The consistency of UK pension fund trustee decision-making

Journal of Pension Economics and Finance

Volumn 6, Issue 1, 2007, Pages 67-86

  Clark, Gordon L ^a   Caerlewy Smith, Emiko ^b   Marshall, John C ^c  

^a HARVARD LAW SCHOOL   (United States)

^b UNIVERSITY OF OXFORD   (United Kingdom)

^c UNIVERSITY OF OXFORD   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84994219181     PISSN: 14747472     EISSN: 14753022     Source Type: Journal    
DOI: 10.1017/S1474747206002629     Document Type: Article

References (54)

1. Audi, R. (2004) The Good in the Right: A Theory of Intuition and Intrinsic Value. Princeton: Princeton University Press.
2. Baron, J. (1994) Thinking and Deciding. 2nd edn. Cambridge: Cambridge University Press.
3. Bayes, T. (1763) An essay towards solving a problem in the doctrine of chances. Philosophical Transactions of the Royal Society, 53: 370–418.
4. Broder, A. (2003) Decision making with the ‘adaptive toolbox’: influence of environmental structure, intelligence, and working memory load. Journal of Experimental Psychology: Learning, Memory and Cognition, 29: 611–624.
5. Bunt, K., Winterbotham, M., and Williams, R. (1998) The Role of Pension Scheme Trustees. Research Report 81. London: HM Department of Social Security.
6. Camerer, C., Lowenstein, G., and Prelec, D. (2005) Neuroeconomics: how neuroscience can inform economics. Journal of Economic Literature, 43: 9–64.
7. Casscells, W., Schoenberger, A., and Grayboys, T. (1978) Interpretation by physicians of clinical laboratory results. New England Journal of Medicine, 299: 999–1000.
8. Clark, G. L. (2003) European Pensions and Global Finance. Oxford: Oxford University Press.
9. Clark, G. L. (2004) Pension fund governance: expertise and organisational form. Journal of Pension Economics and Finance, 3: 233–253.
10. Clark, G. L. (2006) The UK occupational pension system in crisis. In H. Pemberton, P. Thane, and N. Whiteside (eds), Britain’s pension's Crisis: History and Policy. Oxford: Oxford University Press, pp. 145–168.
11. Clark, G. L., Caerlewy-Smith, E., and Marshall, J. C. (2006) Pension fund trustee competence: decision-making in problems relevant to investment practice. Journal of Pension Economics and Finance, 5: 91–110.
12. Clark, G. L. and Marshall, J. C. (2002) Decision-making: models of the real world and expertise. Environment and Planning A, 34: 1139–1146. Cohen, L. J. (1981) Can human irrationality be experimentally demonstrated? Brain and Behavioral Sciences, 4: 317–370.
13. Damasio, A. (2004) Looking for Spinoza: Joy, Sorrow and the Feeling Brain. New York: Vintage Press.
14. Davidson, D. (2004) Problems of Rationality. Oxford: Oxford University Press.
15. Doherty, M. E. and Mynatt, C. (1990) Inattention to P(H) and to P(D/-H): a converging operation. Acta Psychologica, 75
16. Gigerenzer, G. (2000) Adaptive Thinking: Rationality in the Real World. Oxford: Oxford University Press.
17. Gigerenzer, G., Todd, P. and the ABC Group. (1999) Simple Heuristics That Make Us Smart. New York: Oxford University Press.
18. Gigerenzer, G. and Hug, K. (1992) Domain-specific reasoning: social contracts, cheating and perspective change. Cognition, 43: 127–171.
19. Gigerenzer, G. and Selton, R. (eds) (2001) Bounded Rationality: The Adaptive Toolbox. Cambridge MA: MIT Press.
20. Gillion, C., Turner, J., Bailey, C. and Latulippe, D. (eds) (2000) Social Security Pensions. Geneva: International Labor Office.
21. Henrich, J. et al. (2005) ‘Economic Man’ in cross-cultural perspective: behavioral experiments in 15 small scale societies. Behavioral and Brain Sciences, 28: 795–815.
22. Ho, T. and Lee, S. B. (2004) The Oxford Guide to Financial Modeling: Applications for Capital Markets, Corporate Finance, and Risk Management. Oxford: Oxford University Press.
23. Hoffrage, U., Lindsey, S., Hertwig, R., and Gigerenzer, G. (2000) Communicating statistical information. Science, 290: 2261–2263.
24. Horack, S., Martin, A., and Young, P. (2003) The Myners principles and occupational pension schemes. Research Report 195. HM Department for Work and Pensions, London.
