text:
Tennessee Governor Bill Haslam and Economic and Community Development Commissioner Bill Hagerty Thursday announced four new appointments to the Tennessee Film, Entertainment & Music Commission. Joining the commission are Sony/ATV Music Publishing Nashville President and CEO Troy Tomlinson, who will also serve as chairman, Songwriter John Bettis, Jupiter Entertainment CEO Stephen Land, and Director/Producer, Owner of TackleBox Films and FORWARD Post Production Shaun Silva. The TFEMC represents entertainment industries across the state in music, film and television.
"I want to thank these talented industry professionals for their service and the invaluable insights they bring to the TFEMC," Governor Haslam said. "Tennessee has a rich musical heritage and unique entertainment assets, and I look forward to working with the new commission members as we continue to cultivate a business environment that helps the industry thrive."
"Promoting and assisting Tennessee's dynamic entertainment industry is one of our foremost goals in economic development," Commissioner Hagerty said. "The TFEMC is instrumental in helping us grow this business sector that is filled with a depth and breadth of industry talent and infrastructure unlike any other. I congratulate the newest members of the commission on their appointment and thank our current members for their continued leadership and service."
New commission members include the following:
Troy Tomlinson
Chairman of the TFEMC
President and CEO Sony/ATV Music Publishing Nashville
Mr. Tomlinson has overseen the songwriting careers of artists such as Taylor Swift, Kenny Chesney, Miranda Lambert, Luke Bryan, Eric Church, Blake Shelton, Rascal Flatts, Brooks & Dunn, Alabama and many more. He guides the careers of hit songwriters Bill Anderson, Bobby Braddock, Bob DiPiero, Tom Douglas, Casey Beathard and Tony Martin to name a few. Tomlinson is also responsible for stewarding the massive song catalogs of Hank Williams, Merle Haggard, Willie Nelson, Buck Owens, Hank Cochran, Roy Acuff and the Everly Brothers.
July 26, 2016
July 25, 2016
ChattaMovies, a local moviemaker group, and earLuminators, a local production group, will be co-hosting two "Open Screen Night" events at Cine-Rama, 100 W. Main St., at 7 p.m. on Saturday, ... (click for more)
Back Alley Productions is hosting auditions for the upcoming Halloween show War of the Worlds. Based on both the H.G. Wells novella and the Orson Welles radio show, the production is seeking ... (click for more)
Up-and-coming sibling duo Jocelyn and Chris Arndt will be performing in Chattanooga on Saturday, Aug. 13, at Clyde's On Main. Review for Jocelyn and Chris Arndt: The soulful pair ... (click for more)
ChattaMovies, a local moviemaker group, and earLuminators, a local production group, will be co-hosting two "Open Screen Night" events at Cine-Rama, 100 W. Main St., at 7 p.m. on Saturday, Aug. 13 and Saturday Sept. 10. Open Screen Night is a screening of an hour and a half of independently-produced short works including those submitted by movie makers from Chattanooga ... (click for more)
Back Alley Productions is hosting auditions for the upcoming Halloween show War of the Worlds. Based on both the H.G. Wells novella and the Orson Welles radio show, the production is seeking talented community actors in the local area. Auditions are Monday, Aug. 8, and Tuesday, Aug. 9, at any time from 6:30-8:30 p.m. at the Mars Theater. The theater is at 117 N. Chattanooga ... (click for more)
A new $30 million development is planned for the Southside at King Street and South Market. Nick Wilkinson, city deputy director for economic development, said it will include a hotel, condos, offices, retail and possibly a restaurant. It could also include some light industry. A storage building and a parking lot are now at the site. He said the developers plan to reuse ... (click for more)
One of the investors who was a loser in an investment scheme recently halted by the Securities and Exchange Commission said one of the Chattanooga brokers involved made many of his contacts through the Chattanooga Quarterback Club. Paul Smith, former Hamilton County Democratic Party chairman, said Doug Dyer has been the president for many years of the club that promotes UTC and ... (click for more)
I'd like to respond to two letters in your July 13 edition that praised Rep. Mike Carter's efforts to expand statewide broadband access. Rep. Carter wants more government involvement in the broadband sector, including an expansion of taxpayer-funded, municipal broadband networks. Rep. Carter's supporters argued he's standing up for consumers against huge telecommunications ... (click for more)
It is well-known that shortly after the despicable "Big Lick" faction of the Tennessee Walking Horse industry put on a very-pointed fundraiser for the equally repugnant Congressman Scott DesJarlais (R-Jasper) two years ago, the misguided doctor has repeatedly tried to bully and strong-arm the U.S. Department of Agriculture on the behalf of the vermin who sadistically torture the ... (click for more)


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Apple Mac Pro (Mid 2012)
There's not much to say about the 2012 flavor of the Mac Pro ($2499+): sure, Apple updated its powerhouse, but with such modest spec bumps that one has to wonder why they even bothered. This is the company's most professional, heavy-duty machine, yet it didn't even get a Thunderbolt port of its own. Is this box going to go the way of the iPod classic, just kind of existing with no real love from Apple?
Apple is offering two standard models of the computer in their store, as well as a server edition. $2499 gets you a single 3.2 GHz Quad-Core Intel Xeon processor, 6GB of RAM, a 1TB hard drive and an ATI Radeon HD 5770 graphics processor with 1GB of RAM. Pay a hefty $1300 more and the processor is updated to a pair of 2.4GHz 6-Core CPUs and double the RAM. Of course this is Apple's most customizable machine, and it's easy to customize the specs to a price point above $10,000 if you want. But at this point, it's clear that the Mac Pro isn't a major priority for Apple any longer, and probably not worth the investment unless you're really desperate for something with internal expandability.
Recent News
- Apple to sell limited-edition Olympic Apple Watch bands exclusively in Brazil
- Report: iPhone 7 will include Lightning adapter instead of Lightning EarPods
- Edward Snowden designing device to prevent iPhone wiretapping
- Report: Apple Car team running into challenges, launch may slip to 2021
- Corning announces Gorilla Glass 5
- Apple under fire for providing refurbished replacements under AppleCare+
- Report: Apple acquires cloud music provider Omnifone? [Update: No]
- Apple releases second iOS 10 public beta
- India clears the way for Apple to open retail stores
- Apple Pay launches in Hong Kong
Recent Reviews
- Netatmo Tags for Welcome Smart Home Camera
- iDevices Socket HomeKit-enabled Light Adapter
- Koogeek Wi-Fi SmartPlug for Apple HomeKit
- Marbotic Smart Letters for iPad
- Ecoxgear Sol Jam Bluetooth Speaker
- Gumdrop Cases DropTech Case + Hand Strap for 9.7" iPad Pro
- Braven BRV-1M Bluetooth Speaker
- Braven BRV-Blade Bluetooth Speaker
- Invoxia Voice Bridge
- Incase Keyboard Case for iPad Air 2
Recent Articles
- Inside the betas: iOS 10 Photos gets Advanced Computer Vision
- Inside the betas: iOS 10 Music app delivers 'clarity and simplicity'
- Inside the betas: iOS 10 Maps gets a major redesign
- Inside the betas: iOS 10 shakes up the user experience
- Inside the betas: watchOS 3 promises a real speed boost
- Inside the betas: A sneak peek at what's new in tvOS 10
- Filling the Gap: A look at third-party HomeKit apps
- Instant Expert: Secrets & Features of tvOS 9.2
- Instant Expert: Secrets & Features of iOS 9.3
- Opinion: Why Apple needs a dedicated HomeKit app

subset: commoncrawl


text:
Decoded: Pusha T Breaks Down 'King Push'
Life+Times met up with Pusha T in NYC to talk MNIMN and the meaning behind the lyrics of "King Push", the first track of the album.
From his smooth, razor-sharp verses with Slum Village, Elzhi quickly established himself as an MC in the realest sense (and think about ...
"In the school of hard knocks, I am a true scholar/Music equipped for all whips, Bentleys to Impala/Ill Adrenaline medicine man, back ...
We're proud to hit you with the premiere of Whatzisface's latest mixtape, his best of. If you've been sleeping on the kid, ...
Life+Times met up with Pusha T in NYC to talk MNIMN and the meaning behind the lyrics of "King Push", the first track of the album.
Gucci was sentenced to 6 months in jail a few days ago and today we get this new joint off DJ Plugg's upcoming mixtape The Plug's Plug 4.
Download after the jump. (more…)
Directed by Ronald Reid and Hassan Rice.
Off Mac Miller's Mac's latest album, Watching Movies With The Sound Off. Directed by Rex Arrow.
After a long wait due to creative differences between Rihanna and the director, the Pour It Up video is finally here for your viewing pleasure.
The video still hasn't been released due to some tensions between Rihanna and the director but we finally get to see what it will look like.


