Behavioural Economics: Challenges to Policy Makers and Financial Institutions



Session 1: Timing Aspects in Finance

Astrid Hopfensitz, Michal Krawczyk, Frans van Winden* (University of Amsterdam),
'Investment, Resolution of Risk, and the Role of Affect'
Discussants: Federica Teppa (Erasmus University) , Pierre Lafourcade (DNB) 

Sumit Agarwal, John Driscoll* (Federal Reserve Board) , Xavier Gabaix and David Laibson,
'The age of reason: financial decisions over the lifecycle' 
Discussants: Peter Kooreman (Tilburg University), Peter Vlaar (DNB) 

Session 2: Economic Consequences of Behavior

Johannes Binswanger* ( Tilburg University ),
'Life-cycle decision making without backward induction: A model with feasibility goals'
Discussants: David Vestin (ECB), John Lewis (DNB) 
Hans-Martin von Gaudecker*(Free University Amsterdam), Arthur van Soest, and Erik Wengström, 
'Risk preferences in the small for a large population' 
Discussants: Maria Demertzis, DNB 

Session III: Behavioral Economics and the Use of Experiments

Stephan Meier* (Federal Reserve Bank, Boston) and Charles Sprenger, 
'Impatience and Credit Behaviour: Using Choice Experiments to Explain Borrowing and Defaulting'
Discussants: Jan Potters (Tilburg University), Gerbert Hebbink (DNB) 

Charles Noussair* (Tilburg University),
'The Impact of Simple Institutions in Experimental Economies with Poverty Traps'
Discussants: Astrid Hopfensitz (CISA - University of Geneva), Kerstin Bernoth (DNB) 

Session IV: Psychology and Decision Making

Maarten van Rooij* (De Nederlandsche Bank) and Federica Teppa ,
'Choice or No Choice: What Explains the Attractiveness of Default Options?'
Discussants: Marcello Bofondi (Banca d'Italia), Paul Sengmüller (Tilburg University)  

David Laibson* (Harvard University and NBER) ,
'The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States' Discussants: Hans-Martin Gaudecker (Free University Amsterdam), Henriëtte Prast (DNB) 

* indicates speaker