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Decision making. --- Risk assessment.

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The Adaptive Decision Maker argues that people use a variety of strategies to make judgments and choices. The authors introduce a model that shows how decision makers balance effort and accuracy considerations and predicts which strategy a person will use in a given situation. A series of experiments testing the model are presented, and the authors analyse how the model can lead to improved decisions and opportunities for further research.

Adaptability (Psychology) --- Decision making --- Adaptation (Psychologie) --- Prise de décision --- Decision Making --- Prise de décision --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management --- Management decisions --- Choice (Psychology) --- Problem solving --- Adaptation (Psychology) --- Adaptive behavior --- Flexibility (Psychology) --- Malleability (Psychology) --- Personality --- Adjustment (Psychology) --- Health Sciences --- Psychiatry & Psychology --- Decision making.

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Life annuities can be a valuable component of the decumulation stage of wealth during retirement. While economists argue that most retirees should annuitize, actual demand in the marketplace is low. We analyze data from two studies to determine how measurable individual differences among consumers affect their interest in annuities. We find that a relatively high percentage of respondents dislike all annuities. Demographic factors are not predictive of which individuals dislike annuities, and individual factors predicted by economic models to be important (such as beneficiaries) have small or even opposite effects. The strongest individual differences we measured that predicts liking of annuities is the respondent's perception of product fairness. We discuss implications of our findings for financial planners hoping to help their customers with these decumulation challenges.

Zonder onderwerpscode: economie

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