被占优的养老金投资：搜索摩擦与缺乏认知的作用
Dominated Pension Investments: The Role of Search Frictions and Unawareness
American Economic Journal: Applied Economics · 2026 · [{"name": "Karin Kinnerud", "affiliation": ["BI Norwegian Business School"]}, {"name": "Louise Lorentzon", "affiliation": []}]
中文摘要
我们在瑞典养老金体系中开展了一项大规模田野实验，以考察信息摩擦与搜寻摩擦在多大程度上解释了被占优的高费用指数基金选择。三个发现尤为突出：（i）能够提高储户对被占优选择的认知、并降低寻找占优替代方案之搜寻成本的信件，改善了储户的投资选择。（ii）尽管平均效应为正，但大多数投资者对基本消除了搜寻成本的信息并无反应。这种惰性在不同预期收益水平下均成立，从而否定了具有固定调整成本的模型。（iii）缺乏认知与搜寻成本至多解释了 45% 的被占优选择。（JEL C93, D83, G23, G51, G53, J32）
Abstract
We conduct a large-scale field experiment in the Swedish pension system to examine to what extent information and search frictions explain dominated high-fee index fund choices. Three findings stand out: (i) Letters that increase awareness of a dominated choice and reduce search costs of finding the dominating alternative improve savers’ investment choices. (ii) While the average effects are positive, a majority of investors are unresponsive to information that essentially removes search costs. The inertia holds across expected gains, rejecting models with fixed adjustment costs. (iii) Lack of awareness and search costs account for at most 45 percent of dominated choices. (JEL C93, D83, G23, G51, G53, J32)