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Göteborgs universitets publikationer

Naïve diversification in the Swedish premium pension scheme: Experimental evidence

Författare och institution:
Ted Martin Hedesström (Psykologiska institutionen); Henrik Svedsäter (-); Tommy Gärling (Psykologiska institutionen & Centrum för konsumtionsvetenskap (CFK))
Publicerad i:
Applied Psychology: An International Review, 58 ( 3 ) s. 403-417
Artikel, refereegranskad vetenskaplig
Sammanfattning (abstract):
In the Swedish Premium Pension Scheme (PPS) all citizens in paid employment allocate part of their public pension savings to mutual funds. In so doing they tend to distribute their choices maximally across different stock fund categories. It is hypothesised that this reflects the naïve application of a variety-inducing diversification heuristic. The results of two experiments simulating choices of fund categories in the PPS support this hypothesis by showing that participating undergraduates chose stock funds investing in overlapping and non-overlapping markets or industries in a way demonstrating failure to take into account covariation among fund returns. Administrators of the PPS and similar defined-contribution pension plans should provide participants with comprehensive advice on how to diversify their investment.
Ämne (baseras på Högskoleverkets indelning av forskningsämnen):
Diversification, covariation neglect, pension savings
Postens nummer:
Posten skapad:
2010-01-21 11:30
Posten ändrad:
2010-01-25 15:45

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