25. Kahneman, D. and Tversky, A. (1979) Prospect theory: an analysis of decisions under risk. Econometrica, 47: 263–291.
26. Koehler, J. J. (1996) The base-rate fallacy, reconsidered: descriptive, normative, and methodological challenges. Behavioral and Brain Sciences, 19: 1–53.
27. Kovalchik, S., Camerer, C. L., Grether, D. M., Plott, C., and Allman, J. M. (2005) Aging and decision making: a comparison between neurologically healthy elderly and young individuals. Journal of Economic Behaviour and Organization, 58: 79–94.
28. Kreiger, T. (2005) Public Pensions and Immigration: A Public Choice Perspective. Cheltenham: Edward Elgar.
29. Leitch Review of Skills (2005) Skills in the UK: the long-term challenge. Interim Report. HM Treasury, London.
30. Lo, A. (2004) The adaptive markets hypothesis: market efficiency from an evolutionary perspective. Journal of Portfolio Management, 30: 15–25.
31. March, J. (1994) A Primer on Decision Making. New York: Tree Press.
32. Markowitz, H., Todd, P. S., and Sharpe, W. L. (1987) Mean-Variance Analysis in Portfolio Choice and Capital Markets. Oxford: Blackwell.
33. Myners Report. (2001) Institutional Investment in the UK: A Review. London: HM Treasury.
34. Newell, A. and Simon, H. (1972) Human Problem Solving. Englewood Cliffs: Prentice-Hall.
35. Pearl, J. (2000) Causality. Cambridge: Cambridge University Press.
36. Pensions Commission (2005) A New Pension Settlement for the Twenty-First Century. London: HM Stationery Office.
37. Pensions Regulator (2005) Code of practice no. 3: trustee knowledge and understanding. London: HM Department of Work and Pensions.
38. Raiffa, H. with Richardson, J. and Metcalfe, D. (2002) Negotiation Analysis: The Science and Art of Collaborative Decision Making. Cambrlkfwltxidge, MA: Harvard University Press.
39. Robertson, S. I. (2001) Problem Solving. Hove: Psychology Press.
40. Sidgwick, H. (1907 [1981]) The Methods of Ethics. 7th edn, edited by J. Rawls. Indianapolis: Hackett Publishing Company. Simon, H. A. (1956) Rational choice and the structure of the environment. Psychology Review, 63: 129–138.
41. Simon, H. A. (1978) Rationality as process and product of thought. American Economic Review, 68: 1–16.
42. Simon, H. A. (1982) Models of Bounded Rationality. Cambridge MA: MIT Press.
43. Strauss, K. (2006) Rationality and choice: vision and reality. Working Paper 06–05. Oxford University Centre for the Environment, Oxford.
44. Tanzi, V. and Schuknecht, L. (2000) Public Spending in the 20th Century: A Global Perspective. Cambridge: Cambridge University Press.
45. Thaler, R. (1985) Mental accounting and consumer choice. Marketing Science, 4: 199–214.
46. Thomas, A., Pettigrew, N., Candy, S., and Hulusi, A. (2000) The changing role of the Occupational Pension Scheme Trustee. Research Report 124. HM Department of Social Security, London.
47. Tversky, A. and Kahneman, D. (1974) Judgement under uncertainty: heuristics and biases. Science, 185: 1124–1131.
48. Tversky, A. and Kahneman, D. (1981) The framing of decisions and the psychology of choice. Science, 211:453-458.
49. Tversky, A. and Kahneman, D. (1982) Evidential impact of base rates. In D. Kahneman, P. Slovic and A. Tversky (eds), Judgement under Uncertainly: Heuristics and Biases. Cambridge: Cambridge University Press, pp. 153–162.
50. Tversky, A. and Kahneman, D. (1983) Extensional versus intuitive reasoning: the conjunction fallacy in probability judgement. Psychological Review, 90: 293–315.
51. Venti, S. (2006) Choice, saving, and pensions. In G. L. Clark, A. Munnell and M. Orszag (eds), The Oxford Handbook of Pensions and Retirement Income. Oxford: Oxford University Press, 602–617.
52. Viscusi, W. K. and Zeckhauser, R. J. (2005) Recollection bias and the combat of terrorism. Journal of Legal Studies, 34YN: 27–56.
53. Wagner, R. K. (2002) Smart people doing dumb things: the case of managerial incompetence. In R. J. Sternberg (eds), Why Smart People Can be so Stupid. New Haven: Yale University Press, pp. 42–63.
54. Wicker, A. W. (1969) Attitudes versus actions: the relationship of verbal and overt behavioural responses to attitude objects. Journal of Social Issues, 25(4): 41–78.