Oxford
OVERVIEW

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The Behavior and Investment research group studies behavioral aspects of investment and pension systems. Specifically, we investigate pension funds, their characteristics and governance structures, as well as the retirement savings decisions of individuals. The aim is to understand governance structures of pension funds, and the underlying behavioral flaws inherent in the long-term investment decision making by individuals.

The current pressure for public pension systems arising from demographic shifts, the ageing population, and climate change are of particular interest to our research group. Pension funds around the world are under immense pressure. The industry is observing a gradual shift from so-called defined-benefit (DB) to defined-contribution (DC) pension plans. This shift has important consequences for individuals who become more and more responsible for their own retirement saving. As investment decisions by individuals are influenced by certain behavioral biases, we aim at understanding these behavioral biases and provide advice on how individuals can overcome these biases.

Further current research areas deal with the pension plan choice of individuals; whether they rather tend to adopt DB versus DC schemes and whether pension plan participants seek advice when it comes to retirement savings decisions.

Our international research group provides outstanding quality research on these topics which are also highly relevant for institutional investors such as pension funds.