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Decision Making in the Pension Fund Board Room: An Experiment with Dutch Pension Fund Trustees

Research output: Working paperDiscussion paperOther research output

We ask how pension fund trustees deal with the booms and busts that funds encounter, and to what extent the decisions of pension fund trustees are affected by behavioral biases. We examine these issues by using a vignette-method field experiment among Dutch pension fund trustees. We find that trustees display choices that accord with the phenomenon of loss aversion and that trustees allow their choices to be affected by the forces of social comparison: the reserve position of their fund compared to the position of other funds has a significant influence in choosing a pension fund policy mix.
Original languageEnglish
Place of PublicationTilburg
Number of pages39
StatePublished - 2010

Publication series

NameCentER Discussion Paper

    Research areas

  • pension funds, finance, governance, behavioral economics


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