text:
- 08/17/13
- 88337
- 1,001
- Young Adult
- Female
- Dark
- Boney
- None
- Human
- Diva, Brave, Party Animal, Loves The Outdoors, Vehicle Enthusiast
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2, 57–70
Copyright © 2005 by The Institute of Behavioral Finance
Asset Allocation and Information Overload: The Influence of Information Display, Asset Choice, and Investor Experience
Julie R. Agnew and Lisa R. Szykman
This paper examines whether information overload might partially explain why defined contribution plan participants tend to follow the "path of least resistance" (Choi et al. [2002]) In two experiments, we test how three common differences among defined contribution plans (the number of investment choices offered, the similarity of the choices, and the display of the choices) lead to varying degrees of information overload and the probability of opting for the default. Notably, we control for the financial aptitude of each individual. The findings suggest that the success of certain plan features depends strongly on the financial background of the participant. We find that low-knowledge individuals opt for the default allocation more often than high-knowledge individuals (experiment 1: 20% versus 2%). The results emphasize the importance of plan design, especially the selection of plan defaults, and the need to improve the financial literacy of participants. For many people, financial security in retirement depends on decisions they make today in their defined contribution plans. However, despite the importance of these investment decisions, growing research shows that individuals are not making choices that best fit their needs (see, e.g., Agnew [2003], Benartzi [2001]). In fact, strong evidence suggests defined contribution plan participants are choosing the "path of least resistance" (Choi et al. [2002]). One consequence of this behavior is that many individuals are investing in their plans' default options. Accepting the default options defeats the purpose of a self-directed investment account, and can even adversely affect savings. The importance of this issue is highlighted by the fact that over 50 million individuals participated in defined contribution plans in 1998, as well as by the current debate in Washington about whether to introduce voluntary personal accounts into the Social Security system (EBRI [2003]). Understanding what drives this behavior and how plan administrators can help alleviate the problem is critically important. Literature suggests that procrastination, the status quo bias, and anticipated regret are all reasons for individuals' tendency to follow the path of least resistance (Choi et al. [2003], Madrian and Shea [2001]). In this paper, we offer an additional explanation for individuals' reluctance to make investment decisions in their defined contribution plans: information overload. In other words, participants are overwhelmed with information. As a result, they look for the easy way out. Research in the decision-making literature suggests that consumers tend to reduce the amount of effort they expend when decisions become more complex (Payne, Bettman, and Johnson [1988], Payne, Bettman, and Luce [1996]). Therefore, it seems intuitive for plan administrators to simplify the choice environment in order to attenuate feelings of overload. The benefit of this action is that participants may be more likely to effectively evaluate their choice alternatives and make informed decisions. This paper is motivated by previous research showing the strong influence of plan design on investment behavior. We investigate three common differences among plans that may lead to varying degrees of overload. In particular, in two experiments we manipulate how the investment information is displayed, how many choices are offered, and the similarity between the investment options. The goal is to determine how each change impacts the participants' degrees of overload. We also measure the financial knowledge of the participants, and include this measure as an independent variable. The main contribution of this analysis is that it explores the interaction between the individual's
tC o
py o
Julie Agnew is an Assistant Professor of Finance and Economics in the School of Business Administration at The College of William and Mary. Lisa Szykman is an Assistant Professor of Marketing in the School of Business Administration at The College of William and Mary. Requests for reprints should be sent to: Julie Agnew, The College of William and Mary, School of Business Administration, P.O. Box 8795, Williamsburg, VA 23187. E-mail: julie.agnew@ business.wm.edu.
it py o 58 . we present a review of the existing literature. and Huberman [2003] find that increasing fund choice decreases 401(k) participation. especially the careful selection of plan default options. some employers have introduced features. investors should suffer less information overload and be more likely to use it when making asset allocation decisions. see Munnell. A study conducted by Iyengar and Lepper [2000] compared consumers' reactions to two displays of jam—one with six flavors. Three years later. Levy. For example. default options are generally not optimized for the individual. The results emphasize the importance of plan design. respectively. Nelson [1970.AGNEW AND SZYKMAN tested financial knowledge and the manipulated plan features. Choi et al. Increasing the number of choices has also been shown to be related to investment behavior. This can result in inadequate savings for many individuals.g. Research has shown that too many choices hamper decision making. [2004]. In the background section. an employer match program can positively influence participation and contribution levels (for a summary of the literature. one reason for this phenomenon could be that individuals are experiencing information overload while making their investment deci- D o N tC o sions. This paper investigates how plan design can influence one current problem in defined contribution plans—the prevalence of individuals investing according to their plans' default options. For example. it was the smaller display that elicited more purchases. the 403(b) plan we participate in offers over 285 investment choices across several vendors. seemingly benign decisions made by employers can have a large influence on participation rates. As the number of funds grows. As dependable information becomes easier to use. but they may also withdraw from the task entirely. Choi et al. Effectively communicating choice information has long been a topic of interest for public policy makers and consumer researchers. Notably. Muller [1985]). Background A growing body of literature in finance and economics suggests that the design of defined contribution plans influences investment behavior (e.. So what is wrong with the default election? First. There are a number of variables that may contribute to overload. The authors found that 80% of participants in plans with automatic enrollment initially accepted the plan's low default savings rate and the conservative default investment fund. Recognizing the influence of plan design. 1996]. Ippolito and Mathios [1990. consumers are more likely to use it when making decisions or choices. Typical defaults are "one-size-fits-all" and tend to be conservative. Individuals also tend to invest more of their discretionary allocation in company stock when the employer match is in company stock (Benartzi [2001]). We then present the methodology and the results from experiments 1 and 2. the other with twenty-four. This experiment demonstrates that consumers not only reduce the amount of processing when a task becomes overwhelming. Another potential source of information overload is the number of investment options offered in the plan. e. Second. This tendency is highlighted in a study by Choi et al. such as automatic enrollment plans and savings plans. This suggests that when information is easier to obtain and evaluate. The high number of choices offered in Sweden's public pension program (over 500) may explain the tendency of those participants to choose the default (although this hypothesis has not been formally tested). and Taylor [2001/2002]). Sunden. Simply providing more information about investment options may not be enough to help investors make good decisions. Jiang. As mentioned earlier. and asset allocation choices. We conclude with a summary discussion of our findings and their implications. For example. As predicted in the economics of information literature. While the number of choices in the Swedish system may seem extreme. and Derby [1999]. literature on nutritional labeling shows that standardized information presented in labels and claims makes a difference in how consumers use the information and make their product choice. which may have an adverse effect on future financial security. So if information about investment options is presented in a simpler way. with the exception of the first year. [2004]. While more consumers showed an interest in the larger display. A third potential source of overload is the similarity of the options offered. One vendor alone offers 146 choices. Next we describe the participants and discuss their performance on the financial literacy exam.g. contribution levels. In that plan. Iyengar. Moorman [1990. The remainder of this paper is organized as follows. choosing the default election suggests that individuals are not carefully considering their options. One source could be how information about choices is presented to the investors. [2002]).. and the need to improve the financial literacy of participants. acquire more nutrition information prior to purchase. 1994]. consumers will tend to use information more extensively if it costs less time and/or money to acquire (Stigler [1961]. Thaler and Benartzi [2004]). that encourage participants to make better decisions and that increase participation and contribution levels (see. over 80% of eligible new participants invested in the default option (Weaver [2002]). 1974]). over half these individuals maintained these default elections. consumers are more likely to use it to determine food quality. and improve their overall decision quality (Roe.
each participant was given a ten-question financial literacy exam during the experiment. This is probably due to the publicity surrounding the end of the technology stock bubble. Table 1 provides a description of each experiment's sample. In addition. Finally. each person was entered into a $500 drawing held at the conclusion of the study. The demographics for both samples were very similar. and 4) individual financial knowledge. financial knowledge is measured. professors. Experts have no need to do an extensive search because they already know a great deal. In both experiments. Participation was not limited to college employees. overload does too. 3) similarity among choices. First. A great deal of overlap probably exists among the most popular fund types (e. In the case of defined contribution plans. Experiment 1 manipulates the influence of information display and the number of choices. There was a broad representation of occupations. each experiment had a broad representation of the overall population. and flyers. with the college. Experiment 2 manipulates the influence of the similarity of the options and the number of investment choices. The distribution of test scores in both experiments was very similar. we divided the individuals into two knowledge groups. we focus on four variables that may impact feelings of overload. although the majority of participants were associated 59 . become overwhelmed by a choice task very quickly. Both samples were predominantly female. In both samples. more than one-third of all participants answered two or less questions correctly. According to consumer researchers. Our results support prior findings that many investors lack even a basic understanding of financial concepts (John Hancock Financial Services [2002]). including professional administrators. If investors lack the knowledge and experience to compare the available investment alternatives. The questions in the exam were taken directly from or adapted from questions asked in the John Hancock Financial Services Defined Contribution Plan Survey and financial literacy exams used by Wilcox [2003] and Dwyer. All participants were paid $10 for their assistance. the mean and median test scores are below 50%. as in many university 403(b) plans).ASSET ALLOCATION AND INFORMATION OVERLOAD is possible that they may seem more alike. Salary and education levels were also well distributed.g. suggesting that the randomization was successful.1 Thus knowledge may be a critical individual difference that profoundly impacts a person's investment choices. In total. There were several surprising results from the exam. Each question in the ten-point exam was worth one point. which makes it more likely they will look for an easy way out. because funds are harder to differentiate from each other. there was only one question that a majority of the individuals answered correctly. secretarial staff.. with a majority of the individuals greater than thirty years old. high-knowledge (above the mean) and low-knowledge (below the mean). and local construction workers. The participants were randomly assigned to each experiment. and List [2002]. 84% of the combined sample understood that they could lose money in the stock market. when participants can choose from multiple vendors (e. they are less likely to engage in one. Table 2 reports the results of the exam. In the subsequent experiments. the easy way out may be choosing the default or using some other choice heuristic. the choices offered by each vendor may be quite similar. In summary. Novices. As similarity among the funds increases. the whole process can seem even more intimidating. People with moderate knowledge search the most because they have a basic understanding that allows them to interpret the information. Only 32% knew the best time to transfer money into a long-term bond fund. Gilkeson. the last factor we consider is a person's own financial knowledge. despite the fact that they would benefit the most from an extensive information search. asset allocation.g. a much lower percentage (43%) understood that they could lose money in the bond market. 2) number of choices.. The study did attract several local tourists. So. we use the mean of the test scores across all participants from both experiments as our indicator of average financial knowledge. who have very little knowledge. For example. parents of children attending camp on campus. index funds). but they also realize the value of a more extensive search. e-mail. In fact. Financial Literacy In order to study the interaction between knowledge and the manipulated variables. As a result. This may indicate that it is generally better to have more distinct choice offerings. Based on this average. and only 22% knew D o N tC o py o Experiment Participants and Financial Literacy Experiment Participants Participants for both experiments were solicited during the summer months at a mid-size public university in the Southeast via campus mail. and satisfaction with investment decision: 1) display of information. and maintenance workers. Table 3 provides the questions and the percent of the combined sample that answered each question correctly. Unfortunately. there is an inverted U-shaped relationship between information search and knowledge—consumers with a moderate level of knowledge search the most before making a product choice (Bettman and Park [1980]).
