A report by James Choi of the Yale School of Management and the National Bureau of Economic Research looked at how individuals make decisions in their workplace-sponsored defined contribution plans to gauge how they make economic decisions in general.

In his white paper, Contributions to Defined Contribution Pension Plans, Choi points out that the U.S. has moved away from defined benefit pension plans, which offer a guaranteed amount of money every month in retirement, to defined contribution plans, in which participants have more of a say about how their money is invested.

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