Brown Jeffrey R, Kapteyn Arie, Mitchell Olivia S
Department of Finance, University of Illinois, 515 East Gregory Drive, Champaign, IL 61820.
Department of Economics, University of Southern California, 3620 S. Vermont Ave., Kaprielian Hall 300, Los Angeles, CA 90089.
J Risk Insur. 2016 Mar;83(1):139-162. doi: 10.1111/j.1539-6975.2013.12004.x. Epub 2013 Jul 10.
This paper provides evidence that Social Security benefit claiming decisions are strongly affected by framing and are thus inconsistent with expected utility theory. Using a randomized experiment that controls for both observable and unobservable differences across individuals, we find that the use of a "breakeven analysis" encourages early claiming. Respondents are more likely to delay when later claiming is framed as a gain, and the claiming age is anchored at older ages. Additionally, the financially less literate, individuals with credit card debt, and those with lower earnings are more influenced by framing than others.
本文提供的证据表明，社会保障福利申领决策受到框架效应的强烈影响，因此与预期效用理论不一致。通过一项控制了个体间可观察和不可观察差异的随机实验，我们发现，“盈亏平衡分析”的使用会促使提前申领。当将延迟申领表述为一种收益时，受访者更有可能延迟申领，且申领年龄会锚定在较高年龄。此外，金融知识水平较低、有信用卡债务的个人以及收入较低的人比其他人更容易受到框架效应的影响。