We ran an ordinary least squares regression to determine the relationship between each participant's demographic characteristics and test score.999 Greater than $60.AGNEW AND SZYKMAN Table 1.999 $40. 10% of the sample believed money market funds are riskier than equity funds. we found that the people with children knew less than their counterparts without children.000–$59. In fact.999 $20. Women scored one-half point lower on the exam than men. possibly be- . This may be because married individuals are more interested in finance out of concern for providing for their spouses. The results. However. This interest translates into higher scores. are presented in Table 4.999 $30.000 Missing Education High School or Less Some College College Graduate Some Graduate Work Graduate Degree Missing % N Experiment Two % 62 135 1 26 51 49 64 8 53 141 4 132 63 3 19 61 16 27 17 2 18 3 7 2 18 8 41 41 45 31 33 7 19 51 45 16 64 3 31 68 1 13 26 25 32 4 27 71 2 67 32 2 10 31 8 14 9 1 9 2 4 1 9 4 21 21 23 16 17 4 10 26 23 8 32 2 67 131 2 22 44 54 73 7 65 130 5 138 60 2 13 64 26 27 12 3 21 3 3 3 19 6 39 37 43 38 37 6 28 48 41 11 70 2 34 66 1 11 22 27 37 4 33 65 3 69 30 1 7 32 13 14 6 2 11 2 2 2 10 3 20 19 22 19 19 3 14 24 21 6 35 1 D o N tC o py o the definition of beta. thereby increasing their financial literacy. with the results suggesting 60 that younger participants know less than older participants. Description of Samples This table provides a description of the participants in each experiment based on demographic variables. One explanation for this result may be that as individuals age they tend to gain financial experience. We found that married individuals also did better than their single counterparts. and may lead us to expect that people with children would also know more. Most people did not know what types of investment securities are found in money market funds: only 13% answered this question correctly. which show a significant relationship between gender and test score. Age also had a significant influence.000–$39.000–$29. Experiment One N Gender Male Female Missing Age Under 30 Years Old 30–39 Years Old 40–49 Years Old 50 Years Old and Older Missing Marital Status Single Married Missing Children Yes No Missing Job Title Part-time Professional Professor Secretarial Technical Skilled Crafts Maintenance Teaching Assistant Undergraduate Graduate Other Missing Salary $0–19.
There is a positive correlation 61 .000 scoring 2.S. would it be possible to have less than $1. government against principal loss. the S&P 500 index. education also played an important role. decrease. Relative to these highly paid individuals. Experiment One Test Score 0 1 2 3 4 5 6 7 8 9 10 Total Mean Median N 13 19 38 39 29 14 14 12 9 10 1 198 % 7 10 19 20 15 7 7 6 5 5 1 3. If you invest in a bond mutual fund with an average maturity of five years. 8. The test was comprised of ten questions worth one point each. this means that you cannot withdraw your money from the fund within a five-year period without incurring a penalty. would be expected to score 7. A money market mutual fund is guaranteed by the U. % 5 17 36 50 65 75 85 91 95 99 100 Table 3. in the lowest wage category. Relative to the most educated individuals. % 7 16 35 55 70 77 84 90 94 99 100 N 9 24 39 28 30 20 20 11 8 9 2 200 Experiment Two % 5 12 20 14 15 10 10 6 4 5 1 3.000 when you decide to withdraw or move it to another fund? If you were to invest $1.000.50 Cum. Summary of Test Scores Participants in each experiment were given a written test to assess their financial literacy. 2. A measure of relative volatility of the fund vs. D o N o tC py o 45 37 29 24 cause people with larger families have less time to educate themselves about finance.84 3. b. 6. The test scores decline as salary level declines. The omitted category in the regression is participants earning $60. remain stable. Which of the following types of investments are typically found in a money market fund? Stocks.2 The point of this analysis is to study whether the correlation is stronger for certain types of individuals. the S&P 500 index. the percent of the total participants from both experiments who answered the question correctly is provided. c. indi- viduals with less than a college degree performed the worst on the exam. a single female in her twenties. The results seem to suggest that it is. The omitted category is participants with graduate degrees.000 in a BOND FUND.000 when you decide to withdraw or move it to another fund? A stock fund's beta rating can best be described as … a.41 points lower on the exam than a married man over fifty. Bonds or Short Term Securities When is the best time to transfer money into a long-term bond fund? When interest rates are expected to … increase.73 3.00 Cum. Percent of Combined Sample Who Answered Each Question Corectly Test Question 1.6 points lower than the highest salary group. A measure of the relative capital outflow of the fund vs. earning more than $60. would it be possible to have less than $1. Taken together. Summary of Test Questions Below are the ten questions given on the financial literacy exam. with those earning less than $20. The table below summarizes the participants' performance in each experiment. High yield bond funds are invested in bonds with strong credit ratings. 10.000 when you decide to withdraw or move it to another fund? If you were to invest $1. the S&P 500 index. Table 5 examines the correlation between a person's perceived knowledge (what they think they know) and their actual financial literacy test score.000 or more per year. 5. For each question. would it be possible to have less than $1. 3. with a graduate degree.000 in a MONEY MARKET FUND. Finally. Percent 13 32 84 43 45 22 7. 9.000 in a STOCK FUND.ASSET ALLOCATION AND INFORMATION OVERLOAD Table 2. interest rate doesn't matter. those earning less tend to know less about financial matters. 4. don't know If you were to invest $1. A stock market index fund is actively managed by a fund portfolio manager. One of the largest significant influences on the test score is related to salary. A measure of relative growth vs. with a high school education or less.
and ten equal to a great deal more knowledge than others).55 0.001 *** 0.49 0.000–$29.26 0.38 0.35 0.000–$59.0 4. and *indicates significance at the 10% level.0 5." "Married" is a dummy variable equal to 1 if the participant is married." "High School or Less.7953 0. "Under 30 Years Old.019 ** 0.999" are dummy variables that refer to the participant's annual salary.999. "$0–$19. Dependent Variable: Test Score Coefficent Constant Female Under 30 Years Old 30–39 Years Old 40–49 Years Old Married Children $0–19.17 0.0 7.999 $40.1285 –0.56 0.0 6. Correlation Between Test Score and Personal Perception of Relative Knowledge This table reports the correlation between the participants' financial literacy test scores and their own perceptions of their relative financial knowledge.4456 –1.41 0.999 $30. ***indicates significance at the 1% level.0 4. and 0 otherwise.0 2.999 $20. The median test score and knowledge "confidence " level are reported below.000–$29.0 4.000.999 $30.0 2.006 *** 0.0 4. Financial Literacy Regression This table presents the results of an ordinary least squares regression.0 4.5 4.59 2.000 *** 0.0 62 .10 0.007 *** 0.000 *** 0.0 3.0 4.45 0.0 7. The omitted dummy variable is "Graduate Degree.0 3.011 ** 0.5968 –0. The omitted age range is "50 Years and Older.000–$39.0 3.Table 4.60 0.42 0.000 *** 0.0 2.0 2. **indicates significance at the 5% level.0986 –0.77 0.6317 –2.78 0. The dependent variable is the financial literacy test score earned by each participant.999 High School or Less Some College College Graduate Some Graduate Work Number of Observations R-Squared 7.45 0." "Some College.999. The omitted salary range is "Equal to or Greater than $60.0 6.0 4." "College Graduate. The relative financial knowledge measure is derived from each participant's answer to a survey question.0273 –1.0 1.5 3.0 2.1675 –0.000 Education High School or Less Some College College Graduate Some Graduate Work Graduate Degree Correlation Median Test Score Median Confidence 25 99 31 36 22 26 4 8 5 26 59 57 68 52 47 34 73 65 19 98 0.000–$59. "Female" is a dummy variable equal to 1 if the participant is female." "$20.49 0.999 $40.71 0.5 2.000–$39.6081 –0. each participant was asked to rate his knowledge of retirement investments relative to other people on a scale from one to ten (with one equal to much less knowledge than others.802 0. "Children" is a dummy variable equal to 1 if the participant has children.0 4." and "$40.0 3.0 6." "30–39 Years Old.0 6." P-values are based on robust standard errors adjusted for heteroskedasticity.000–$39." "$30.0 4.999 $20.247 Table 5.000 *** 0.0 3.5906 274 0.999 Greater than $60.0 5.000–$29.9387 –0.0 6.0 4.8379 –2.010 ** 0.085 * 0.4631 –2. In both experiments.3217 –2." and "Some Graduate Work" are dummy variables referring to the participant's highest level of education." and "40–49 Years Old" are dummy variables equal to 1 if the participant falls in that age range.0 3.0 7.54 0.0 6.0 3.9431 0.999.42 P-Value 0.0 5.000–$59.0 5.61 0.000 *** 0.002 *** 0. D o N tC o py o N Job Title Part-time Professional Professor Secretarial Technical Maintenance Teaching Assistant Undergraduate Graduate Other Salary $0–19.
