Who Is Easier to Nudge?
نویسندگان
چکیده
We study heterogeneity in the responsiveness to choice architecture, focusing on the propensity of low-income versus high-income employees to opt out of the default contribution rate in 401(k) retirement savings plans. We develop a statistical model to distinguish between two underlying sources of heterogeneity: low-income employees may be more likely to remain at the default because it is similar to contribution rates they would have selected for themselves anyway or because they are simply slower to opt out of the default, controlling for the contribution rate that they would select upon opting out. Applying the model to employees at ten large companies, we find that both sources of heterogeneity are important. Holding fixed the degree of alignment between the default and the contribution rate an employee would select upon opting out, a low-income employee is 7.2 percentage points more likely than a high-income employee to remain at the default despite having a different target contribution rate.
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