, Patience, and Loss Aversion in the Psychology of Social Security Claiming Decisions

by Suzanne Shu, John W. Payne, Namika Sagara

This talk provides an overview of research that seeks to better understand the psychological processes underlying Social Security claiming decisions. The research shows that claiming decisions are affected by subjective judgments of life expectation as well as psychological measures of loss aversion, patience, and perceived ownership. Findings provide important insights for the design of interventions for optimal individual retirement decisions.

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