Data for: Assisted Savings for Retirement: An Experimental Analysis

Bohr, Holt, and Schubert: “Assisted Savings for Retirement: An Experimental Analysis” The 12 sessions for the main experiment are listed as AS_1, AS_2,…,AS_6 for the assisted savings treatment and PS_1, PS_2,…,PS_6 for the private savings treatment. These labels appear in the “label” column on the left of the file. Even though the “AS” and “PS” indicate the treatment, there is a separate column for the treatment as well. The “Vecon Lab Session Name” column refers to the name used for each session in the VeconLab database, which is for recordkeeping purposes only and can be ignored. The subjects in each session have ID labels 1.. 9, as shown in the “id” column, and the data for each session are sorted by round in the “round” column. The “market price” column shows the call market-clearing price that is the same for each person in a given round. As noted in the paper, if there were no trades and a bid-ask spread was defined, the price was determined to be the midpoint of that spread. In each round, each trader can make a bid characterized by a limit price and number of units, which are shown in the “bid price” and “bid quantity” columns. Similarly, offers to sell are shown in the “offer price” and “offer quantity” columns. The “fundamental value” column shows 28 in all periods for this flat value design. There are also columns for “quantity bought” “quantity sold” and “final share holdings” that list numbers of shares in these categories. The “cash” column shows the subject’s final cash position at the end of the round, after interest and dividends are paid and balances are adjusted for share purchases, share sales, and consumption expenditures. “Change in lab cash” refers to how much more cash holdings a subject has compared to the prior period. The “dividend” shows which dividend was realized in that round, the “interest received” column lists interest income for that person in that round. The individual’s consumption expenditure in a round is listed in the “consumption” column. “Consumption earnings” refers to the earnings amount resulting from converting lab dollars into take home pay (US dollars). Those period-by-period earnings in US dollars are accumulated in the “cumulative earnings column.” The cumulative earnings for the final period 18 include final share redemptions and all consumed lab cash as described in the paper.波尔、霍尔特与舒伯特：《退休辅助储蓄：一项实验分析》 本研究主实验共设12个场次，辅助储蓄处理组的场次标记为AS_1、AS_2、…、AS_6，私人储蓄处理组的场次标记为PS_1、PS_2、…、PS_6。上述标签位于文件左侧的"label"（标签）列中。尽管"AS"与"PS"已用于标识处理组，但文件中仍单独设有处理组列。"Vecon Lab Session Name"（Vecon实验室场次名称）列指VeconLab数据库中用于各场次的命名，仅用于记录存档，可忽略。 各场次的被试ID为1至9，对应"id"（被试ID）列；各场次的数据按回合排序，排序依据为"round"（回合）列。"market price"（市场价格）列显示的是给定回合内所有参与者统一的竞价出清价格。正如论文所述，若无交易且存在买卖价差时，价格取该价差的中点值。在每个回合中，每位交易者可提交限价买单，其限价与委托数量分别记录于"bid price"（买价）与"bid quantity"（委托买入量）列。同理，卖单信息则记录于"offer price"（卖价）与"offer quantity"（委托卖出量）列。"fundamental value"（基础价值）列在本次平坦价值设计的所有时期中，数值均为28。 另有"quantity bought"（买入数量）、"quantity sold"（卖出数量）与"final share holdings"（最终持股量）列，分别记录对应类别下的股票数量。"cash"（现金）列显示被试在回合结束时的最终现金头寸，该头寸已计入利息与分红，并根据股票买卖与消费支出完成调整。"Change in lab cash"（实验室现金变动）指被试当期现金持有量相较上一时期的增量。"dividend"（分红）列显示该回合实现的分红类型，"interest received"（利息收入）列记录该被试当期的利息所得。被试在回合内的消费支出列于"consumption"（消费支出）列。"Consumption earnings"（消费收益）指将实验室代币折算为实得薪酬（美元）后的收益金额。各时期以美元计价的收益累计值记录于"cumulative earnings"（累计收益）列。最后一期（第18期）的累计收益包含最终股票赎回金额与所有已消费的实验室代币金额，与论文中的描述一致。