"...Ridiculous" Ep. 4: Behavioral Economics Goes Mainstream
Opinion Science
The Power of Defaults in Behavioral Economics
This chapter delves into the impactful role of defaults in shaping behavior, particularly in the realm of retirement savings. It explores the influence of default options on enrollment rates in 401k plans, highlighting the effectiveness of nudges in encouraging saving. The narrative extends to the development and success of the Save More Tomorrow program, emphasizing automatic escalation to boost long-term savings.
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