政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/94732

政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/94732

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/94732

Title:	行為財務架構下的退休商品設計機制 Keep golden years golden: a behavioral framework for retirement savings product design
Authors:	歐怡君 Ou, Yi-Chun
Contributors:	周行一 Edward H. Chow 歐怡君 Ou, Yi-Chun
Keywords:	行為財務退休商品 behavioral finance retirement savings pension
Date:	2009
Issue Date:	2016-05-09 11:45:24 (UTC+8)
Abstract:	退休規劃對個人或社會一直以來都是重要的議題。但是大部分的人往往受到心理偏誤的影響，逐漸偏離原本的目標。本研究除了檢視現行台灣地區實施的退休金制度外，也探討退休時可能面臨的各種風險及世界銀行建議之最適宜退休金制度，並發現在進行退休規劃時個人準備是不可缺少的。此外，本研究進一步釐清在退休規劃時會受到哪些心理偏誤的影響，以及這些心理偏誤會如何影響退休規劃。當退休規劃納入心理偏誤的影響後，對提供投資計畫的金融機構，應加入哪些機制才能消除因為投資人心理偏誤導致投資績效不佳的後果，期望能成功的協助投資人達成退休規劃的目標。最後，本文也討論了退休規劃建議採用的標的資產及退休商品的行銷策略。 Retirement Savings has been an important issue for people, but most of them will deviate from their goals due to some psychological biases. In this paper, the present situation of Taiwanese pension system has been reviewed. Through analyzing the appropriate retirement system and considering the risks that people will face during the retirement, the paper points out the importance of self preparation. In addition, this paper conclude certain psychological biases that will influence retirement savings and give the alternatives of retirement savings program design to inform the financial institution in retirement plan promotion. Meanwhile, the propositions of underlying assets and marketing strategies are also provided in the research.
Reference:	邱顯比 (2005). 退休理財的六堂課. 台北市: 天下遠見出版股份有限公司. 劉志明 (2008.09). 上班族退休金準備率不到20%. Money 理財家, 12, 92-136. Akerlof, G. (1991). Rocrastination and Obedience. American economic review, 81, 1-19. Akerlof, G. A. (2002). Behavioral Macroeconomics and Macroeconomic Behavior. American Economic Review 92(3), 411-433. Angeletos, G.-M., Laibson, D., Repetto, A., Tobacman, J., & Weinberg, S. (2001). The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation The Journal of Economic Perspectives, 15(3), 47-68. Ariely, D. (2008). Predictably Irrational: The Hidden Forces That Shape Our Decisions: Commonwealth Publishing Co.,Ltd. Bagozzi, R. P. (1992). The Self-Regulation of Attitudes, Intentions, and Behavior Social Psychology Quarterly, 55(2), 178-204. Bandura, A. (1977). Self-efficacy: Toward a Unifying Theory of Behavioral Change. Psychology Review, 84(2), 191-215. Bandura, A. (1986). Social foundations of thought and action: A social cognitive theory: Prentice Hall. Bandura, A., Adams, N., & Beyer, J. (1977). Cognitive Processes Mediating Behavioral Change. Journal of Personality and Social Psychology, 35(3), 125-139. Barber, B. M., & Odean, T. (1999). Do Investors Trade Too Much? . The American Economic Review, 89(5), 1279-1298. Barber, B. M., & Odean, T. (2000). Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. The Journal of Finance, 55(2), 773-806. Bargh, J. A., Mark, C., & Burrows, L. (1996). Automaticity of Social Behavior: Direct Effects of Trait Construct and Stereotype Activation on Action. Journal of Personality and Social Psychology, 71, 230-244. Belsky, G., & Gilvoch, T. (1999). Why Smart People Make Big Money Mistakes -and How to Correct Them: Lessons from the New Science of Behavioral Economics: Commonwealth Publishing Co., Ltd. Benartzi, S., & Thaler, R. H. (2001). Naive Diversification Strategies in Defined Contribution Saving Plans The American Economic Review, 91(1), 