| 主讲人简介： | Dr. Yu Gao is an Assistant Professor of Guanghua School of Management, Peking University. She obtained her PhD degree from Erasmus University Rotterdam in 2017, majoring in behavioral economics. Dr. Gao is doing research in decision theory, decisions under uncertainty and over time, and applying theoretical insights in behavioral economics to promote better individual decisions in various domains, for example planning for retirement and mitigating climate change. Her research was published on leading journals such as American Economic Review, Journal of Risk and Uncertainty, Experimental Economics, and Environmental Research Letters.
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| 讲座简介： | Decumulation of assets is a complex problem for individuals. We study the effects of annuitization compared to spending down from a lump-sum on consumption and subjective wellbeing. By exploring the pension reform in the UK as an ideal regression discontinuity design, we find that annuitization increases consumption, self-reported health condition, and life satisfaction for retirees. To further examine the behavioral channel of the annuity effect, we conducted a field experiment on college students, giving them a flow or a lump-sum payment. We find that flow payment increases consumption for people who feel pain when spending, and restrain consumption for people who have problems restricting their spending. Our results thus provide direct evidence of the effects of annuitization on consumption and wellbeing and call for policies to enhance the annuitization of retirement assets.
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