4. Investment Types 1. those earning the highest salaries report a higher correlation than those earning the least (0.42). which suggests these individuals "know what they know.000 in retirement savings among several mutual funds. 9. individuals were then divided into "high-knowledge" and "low-knowledge" categories based on their financial knowledge test scores. The lowest correlation reported is for those with an education of high school or less (0. The funds were divided into five fictitious fund families.ASSET ALLOCATION AND INFORMATION OVERLOAD of 0. We used existing 403(b) plan information to develop the stimulus for both conditions. To facilitate their decision making. To manipulate the display of information. This group may not have a good understanding of how little they actually know about investments. Pretests were done on the fund family names to ensure they did not have any overly positive or negative associations. 6. Average. Above-Average. Investment Types and Reported Financial Attributes Panel A.10). py o Table 6. 2. Participants were given either six funds (low number of choices) or sixty funds (high number of choices). For the low search cost condition (table). Alternatively.000 in a conservative default option (money market fund). Participants were asked to allocate a fictitious $1. The reported statistics we gave to participants were actual performance measures from real funds obtained from the Morningstar website." On average.55 versus 0. This is similar to what a participant in a 403(b) must do when comparing offerings from different fund vendors. 3. They were also given the option of putting the entire $1. The second source of manipulation was the number of fund choices. This format produces higher search costs because participants must sort through multiple booklet pages in order to compare options within one investment type. 2. 3. in a standard spreadsheet format organized by investment type. High) Manager Tenure (Years) Seven-Day Yield (%) (Only Reported for Money Market Funds) 63 . but the fund options were in a booklet organized by fund family. For the high search condition (booklet). 6. and investment type. Experiment 1: Information Display (Table Versus Booklet) and Number of Investment Options (Low Number of Options Versus High Number of Options) Method Experiment 1 used a 2 (Display) × 2 (Number of Choices) × 2 (Knowledge) between-subjects design.3 As described in the previous section. the asset choices were presented on one page. After reviewing the earlier regression results. 10. 7. the maintenance workers show a 0. Investment Type Year-to-Date Return (%) One-Year Return (%) Three-Year Return(%) Five-Year Return Expense Ratio (%) Net Assets ($ Millions) Risk (Standard Deviation of One-Year Returns) Analyst Risk Description (Relative to Other Funds in Investment Type: Low.77 for professors. including returns over various time periods. Table 6 summarizes the investment types and the reported statistics. Reported Financial Attributes 1. 5. Similarly. Below-Average.17 correlation between their test score and their perceived knowledge. this group scored the highest on the exam and also accurately believes that they know more than others. the stan- D o N tC o dard deviation of the one-year returns. they were given information about the performance of the asset choices based on eleven commonly reported attributes. 5. Each offered at least one investment fund in each investment type. The real names of the funds were changed to avoid biasing the results. we presented fund choices in either a table (low search cost) or a booklet (high search cost). 4. Each page of the booklet was dedicated to one fund family and the funds were not organized by type. the same exact information was presented for each asset. it is not surprising that those earning the highest salaries perform the best on the exam and also perceive themselves to be more knowledgeable. Money Market Funds Bond Index Funds Equity Index Funds Equity Growth Funds Equity Blended Funds Equity Value Funds Panel B. 8. 11.
5.82. p < 0. 186) = 20. In addition. 186) = 5. however. In this case. Very Dissatisfied to Very Satisfied) How certain are you that you made the best allocation decision? (Scale 1 to 7. manipulating the display did nothing to attenuate either group's feelings of overload. but not for all participants. The second significant interaction effect is between knowledge and the display condition. suggesting that how individuals react to changes in the number of options (F(1. This decision required a great deal of thought. such as decreasing the number of choices. 186) = 7. We did not find a main effect related to the display condition (booklet versus table). a very vulnerable group. We found two significant interaction effects.01 in both cases). low-knowledge individuals are overwhelmed regardless of the number of choices.19. 4.AGNEW AND SZYKMAN Table 7. As expected. Very Uncertain to Very Certain) How confused did you feel while performing the task? (Scale 1 to 7.4 Individuals with less than average knowledge were significantly more overwhelmed than those with above average knowledge. it did nothing. 5. and 0 for a non-default alloca- py o 64 . we found two significant main effects. 189) = 3.01).8007 Panel B. from strongly disagree to strongly agree) 1. To determine participants' perceptions of their ability to make good investment decisions. We found no statistical difference in experienced overload between the high choice and low choice conditions for these individuals.10) or how the information is displayed (F(1. Table 7 reports the questions and their reliability. they were asked about information overload and choice satisfaction. We also investigated reported feelings of satisfaction. They experienced statistically greater feelings of overload with more choices (p < 0. It was difficult to comprehend all of the information available to me. This task was stressful. High-knowledge individuals were more satisfied with their decisions than low-knowledge individuals (F(1. How satisfied are you with your allocation decision? (Scale 1 to 7. may be effective in reducing information overload. High-knowledge individuals who were given the table format were significantly less overloaded than low-knowledge individuals who were given either format (p < 0. Scale 1 to 7. 4. p < 0. individuals presented with more choices experienced greater overload (F(1. 2. reports the means. p < 0. Results Panel A of Table 8 reports the cell means for the overload measure. However. Satisfaction Measure 1. 3.71.11. Very Unlikely to Very Likely) Standardized item alpha 0. I found this decision to be overwhelming. there was a significant difference in measured overload between the two knowledge categories (F(1. 7. Very Confused to Not at all Confused) How likely is it that you did not make the best allocation decision? (Reverse scored. 3. 2. Standardized item alpha 0. p < 0. Focusing on the actual asset allocation. 189) = 6. we also asked about confidence in their choices and the perceived quality of their decisions. Using a three-factor analysis of variance. Table 8.5 This is an important finding because it indicates that changes in plan design.10). Very Unlikely to Very Likely) How likely is it that some of the funds that you did not choose would be equal to or better than the ones that you did select? (Reverse scored. For low-knowledge participants. p < 0. Panel B. There were too many different options to consider.01). we coded an indicator variable that was equal to 1 if the participant chose the default option. Composition of Overload and Satisfaction Measures Panel A. 186) = 2. This is confirmed statistically with Scheffe multiple-comparison tests.10). Figure 1 shows the results graphically. Scale 1 to 7. 6. p < 0.11. Individuals who received the table format were also more satisfied with their decision (F(1. In addition. This supports the hypothesis that participants will begin to experience information overload as the number of alternatives increases. the number of choices does have an impact on the reported overload of high-knowledge individuals. In the leftmost graph. It was a relief to make a decision. In this case.01 in both cases). there were only two significant main effects and no interactions. D o N tC o Interestingly.05). This was a difficult decision.7244 Once the participants made their allocation decisions. Overload Measure (on a scale of 1 to 6. we found no differences in the overload measure of the high-knowledge participants in the booklet condition and the low-knowledge participants in either format.54. Another striking result is that high-knowledge individuals with few investment options are significantly less overloaded than low-knowledge participants in either context (p < 0. it only helped those with above average knowledge.01) depends on their relative knowledge.
05*** (108) 20.22 ( 18) 19.12 (26) 0.10 (30) 19. The number of participants in each cell is in parentheses.15 (46) 0.93** (97) Booklet High Number of Choices 25.04 (26) 0.02*** ( 89) Low Number of Choices 0.96 (26) 26.12 (95) Knowledge Type Mean 0.19* (94) Knowledge Type Mean 19.56 (93) 24.06 ( 54) 20.09 (22) 23.31 ( 32) 0. Mean of Overload Measure Table Low Number of Choices Low Knowledge High Knowledge All Display Type Mean 27.52 ( 46) 20.09 (23) 0.58* (103) Low Number of Choices Mean: High Number of Choices Mean: Panel C.06 (49) 20.12 (26) 25.13 (103) Low Number of Choices Mean: High Number of Choices Mean: D o N o tC py o Booklet High Number of Choices 0.88 (48) 19.07 ( 98) FIGURE 1 Experiment 1: Interaction Effects for Overload 65 .65 (23) 18.18 (22) 26. ** indicates significance at the 5% level.16 (25) 19.32** (97) 25.00 (18) 0.98*** ( 89) 20.06 (49) 0.35 (100) 19.71 (52) High Number of Choices 28.16 ( 32) 18.00 ( 22) 0.19 ( 54) High Number of Choices 0.78 (18) 25.Table 8.04 (23) 0.81*** ( 88) 24.17 (100) 0.72 (101) Low Number of Choices Mean: High Number of Choices Mean: Panel B.36 ( 22) 21.20*** (109) 0.52 (27) 22. and * indicates significance at the 10% level.25 (28) 0. *** indicates significance at the 1% level.47 ( 97) Booklet High Number of Choices 18. Mean of Satisfaction Measure Table Low Number of Choices Low Knowledge High Knowledge All Display Type Mean High Number of Choices Low Number of Choices 19.02 (45) 25.08 (49) 0.07 ( 28) 20.43 (23) 22.50 (26) 21.80 (49) Low Number of Choices 26.06 (48) Knowledge Type Mean 27. Mean of Default Measure Table Low Number of Choices Low Knowledge High Knowledge All Display Type Mean 0. Panel A.05*** (106) 22.83 (23) 23. Experiment 1: Cell Means The following tables present the cell means for the display experiment.