79-98. Benartzi, S., & Thaler, R. H. (2002). How Much Is Investor Autonomy Worth? . The Journal of Finance, 57(4), 1593-1616. Benartzi, S., & Thaler, R. H. (2004). Save More Tomorrow™: Using Behavioral Economics to Increase Employee Saving. Journal of Political Economy, 112(1). Benartzi, S., & Thaler, R. H. (2007). Heuristics and Biases in Retirement Savings Behavior. Journal of Economic Perspectives, 21(3), 81-104. Bowditch, D. (2004). Motivating Americans to Develop Constructive Financial Behaviors. Denver, Colorado: National Endowment for Financial Education. Brinson, G. p., Diermereier, J. J., & Schlarbaum, G. G. (1986). A Composite Portfolio Benchmark for Pension Plans. Financial Analysis Journal, 42(2), 15-24. Chang, S. C., & Cheng, H. Y. (2002). Pension Valuation under Uncertainties: Implementation of a Stochastic and Dynamic Monitering System. The Journal of Risk and Insurance, 69(2), 171-192. Chow, E. H., & Huang, K. Y. (2002). Long-term Performance of the Taiwan Stock Market. Working Paper. Cialdini, R., Kallgren, C., & Raymond, R. (1991). A Focus Theory of Normative Conduct: A Theoretical Refinement and Reevaluation of the role of norms: Academic Press. Clark, G. L., & Monk, A. H. B. (2007). The ‘Crisis’ in Defined Benefit Corporate Pension Liabilities Part II: Current Solutions and Future Prospects. Pensions: An International Journal, 12(2), 68-81. Clarke, R. G., Krase, S., & Statman, M. (1994). Tracking Error, Reget , and Tactical Asset Allocation. Journal of Portfolio Management, 20, 16-24. Dijksterhuis, A., & Van Knippenberg, A. (1998). The Relation between Perception and Behavior, or How to Win a Game of Trivial Pursuit. Journal of Personality and Social Psychology, 74(4), 865-877. Dimson, E., Marsh, P., & Staunton, M. (2007). Global Investment Returns Yearbook 2007: ABN-AMRO Bank NV. Doescher, T., & Wiener, J. (2008). A Framework for Promoting Retirement Savings. Journal of Consumer Affairs, 42(2), 137-164. Feenberg, D., & Skinner, J. (1989). Sources of IRA Saving. Daniel Feenberg and Jonathan Skinner 3(25-46). Goetzmann, W. (1993). Patternsin Three Centuries of Stock Market Prices. Journal of Business, 66(2), 249-270. Goldstein, D. G., Johnson, E. J., & Sharpe, W. F. (2008). Choosing Outcomes versus Choosing Products: Consumer-Focused Retirement Investment Advice. JOURNAL OF CONSUMER RESEARCH, 35, 440-456. Hoch, S. J., & Loewenstein, G. F. (1991). Time-Inconsistent Preferences and Consumer Self-Control The Journal of Consumer Research 17(4), 492-507. Huberman, G., & Jiang, W. (2006). Offering versus Choice in 401(k) Plans: Equity Exposure and Number of Funds. The Journal of Finance, 61(2), 763-801. Iyengar, S. S., Jiang, W., & Huberman, G. (2004). How Much Choice is Too Much? Contributions to 401(k) Retirement Plans. Working Paper. Iyengar, S. S., & Lepper, M. R. (2000). When choice is demotivating: Can one desire too much of a good thing? Journal of Personality and Social Psychology, 79(6), 995-1006. Kahneman, D. (2003). Maps of Bounded Rationality: Psychology for Behavioral Economics. The American Economic Review, 93(5), 27. Kahneman, D., Knetsch, J. L., & Thaler, R. (1986). Fairness as a Constraint on Profit Seeking: Entitlements in the Market. The American Economic Review, 76(4), 728-741. Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47(2), 263-292. Kooreman, P., & Prast, H. (2007). What Does Behavioral Economics Mean for Policy? Challenges to Savings and Health Policies in the Netherlands. Netspar Reference Paper. Langer, E. (1975). The Illusion of Control. Personality and Social Psychology, 32, 311-328. MacInnis, D. J., Moorman, C., & Jaworski, B. J. (1991). Enhancing and Measuring Consumers` Motivation, Opportunity, and Ability to Process Brand Information from Ads The Journal of Marketing, 55(4), 32-53. Madrian, B., & Shea, D. (2000). The Power of Suggestion : Inertia in 401(k) Participation and Savings Behavior. Working Paper. Mitchell, O. S., & Utkus, S. P. (2004). Pention Design and Structure : New Lessons from Behavioral Finance. New York: Oxford University Press. Mitchell, O. S., & Utkus, S. P. (2006). How Behavioral Finance Can Inform Retirement Plan Design. Journal of Applied Corporate Finance, 18(1), 82-94. Murphy, K. M., & Welch, F. (1998). Perspectives on the Social Security Crisis and Proposed Solutions. Social Security and the Real Economy, 88(2), 142-150. Nafsinger, J. R. (2002). Investment Madness Pearson Education Inc. Nafsinger, J. R. (2002). Psycology of Investing: Pearson Education Inc. O’Donoghue, T., & Rabin, M. (2002). Addiction and Present-Biased Preferences. Working Paper, 1-56. O`Donoghue, T., & Rabin, M. (1999). Doing It Now or Later The American Economic Review, 89(1), 103-124. Presson, P., & Benassi, V. (1996). Illusion of Control: A Meta-Analytic Review. Journal of Social Behavior and Personality, 3, 493-510. Schwartz, S. H. (1977). Normative Influences on Altruism. In L. Berkowitz (Ed.), Advances in Experimental Social Psychology (pp. 221-279). New York: Academic Press. Shafir, E., Diamond, P., & Tversky, A. (1997). Money Illusion. Quarterly Journal of Economics, 112(2), 341-374. Shefrin, H. (2000). Beyond Greed and Fear. Boston: Harvard Business School Press. Shefrin, H., & Statman, M. (1985). The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence The Journal of Finance, 40(3), 777-790 Shefrin, H., & Statman, M. (1993). Behavioral Aspects of the Design and Marketing of Financial Products. Financial Management, 22(2), 123-134. Siegel, J. J. (2008). Stocks for the Long Run (4 ed.): The McGraw-Hill. Skinner, D. J., & Seyhun, H. N. (1994). How Do Taxes Affect Investors` Stock Market Realizations? Evidence from Tax-Return Panel Data The Journal of Business, 67(2), 231-262. Tanner, J. F., Jr., J. B. H., & Eppright, D. R. (1991). The Protection Motivation Model: A Normative Model of Fear Appeals. The Journal of Marketing, 55(3), 36-45. Tapia, W., & Yermo, J. (2007). Implications of Behavioural Economics for Mandatory Individual Account Pension Systems. OECD Working Paper. Thaler, R. H. (1985). Mental Accounting and Consumer Choice. Marketing Science, 4, 199-214. Thaler, R. H. (1994). Psychology and Savings Policies. American Economic Review,, 84(2), 7. Thaler, R. H. (1999). The End of Behavioral Finance. Financial Analysts Journal, 55(6), 12-17. Vlaev, I., Chater, N., & Stewart, N. (2007). Relativistic Financial Decisions: Context Effects on Retirement Saving and Investment Risk Preferences. Judgment and Decision Making, 2(5), 292-311. Zhou, R., & Pham, M. T. (2004). Promotion and Prevention across Mental Accounts: When Financial Products Dictate Consumers’ Investment Goals. Journal of Consumer Research, 31, 125-134.
Description:	碩士國立政治大學財務管理研究所 96357008
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0096357008
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

Files in This Item:

There are no files associated with this item.

社群 sharing

Loading...