This paper studies psychological biases in take-up of annuities, using an incentivized experiment with a probability-based sample (N = 3,038). Choosing an annuity was payoff-maximizing in the experime
Brown, Jeffrey R., Kapteyn, Arie, Luttmer, Erzo F. P., Mitchell, Olivia S., and Samek, Anya, (2021) “Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing.” Review of Economics