High-knowledge individuals showed an increase in the mean default rate when the number of choices increased. There we no other significant main effects.. the difference in default means is not significant. Turning to the actual asset allocation decision. we expect low-knowledge individuals to be influenced the most. the difference is significant (p < 0. Because these participants reported feeling overwhelmed. We did find significant interaction between knowledge and the number of choices (F(1. we expected the same insignificant difference in default to exist. According to the Scheffe multiple-comparison tests. they first decide how much they will allocate to money market funds. compared to 2% of the high-knowledge individuals (F(1. On the other hand. we limit ourselves to those individuals who invested in at least one money market fund. and assuming everything else equal. They were also more satisfied with their decisions. low-knowledge participants were less likely to choose the default often when given more choices. they may be using another heuristic that has not been captured here. Given that these individuals experienced an insignificant difference in overload. Low-knowledge individuals did not experience any reduction in information overload from changing the number of options offered or the display type. To investigate this. We designed the default option so there was no clear reason for an individual to choose it over other money markets.e. p < 0.41. because we saw earlier that these individuals experienced significantly greater overload when the number of choices increased. Our hypothesis is that the default still has an influence on investment choices even when participants do not choose to allocate their entire investment to it. and py o . We do this because we assume that when individuals make their portfolio decisions. This result is inconclusive. and requires further investigation. However. historical returns and seven-day yield). Panel C. As the number of choices increased. However. To examine further. The default option was not the dominant fund based on the reported performance statistics (i. significantly fewer high-knowledge individuals chose the default option compared to their low-knowledge counterparts. there was a significant difference between default means and the number of choices for low-knowledge individuals. This was expected. reducing the 66 number of options did reduce information overload for high-knowledge individuals.01). However. Contrary to our expectations.05). p < 0. The cell means of this variable equate to the percentage of individuals in each cell that opted for the default. we looked more closely at the sample of individuals in the high choice context who chose not to allocate 100% of their money to the default option. low-knowledge individuals invested less in the default option.05) (see Figure 2).04. The results are reported in Table 8.AGNEW AND SZYKMAN FIGURE 2 Experiment 1: Interaction Effects for Default tion. Once again. our results suggest that knowledge has a strong mediating effect. and then select the fund from their available choices. In particular. we would expect the default option to be chosen more often in the overall portfolios. we expected that they would "shut down" their decision making through choosing the default. If this is true. D o N tC o Discussion Taken together. however. the influence of knowledge is significant. 20% of the low-knowledge individuals chose the default option. 190) = 6. 190) = 14.
information.67.01). twenty out of forty-three individuals chose to invest in our default fund. Participants were also more satisfied with their decisions when given more distinct choices (F(1. Again. if similarity is not a significant factor in this extreme case. which was dominant in terms of historical returns and yield. fifteen blended funds. dors offer similar funds. We find no significant interaction effects. and this role may be greater for low-knowledge individuals. This is admittedly extreme. We gave these participants the same information about investment options as in experiment 1. p < 0. the numbers of low-knowledge and high-knowledge individuals investing in each money market fund were equal. p < 0. However.05).7 Results As in the first experiment.01). High-knowledge individuals appear to choose the default option more frequently when more funds are offered and when the funds are more similar. All the investment information was presented in the low search cost table format. Specifically. While the similarity of the options did not contribute to reported feelings of overload. even when multiple ven- D o N tC o py o Discussion Relative investor knowledge played a key role in reported overload. Number of Options. Experiment 2: Similarity. While these results cannot be tested for statistical significance. all the money market funds reported the same expense ratio. and knowledge (F(1. 190) = 13. This is an interesting area for future research. We again manipulated the similarity of the options offered. we can conclude it will not be a factor in less extreme and more realistic cases. p < 0. 67 . fifteen growth funds. and fifteen value funds. 187) = 13. p < 0. as well as the number of options (six or sixty). As in experiment 1. with comparable investment strategies and similar performance. and Knowledge Experiment 2 used a 2 (similarity) × 2 (number of choices) × 2 (knowledge) between-subjects design.80. Finally. The lack of predictability in their investment choices may be a result of their high level of overload. When the number of choices is large. five were bond funds. and fifty were equity funds.69. it is unlikely this many index funds would be offered. they suggest that the default option may play a larger role than we expect in allocation decisions. we found no significant interaction effects. we also found a three-way interaction between similarity. As in experiment 1. increasing their similarity does increase the number of participants who choose the default.01). which supports our results from experiment 1. Table 9 reports the cell means.ASSET ALLOCATION AND INFORMATION OVERLOAD did not offer any fee advantage. Satisfaction remains statistically higher for high-knowledge individuals (F(1. p < 0. In contrast. This is twice the number that invested in the second most popular fund. Interestingly.01). the high information/high similarity option included the same number of fund choices but only one money market fund and one bond index fund. the high information/low similarity condition included sixty fund options. p < 0.34. satisfaction.000 in retirement savings among several asset choices or to a default option. In addition. and whether an individual chose the default option. and fewer choices (F(1.05). Finally. we find that information overload is significantly higher for low-knowledge individuals (F(1. The reaction of the low-knowledge individuals to the number of choices depends on similarity. The distinct options were the same as those offered in experiment 1.6 For example. This supports the notion that people become more overloaded as they find it harder to differentiate among the alternatives. p < 0. Participants were given options that were either highly similar or very distinct. we broke down the individuals by knowledge.54. similar options were found by choosing funds listed under the same Morningstar category. 192) = 19.93. we eliminated the role primacy and recency effects could play by listing the default option fourth (out of five possible choices) on the allocation form.57. of which five were money market funds. increasing their similarity has the opposite effect. In most cases. 187) = 9.01). However. Using a three-factor analysis of variance. Once again. high-knowledge participants chose the default option less often (F(1. the investment patterns of low-knowledge individuals were unusual and unexpected. it did have some influence on satisfaction and asset allocation. However. In fact. 190) = 37. when the number of choices is small. it was only in the case of the default fund that the number of low-knowledge individuals was much greater (thirteen versus seven individuals). The fifty equity funds included five different equity index funds. knowledge plays a large role in individual level of overload and decision satisfaction. Figure 3 gives the results. This again highlights how important investor knowledge is to investment decisions. Despite the design. individuals were asked to allocate $1. 187) = 6. 192) = 4. information overload increases with the number of choices offered (F(1. The remaining fifty-eight were equity index funds.
13 (103) Low Number of Choices Mean: High Number of Choices Mean: o D N o tC py o High Similarity High Number of Choices 0.97*** (100) 25.Table 9. and * indicates significance at the 10% level.46 (24) 20.00 ( 22) 0.25*** (100) 0.06 (54) 20.80 (49) High Similarity Low Number of Choices 24.35** (99) 18.94*** ( 98) High Number of Choices 29.04*** (100) Low Number of Choices 0.83 (24) 22.71 (21) 19. Mean of Overload Measure Low Similarity Low Number of Choices Low Knowledge High Knowledge All Similarity Mean: 27.09 (23) 0.06 (49) 20. Mean of Satisfaction Measure Low Similarity Low Number of Choices Low Knowledge High Knowledge All Similarity Mean: High Number of Choices High Similarity Low Number of Choices 18.72 (101) Low Number of Choices Mean: High Number of Choices Mean: Panel B.07 (28) 0.50 (26) 21.10 ( 30) 19.36 (22) 21.13 (48) 0.51 (45) 18.42*** (99) 20.89 (28) 26.04 (24) 0.38 (21) 0.14 (97) 22.04 (26) 0.20 (49) 0. Mean of Default Measure Low Similarity Low Number of Choices Low Knowledge High Knowledge All Similarity Mean: 0.12 (26) 25.58*** (103) Low Number of Choices Mean: High Number of Choices Mean: Panel C.31 ( 32) 0.19 ( 54) High Number of Choices 0.09 ( 22) 23.16 (32) 18.16 (97) Knowledge Type Mean: 0.76** (96) High Number of Choices 15.74 (27) 17.43*** (92) 20.60 (20) 18.28*** ( 98) 21.75*** (96) 20.16 (102) 0.00 (21) 23.50 (24) 19. The number of participants in each cell is in parentheses.40 (47) Knowledge Type Mean: 18.83 (23) 23.43 (23) 22.66*** (100) 24. Panel A.71 ( 52) High Number of Choices 28.21 (24) 0.17 (48) 24.08 (49) Knowledge Type Mean: 27.13 ( 98) FIGURE 3 Experiment 2: Interaction Effects for Default 68 .06 (49) 0. *** indicates significance at the 1% level. ** indicates significance at the 5% level. Experiment 2: Cell Means The following tables present the cell means for the display experiment.
