一张图片值一千美元:视觉辅助工具促进投资者决策

IF 2.1 Q3 BUSINESS Journal of the Association for Consumer Research Pub Date : 2023-06-26 DOI:10.1086/726428
Brian Scholl, Adam w. Craig, Alycia Chin
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引用次数: 1

摘要

政策制定者强调,在做出支持储蓄、退休和其他后续长期财务结果的投资决策时,费用应该是一个重要的考虑因素。尽管如此,散户投资者倾向于优先考虑近期回报。在非金融领域,采用选择架构原则设计的视觉辅助工具有助于传达复杂的定量信息,减少决策偏差。目前的工作探讨了各种共同基金视觉辅助工具如何影响投资决策。在三项研究中,包括两项具有激励性国家样本的研究(N=4588),我们证明,与合法的披露文件相比,显示共同基金费用的视觉辅助工具可降低高达25%的费用。我们处理与投资者和监管机构相关的重要公共政策影响。
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A Picture Is Worth a Thousand Dollars: Visual Aids Promote Investor Decisions
Policymakers emphasize that fees should be an important consideration in making investment decisions that support savings, retirement and other consequential, long term financial outcomes. Nevertheless, retail investors tend to prioritize recent returns. In nonfinancial domains, visual aids designed with choice architecture principles help convey complex quantitative information and reduce decision biases. The current work explores how a variety of mutual fund visual aids affect investment decisions. Across three studies, including two with incentivized national samples (N=4,588), we demonstrate that visual aids displaying mutual fund fees lower fees paid by up to 25% compared to legally compliant disclosure documents. We address important public policy implications relevant to investors and regulators.
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来源期刊
Journal of the Association for Consumer Research
Journal of the Association for Consumer Research Economics, Econometrics and Finance-Economics and Econometrics
CiteScore
4.60
自引率
7.70%
发文量
54
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