Employees, like all humans, are not always rational. Applying the lens of behavioral economics to understand why employees choose or dont choose particular voluntary benefits can help motivate employees to make benefit choices that appear appropriate when judged against other decisions they have made.
Behavioral economics offers an explanation for this deviation between predicted and actual take-up by imposing limits on the extent to which human beings are able to rationally process information, according to the authors of a recent survey (CRR WP 2015-16) published by the Center for Retirement Research.
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