Choice architecture tools, commonly known as nudges, powerfully impact decisions and can
improve welfare. Yet it is unclear who is most impacted by nudges. If nudge effects are …

Intertemporal tradeoffs play a key role in many personal decisions and policy questions. We
describe models of intertemporal choice, identify empirical regularities in choice, and pose …

We estimate β-δ time preferences and relative risk aversion (RRA) using a lifecycle model
including stochastic income, liquid and illiquid assets, credit cards, dependents, Social …

We formalize a research design to uncover the mechanisms underlying long-term reductions
in energy consumption caused by a widely implemented nudge. We consider two channels …

We study default effects in the context of a residential electricity-pricing program. In the large-
scale randomized controlled trial we analyse, one treatment group was given the option to …

Does automatic enrollment into a retirement plan increase financial distress due to
increased borrowing outside the plan? We study a natural experiment created when the US …

We develop a machine-learning solution algorithm to solve for optimal portfolio choice in a
lifecycle model that includes many features of reality modelled only separately in previous …

We study the role of risk preferences and frictions in portfolio choice, using variation in the
default asset allocation of 401 (k) plans. We estimate that, absent participation frictions, 94 …

In 2013, the Dutch government mandated that new conforming mortgages must fully
amortize. Within a difference-in-differences design, we estimate that the marginal wealth …

This paper shows that securities with nonlinear payoff designs can foster household risk‐
taking. We demonstrate this effect by exploiting the introduction of capital guarantee …