Thus. but you can't make him drink..ASSET ALLOCATION AND INFORMATION OVERLOAD Conclusions This study contributes to the literature on retirement plan design by examining three common differences among defined contribution plans that can lead to varying degrees of overload and satisfaction: 1) investment information display. 69 . but this will be unrealistic for most people. and 3) the similarity of those choices. there will most likely be a subset of participants who will feel more comfortable choosing the default option. e. which confirms previous research that plan design is important. particularly plan defaults. 2) the number of investment choices. The authors are grateful for the financial support. In closing. If individuals do not realize they need assistance. Our results also show that knowledge plays a large role in who chooses the default. although whether this would ultimately reduce feelings of overload when making financial decisions remains to be tested. increasing financial education efforts may promote more active choice. Our findings also suggest that individuals with below-average knowledge may find the investment decision overwhelming regardless of the plan features. and more research into new and innovative methods is needed." Research into the success of financial education efforts is limited. "You can lead a horse to water. [2003]). low-income. plan sponsors may also want to consider improving financial education. Alan Greenspan [2002] said "education can play a critical role by equipping consumers with the knowledge required to make wise decisions when choosing among the myriad of financial products and providers. More research is needed into how to design plans that promote sound decision making. we must bear in mind the old adage. Altering the plan by offering investment information in a more easily comparable format or by reducing the choices offered did not attenuate low-knowledge individuals' feelings of overload." Despite all efforts. Their only opportunity to secure their retirement would be to make investment decisions that result in above-average returns. which is exactly what investment in a conservative default vehicle will not do. The results of this paper support the move away from offering "one-size-fits-all" defaults. and how to effectively educate individuals about finance. Furthermore. The opinions and conclusions are solely those of the authors and should not be construed as representing the opinions or policy of SSA or any agency of the Federal Government or the CRR. Services such as Financial Engines© or those offering personal financial planners to participants are already available in some 401(k) plans. how to improve the presentation and ease of use of investment information. plan sponsors must realize that printed educational material may be ineffective. This knowledge factor is pivotal to our findings. According to this study. The importance of financial education is not new to policymakers. but also be aware that individuals who need the education the most often have the weakest perception of their own relative knowledge. investment decisions are even more critical for this group. We found that changes to plan design can help some individuals. versus 2% of the high-knowledge individ- D o N tC o uals. The Employee Benefit Research Institute (EBRI [2003]) found that most older. Similarly.S. but shows some promise (see. in addition to improving plan design. The authors thank Megan Clark for her invaluable research assistance. These features can also influence the probability that participants will choose the default option. the lack of financial knowledge in our sample raises general concerns about the public's ability to effectively manage their retirement accounts. plans sponsors must focus on plan design. the ratio was 20% of the low-knowledge participants. Our results show that sponsors must not only devise successful educational programs for participants. some demographic groups can salvage their retirement savings by increasing savings today.g. they may not pursue opportunities to get it. Thus. This concern is compounded by the fact that new evidence suggests that the individuals who tested the lowest on our financial exam are the same types of individuals who are not saving enough for retirement. The results were even more striking in experiment 2. The often conservative nature of common default investments may mean that individuals invested in these assets will have inadequate retirement savings. However. which found 25% versus 4%. In experiment 1. It is daunting for plan sponsors to attempt to educate the most vulnerable participants. Social Security Administration (SSA) to the Center for Retirement Research at Boston College (CRR). As a result. We find that low-knowledge individuals choose the default allocation more often than high-knowledge individuals. single women will not have sufficient retirement savings to cover basic expenditures and healthcare needs. One of the most important aspects of this study is the incorporation of each individual's relative level of financial knowledge into the analysis. py o Acknowledgments The research reported here was performed pursuant to a grant from the U. Those with above-average financial knowledge reported significantly less overload when given fewer investment choices. Clark et al. So what can a plan sponsor do? One option is for plan sponsors to offer assistance to participants. because even in our small sample we had several participants who had difficulty reading the survey.
M. and S.R. 234–248. (1996). Alan. 78." Journal of Political Economy.T. 17. 213–255." Journal of Consumer Research.. P. salary may be proxying for financial knowledge. February 6. individuals answered the following question: "How do you rate your knowledge of retirement investments relative to other people?" Individuals answered using a scale from 1 (much less knowledge) to 10 (a great deal more knowledge). K. p < 0. we report the F statistic estimated from the ANOVA analysis related to the variable being discussed. 21. W. Levy. 4. May 30–31. 66. 2003. B. "Save More Tomorrow: Using Behavioral Economics to Increase Employee Savings. (1974).ebri.. January 2003.. Ippolito. and Assets: Update. Munnell. (1980). pp. and C. 2002. Choi. Financial Education. 76. (2002). 2002. and A. Luce. (1985). Clark.54 for the knowledge variable. pp. Memory. and D. pp. "Adaptive Strategy Selection in Decision Making. Benartzi. "Bargain Hunting or Star Gazing? Investors' Preferences for Stock Mutual Funds. In this case. pp.." RAND Journal of Economics. 13. Bettman. In this example. pp. "Sex Differences. 67–113.. pp. The Wharton School. Sawant. J. "Reforming Social Security: Lessons From Abroad. Stigler. Moorman. Metrick.. and A. 7. Iyengar. pp. 116." Economic Letters. Laibson. Metrick. "Private Pension Plans. S. 76." Working paper 2003–10. J. (1961). Nelson. and A. Harvard University. M. 1149–1165. Diet. 3. 89–105. 2003. which in this case is less than 0. For example. Thaler. Choi. P. While this strategy can result in a well-diversified portfolio." Conference Proceedings from Retirement Research Consortium's Fourth Annual Conference. "Information. Moorman. Bettman. 3. Tax Policy and the Economy. Knowledge and Behavior. (2004). 4. pp. 56. S. and C.. Madrian. (1994). Ippolito. Benartzi. pp. P. 1747–1764. Gilkeson. Pension Research Council. "The Impact of Health Claims on Consumer Search and Product Evaluation Outcomes: Results from FDA Experimental Data. pp. U. 16. P. B.org/facts/ 0103fact. and E. and the Path of Least Resistance. 28–44. 6." Quarterly Journal of Economics. 79–98. pp. and Cognition. 459–480. Huberman." Journal of Public Policy and Marketing." Journal of Political Economy. "Defined Contribution Pensions: Plan Rules. "Information." Journal of Political Economy. C. "Information and Consumer Behavior.. Benartzi. "Advertising as Information." American Economic Review. (2001). "Prepared Statement. D.R. 2003. and A. Senate Committee on Banking. 2. Pretests were done to determine the number of funds that were considered "low" and "high. P. The College of William and Mary. (2001/2002).. Muller. 3. A. py o 70 . pp. and K. "The Economics of Information. 151–159. "Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock.10. Madrian. "Active Decisions: A Natural Experiment in Savings. Metrick. J." Journal of Finance.." Working paper. Lepper. Mathios. Policy.D. We use their answers as a measure of how much they think they know. "Gender Differences in Revealed Risk Taking: Evidence from Mutual Fund Investors. 64–76. (1990)." Hearings on the State of Financial Literacy and Education in America. Wilcox." Eighth Defined Contribution Survey. pp. S. J. S. Jiang. "For Better or For Worse: Default Effects and 401(k) Savings Behavior." Organizational Behavior and Human Decision Processes. "Inefficient Choices in 401(k) Plans: Evidence from Individual Level Data. Payne. pp." Journal of Political Economy. J.W. d'Ambrosio. 2. R. pp. J. Degrees of freedom are reported in parentheses.W. and R. Housing and Urban Affairs. "When Choice is Demotivating: Can One Desire Too Much of a Good Thing?" Journal of Personality and Social Psychology. R.H.D. 7." Journal of Business. S164-S187. Payne. pp. the F statistic is 20. Shea. 76. and M. pp.." Journal of Public Policy and Marketing. 22. J." Journal of Consumer Research. (2001).. T.. Laibson. Mathios. and the Sources of Fat and Cholesterol in the U." Working paper. (2001). ed. pp. Perspectives in the Economics of Aging." In David Wise. 64. D." From http://www. McDermed. John Hancock Financial Services. Madrian." Journal of Public Policy and Marketing.F. (1990). 2003. responses for the low similarity cells were taken from the responses of participants in experiment 1's table format cells.01. participants following the 1/n heuristic opt to divide their contribution allocations evenly among the fund options offered.S. Roe. Poterba. 15. and G. MA: MIT Press. Nelson. "What Determines 401(k) Participation and Contributions?" Social Security Bulletin. Dwyer. "How Much Choice is Too Much? Contributions to 401(k) Retirement Plans. (2002). References Agnew. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior.htm Greenspan. Madrian. 5. Cambridge. Participant Decisions.S. (1999). Bettman. The p-values reported in all the discussions of the interaction variables are based on the Scheffe-adjusted significance levels. "Insight into Participant Investment..S. "Effects of Prior Knowledge and Experience and Phase of the Choice Process on Consumer Decision Processes: A Protocol Analysis. Iyengar..R. 2. Johnson.. "A Quasi Experiment to Assess the Consumer and Informational Determinants of Nutrition Information Processing Activities: The Case of the Nutrition Labeling and Education Act. 91. Sunden. Agnew [2003] finds that those with relatively low salaries are most likely to follow the 1/n heuristic. J. pp. 83. pp." Working paper. and B. The Wharton School. 534–552. (2003). A." In James M. R. Derby. 200–217. Choi. 131–152. 69. and Retirement Goals. Taylor. Weaver.01 indicates the significance level is less than 0. and M..J.. 1. Thaler. 143–157. 1. J. 362–374. 645–655. A. (1988)." Consistent with the marketing literature. (1970). pp. and A. Advertising and Health Choice: A Study of the Cereal Market.AGNEW AND SZYKMAN Notes 1. 995–1006. A. C. We confirmed similarity between funds through pretests. "When Time is Money: Decision Behavior under Opportunity-Cost Time Pressure. 18. "Structural Information Factors which Stimulate the Use of Nutrition Information: A Field Experiment. (2000). J. "The Effects of Stimulus and Consumer Characteristics on the Utilization of Nutrition Information. Pension Research Council. Benartzi and Thaler [2001] have shown it can also lead to large ex ante welfare losses. 2004. Whan Park. 14. Participation. Laibson. 3. During the experiment. Chicago: University of Chicago Press." Journal of Marketing Research. B. B. ed. In this experiment. 2. and J. D o N tC o EBRI Online. (1996). 311–329.. 112." Journal of Experimental Psychology: Learning. G. B. 4. D. 2002. 5. 729–754. "Naive Diversification Strategies in Retirement Saving Plans. List.
