Write 7 pages thesis on the topic behavioral economics of the save more tomorrow.

Write 7 pages thesis on the topic behavioral economics of the save more tomorrow. Consequently, there has been considerable change whereby employers have shifted towards defined contribution plans rather than defined benefit plans, essentially meaning the responsibility of saving for retirement is now largely upon employees. This is critically important given that supporting the growing population of pensioners without reform will burden those still of working age financially (Yogo 2008, p. 133). On the other hand, albeit on the basis of traditional economic theory, it is imperative that employees are given control and made aware that they have a choice. However, according to behavioral economists, humans are not always economically rational and will often conduct themselves in economically suboptimal ways.&nbsp.&nbsp.

Occupational pension schemes typically promise retirees an income basing on a formula that entails the amount of pay a person earns at the time of retirement. It could also be on the basis of the average pay a person has been receiving during their period of membership to the scheme. This arrangement defines the defined benefit (DB) scheme. On the other hand, the defined contribution (DC) is a scheme of pension founded on the contributions an employee invests and the returns they receive on such investment, less any incurred charges. The key differentiating factor between the two schemed is the bearer of the risk as concerns the savings level or expected income during retirement (Thaler & Benartzi 2004, p. 169). The employer bears the risk in DB while the employee bears the risk. However, behavioral economists have shown different trends when it comes to employees voluntarily participating in DC.

Viewed from the perspective of traditional economic theory, decisions are arrived upon by maximizing utility functions in which all the relevant preferences and constraints are appropriately included and weighed.

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