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text: The hotel itself is good located and the food and entertainment was very good. The beach was a little walk away and many grocery shops nearby. All in all a good stay, but some of the staff were not welcoming or friendly. Not all of course! Some of them tended to sigh and speak to their coworkers in bulgarian right... More


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Mike Mettalia & Midnight Shift
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Snowman Holding Trees Christmas Ornament
Personalized Christmas Ornament
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This special tin snowman ornament comes to you all the way from Denmark! Wearing a top hat and black boots, this painted snowman holds two tree ornaments in his hands with curly red hooks that they hang from. A personalized snowman ornament is good for anyone who appreciates a winter wonderland and loves these ice cold friends made of snow.
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Fair ~
Excessive Heat Warning
Saturday, July 23, 2016
Wasmer Post #241 hosts students at Plymouth County Veterans Memorial Park in Le Mars
November 10, 2011
LCS eighth grade civics class students listen as a member of Wasmer Post #241 of the American Legion in Le Mars, guides a tour of the Plymouth County Veterans Memorial Park. Legion members host the tours for students of Middle School Social Studies teacher Mark Vonnahme who were at the park on the day before Veterans Day. Students are not in class Nov. 11.
Many makes and models fill downtown streets for Cruiser night (07/21/16)
Remsen Youth & Recreation Little League Baseball & Softball Summer 2016 (07/21/16)
Children create with LEGOS at the Library (07/14/16)
Magical wonders amaze at Third Summer Reading Program (07/07/16)
Remsen-Union Kindergarten Graduation 2015-2016 (06/30/16)
Children's Pedal Tractor Pull Winners (06/30/16)
Glowing results for first-ever GLOW Walk (06/30/16)
Kids Days Event offers Carnival fun for all (06/30/16)


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Interest Japan's Favorite Anime Idols Join Hatsune Miku at Sapporo Snow Festival
posted on 2016-01-08 17:45 EST by Lynzee Loveridge
The official website for Snow Miku 2016 announced an official collaboration with the Love Live! anime's idol group μ's. There isn't any joint concerts announced yet, and so far the organizers only promise a snow sculpture of the top-selling idols. Miku will have her own sculpture in her sporty, owl-themed design.
A sculpture featuring Umi, Honoka, and Kotori was shown at last year's event. The girls seem to be modeled after their Nendoroid versions.
A special illustration was also drawn up to commemorate the event.
Keep your eyes peeled for future Snow Miku x μ's announcements before the festival kicks off on February 5.
[Via Hachima Kikō]
discuss this in the forum (1 post) |
The List - Six Anime Trips to New York City
NYC is no stranger to the big screen, but why should Hollywood have all the fun? Here are six anime that'll take you on a tour of the Big Apple! ― You don't have to make your bed in the city that never sleeps to know a lot about New York City. The Big Apple has been featured in so many movies and TV shows from blockbusters to indies that many of its landmarks are now international iconography. So it...
The Asterisk War GN 1
The Asterisk War's manga adaptation makes a perfectly serviceable debut, even if this magic high school adventure is nothing unique. Rebecca Silverman takes a look. ― If you've ever read or watched a Magic High School story before, you'll immediately be able to draw parallels to The Asterisk War. That's not because the manga adaptation of Yuu Miyazaki's light novel series isn't good, but rather becau...
ANNCast - Berserk du Soleil
ANN reviewer Sam Leach joins Zac and Jacob on a blood-soaked journey through the first few episodes of Berserk, along with Danganronpa discussion and much more! ― ANNCast Episode 266: Berserk du Soleil ANN reviewer Sam Leach joins Zac and Jacob on a blood-soaked journey through the first few episodes of Berserk, along with Danganronpa discussion and much more! You can listen to the show on our playe...
Interview: Shoji Kawamori
Whe Shoji Kawamori gets creative, the results can be spectacular - and controversial! The visionary creator of Macross discusses his brand new, completely original sci-fi anime due out in 2017. ― Shoji Kawamori scarcely needs an introduction – as the father of the hallowed Macross franchise and a legend in the field, Kawamori has racked up hits both critical and commercial throughout his entire block...
Kagerou Daze Novel 4
Kagerou Daze is slowly improving as a series, but it continues to suffer from less than stellar writing and unlikable characters. Rebecca Silverman breaks down this twisted story. ― Kagerou Daze has the dubious distinction of being one of the most difficult light novels currently being published in English to follow. In part, this is due to the dense language of the first two books, although that tha...
The X Button - Signing Off
It's the final X Button, and Todd retires the column with a rundown of his lesser-known favorites! Plus Sonic Mania, Lady Layton, and Nintendo rumors! ― Here it is, readers: the last installment of The X Button. Next month will see another video-game column take its place, with the talented Dustin Bailey (that's Dustin, not Justin) at its helm. I thought hard about how best to close this little attr...
Liselotte & Witch's Forest GN 1
This fantasy romance from Fruits Basket creator Natsuki Takaya weaves a magical blend of sweetness and melancholy, but can it stand apart from her previous work? Rebecca Silverman takes a look. ― Despite several of her other works being translated and released in English, Natsuki Takaya remains best known for her series Fruits Basket, whose light fantasy premise hid surprising emotional depths. Lisel...
Answerman - Why Aren't Anime/Manga Sales Numbers Public?
Every month we see anime and manga sales charts from Japan, but there's no equivalent in the US - how come we never see sales info anywhere else? Justin gets into it. ― "Oshino Hunter" asks: In Japan exact sales numbers are given for all anime and manga, but in America, we get NO stats on anime sales, and only what has sold better than others for manga. Why is this? Even in Japan, publishers do not ...
Interview: The Cast and Crew of My Hero Academia
The incredible creative talent behind this spring's smash hit My Hero Academia - Director Kenji Nagasaki, producer Wakana Okamura and voice actors Justin Briner and Chris Sabat - go in-depth! ― At Anime Expo this year, we had the opportunity to sit down with the Japanese crew and English cast of My Hero Academia. Director Kenji Nagasaki, producer Wakana Okamura, the voice of Midoriya Justin Briner, a...
Kuromukuro Episodes 1-13 Streaming
This Netflix-licensed spring season anime is finally available for streaming! Was this mecha adventure worth the wait? Theron Martin takes a look. ― We've seen anime about a person from the present being catapulted into the future to become an ace mecha pilot before (see Buddy Complex, among possibly others), but a person from the past coming to the present instead? That's certainly a new twist. It's...


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Owners of WordPress to sue Straight Pride UK for abuse of copyright laws
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Comments on this article are now closed.
Reader comments
Christian Concern, C4M, Anglican Mainstream and CORE Issues should pay particular attention.
Seeing as the Gay Olympics were not allowed to call themselves that…
This is VERY satisfying after having had clashes with this person on twitter… Claiming to be a gay man standing up for the rights of straight people! He claimed he CHOSE to be gay. Yeah right! Said it was peer pressure. He'd never elaborate on why he chose and all he did was tweet a load of nonsense about how "hard done by" straight people were . Looks like he finally got his comeuppance
What a thoroughly confusingly written article…
Hard to follow who sued who for what and who was the victim…
Please amend, Pink News
This was a confusing piece indeed. There should be more background on this… allow me.
WordPress (for those who don't know) is both a self-hosted platform (that you can install on your own server and domain) and a free blogging network. I believe the journalist was operating on the WordPress network and published an interview with Straight Pride UK in which they showed extreme homophobia.
SPUK then abused the DMCA system to force WordPress to remove the truthful article, claiming it breached copyright laws. It really didn't, but few people ever have the chance to fight such a claim.
There is currently little anyone can do to fight a DMCA request, you risk costly legal action if you attempt to defend yourself, you can lose your site, your work, and thousands in hosting costs.
WordPress is now taking up this case to defend the journalist and is suing SPUK for abusing the DMCA system and making a false allegation which resulted in censorship of a genuine journalistic piece.
Thanks, BlokeToys. Now I understand. Any chance PN could give you a job, instead of the airhead who wrote this screed?
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The Nelson mail has listed their "Top 5" luxury escapes in the region, and Owen River Lodge was one of those ! http://www.stuff.co.nz/travel/themes/luxury/75510688/Five-of-the-best-luxury-accommodation-in-Nelson Read more
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ORLANDO—CNL Commercial Real Estate is throwing down the industrial gauntlet in Florida. The firm just hired industrial commercial real estate veteran Justin Ruby to help grown its platform in the Sunshine State.
Ruby brings 13 years of commercial real estate experience to CNL's table. He recently relocated from Houston to Orlando to lead the firm's industrial charge.
"We are thrilled that somebody of Justin's talent was drawn to the CNL Commercial Real Estate platform," says Paul Ellis, group president of CNL Commercial. "In addition to his strong background in real estate, he is a great cultural fit to partner with Moses to build out our industrial platform."
Ruby will partner with industry expert, Moses Salcido, who joined the firm last year. Together, the duo will be the forefront for one of CNL Commercial's newest industrial clients, L&B Realty Advisors.
The L&B portfolio includes four institutional quality, cross-dock industrial buildings totaling 947,122 square feet located in Orlando Central Park, the city's prime industrial corridor. Ruby will head up leasing efforts on the remaining space available.
Before joining CNL, Ruby was vice president at Verde Realty, managing its 2.5 million-square-foot industrial and 20,000-acre land portfolio in the Southwest. Originally from Orlando, he started his real estate career with Centex Destination Properties. Throughout his career, Ruby has closed over $435 million in real estate transactions and leased more than 2 million square feet.


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The opening of the Republican National Convention in Tampa, Florida has been delayed due to Hurricane Isaac. The now three-day convention will start Tuesday and will still feature all of the major scheduled speeches. Mitt Romney is expected to receive the GOP presidential nomination, but 32 of Minnesota's 40 RNC delegates have been supporting Ron Paul. State delegation chair Marianne Stebbins says they hope to influence other delegates with their message, and to let the Republican Party know the liberty movement will be here for a long time to come. Stebbins has pledged to vote for the eventual Republican nominee while other Paul supporters from Minnesota have not. Romney stopped in the Lake Minnetonka area last Thursday and raised one-million dollars at a pair of private fundraisers.
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My Monster Rancher Answers for iPhone - iPadHome / iPhone - iPad /
Game Questions & Answers (Q&A) service lets you ask questions about video games for game consoles or PC games. So ask your My Monster Rancher question for iPhone - iPad and get answers from real gamers or answer questions and share your insights and experience with the rest of the gaming community.
- Developer: Mobage, Inc.
- Publisher: Mobage, Inc.
- Genre: Role-Playing
- Release: Jul 10, 2012
- ESRB: Not Set
Question & Answers
Levels problem when combine
I have a porblem when i combine my monster(lvl 15/16) with neighbours (20/21) the results always is level 12 monster. What's the problem? anyone can help me? This make me confuse. i cannot reach higher level for my monster.
Answer from: mikey
To combine with your neighbors is an option so you can create variety faster to expand possibilities. To gain levels fastest you must combine 2 of your own animals otherwisw everyone would piggyback off everyone else's hard work.
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Nov 2
https://www.facebook.com/events/470798816360750/ The NewSonic Party Returns to Brooklyn Saturday November 2 at the Greenpoint Gallery! This time we're bringing back our notorious Halloween Party, always one the wildest nights of the year. Once again2 Floors of Live Music, DJs, Visuals, Art. Costumes. It's going to be a ball! APOLLO HEIGHTS || CLEMENTINE & THE GALAXY || UNICORN SMACK || TALIBAM! || NUTRITIOUS || LENGUA DIVINA || KALEN || COMANDANTE ZERO We're very pleased to announce that we'll joined live by the iconic genre defying indie-psych-soul band Apollo Heights! Fronted by twin brothers Danny and Daniel Chavis, they've worked with Mos Def, TV on the Radio, Robin Guthrie of The Cocteau Twins and countless others. They performed at our NewSonic Festival in 2011 and it was electric, very excited to have them back! Also joining us is the great Clementine and the Galaxy, a synth-driven art-pop band fronted by the lovely vocals Julie Hardy (St. Vincent) and the spot-on guitar and production of Mike MacAllister. Check out the awesome sci-fi video for their single "Robot", also included on our Newsonic Compilation! http://youtu.be/YEb8f5WZ8DM From Burning Man to Brooklyn, Unicorn Smack is the ultimate electro-party band with booty-shaking dance anthems and a wild stage show. Halloween wouldn't be the same without a dose of the Unicorn Smack!!!! http://youtu.be/h_iJIn-UDmM Talibam! is a free-jazz/hip-hop/noise duo with Matt Mottel on keys and vocals and Kevin Shea on drums and vocals. "New York duo Talibam! might be remembered in a variety of ways: as a classic keys/drums free jazz duo, as obnoxious Dadaist provocateurs with an uncanny sense of musical history, as members of the D.I.Y. Brooklyn underground." - MTV.com One of NYC's top DJs, Nutritious spins an infectious blend of house, funk, soul, and groove that gets the dance floor shaking. Lengua Divina is a tribal-psych-jam experience and portal to alternate dimensions. With Luba Evans - vocals, lyrics, harmonium, hand drums, guitar, Myztico Campo- interdimensional guitar, vocals, lyrics, doumbek, loops, Ron Ortenberg - djembe & flute, Dawoud Kringle - sitar, dilruba, electronics, Rick Rivera - bass, hand drums, loops, AJ Sphinx - Djembe, Doumbek Kalen is a multi-talented singer-songwriter and keyboardist whose music explores rock, jazz, soul, and pop. She's featured on the NewSonic Volume 1 compilation with the fantastic dance track "That's Just Me" produced by Dynasty Electric. Comandante Zero is a drum-bass-electronics duo that lights up the dance floor with an infectious blend of electro, disco, funk, and rock. Stay tuned as we unveil the full lineup :) Looking forward to seeing you all Love Love Love
Feb 26
Feb 14
Dec 8
Nov 2
Label: Do it yo Damn self
Manager: Marie Nakao
Bio: Rising from the ashes of the seminal Chapel Hill rock group The Veldt (Polyvinyl, Capitol), Danny and identical twin brother Daniel Chavis formed Apollo Heights in New York City's Lower East Side in 2002. With nothing more than couple of guitars and a drum machine, they took their sonic alchemy a...See Full Bio


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* Santana Moss'17-yard touchdown from Jason Campbell in the fourth quarter marked the sixth straight contest, including playoffs, in which he has caught a touchdown, tying a Redskins record held by Bobby Mitchell, who did it in 1964. It is the second-longest streak of Moss's career behind the seven straight games he did it from Oct. 12-Nov. 23, 2003.
* The Redskins held the Cardinals to 17 points on Sunday, ending a streak of 10 consecutive games in which Arizona had scored at least 20 points, the longest in the league.
* Clinton Portis' three-yard rushing touchdown on the game's opening drive was the 38th of his Redskins career, tying Terry Allen for third all-time in franchise history, trailing only John Riggins (79) and Stephen Davis (45).
* The Redskins scored a touchdown on their opening drive for the first time since Nov. 18, 2007, a span of eight games without a touchdown on the opening drive.
* Redskins quarterback Jason Campbell completed his first eight passes on the afternoon and his final eight last Sunday against New Orleans. That streak of 16 straight completions in the second-longest in Redskins history, passing the 15 consecutive completions Brad Johnson compiled on Oct. 31 and Nov. 7, 1999. Mark Brunell's 22 straight completions against Houston on Sept. 24, 2006 is the franchise record.
* Rocky McIntosh's forced fumble of Edgerrin James at the end of the first quarter marked the second consecutive week that McIntosh caused a fumble.
* Carlos Rogers' recovery of Edgerrin James' fumble was the first of his career. Rogers' interception of Kurt Warner in the fourth quarter was his first since Oct. 7 of last year, which he returned 61 yards for a touchdown.
* Defensive tackle Kedric Golston's second-quarter sack of Kurt Warner gives him 2.5 in his career. It is his first since Sept. 23, 2007 against the New York Giants.
* Mike Sellers' return of the opening kickoff was his first return since Nov. 26, 2006 against Carolina.
* The Redskins are 2-0 at home for the first time since 2005, when they beat Chicago in the opener and Seattle in week three.
Game Notes: Redskins 24, Cardinals 17
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Lady Gaga Defends One Direction, Is A Hero
When One Direction won for best summer song, for Best Song Ever, it sounded like people were booing them (blasphemy!). The band was backstage afterward, where they ran into Gaga and she gave them a pep talk and overall was awesome.
3. And here she is talking to them backstage. Her speech to them starts at the 30-second mark:
Lady Gaga: I don't know what I heard out there, but if I did hear what I heard out there, I just want to tell you that you deserve every bit of success that you have. And don't you dare let those people boo you. And I put that booing in my own show because I wanted to make a comment about that, and it's so fu — I want to leave right now, I don't want to stay anymore. Because I don't want to be in a room where people will boo like that.
Louis Tomlinson: Ah well, fuck it, fuck it.
Lady Gaga: You deserve it. You deserve a lot. You deserve a lot.
And then they took a picture and Louis said he felt underdressed because if you notice, GAGA IS PRACTICALLY NAKED. And Zayn's face was priceless.
It was the best unseen moment of the VMAs except for this one.
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