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An Ethical Examination of Libertarian Paternalism: the Impact of Retirement Savings Nudges on Autonomy and Welfare Bard College Bard Digital Commons Senior Projects Spring 2019 Bard Undergraduate Senior Projects Spring 2019 An Ethical Examination of Libertarian Paternalism: The Impact of Retirement Savings Nudges on Autonomy and Welfare Edward E. Dunn V Bard College, [email protected] Follow this and additional works at: https://digitalcommons.bard.edu/senproj_s2019 Part of the Behavioral Economics Commons This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License. Recommended Citation Dunn, Edward E. V, "An Ethical Examination of Libertarian Paternalism: The Impact of Retirement Savings Nudges on Autonomy and Welfare" (2019). Senior Projects Spring 2019. 172. https://digitalcommons.bard.edu/senproj_s2019/172 This Open Access work is protected by copyright and/or related rights. It has been provided to you by Bard College's Stevenson Library with permission from the rights-holder(s). You are free to use this work in any way that is permitted by the copyright and related rights. For other uses you need to obtain permission from the rights- holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/or on the work itself. For more information, please contact [email protected]. An Ethical Examination of Libertarian Paternalism: The Impact of Retirement Savings Nudges on Autonomy and Welfare Senior Project Submitted to The Division of Social Studies of Bard College by Edward Dunn Annandale-on-Hudson, New York May 2019 Acknowledgements Thank you to Martin Binder for showing me what economics can be, And Thank you to Mitra for not asking what if Im Flugzeug gibt’s Lust In der Straße gibt’s Fremdheit Im Herz gibt’s erdnusssoße PLAGIARISM STATEMENT I have written this project using in my own words and ideas, except otherwise indicated. I have subsequently attributed each word, idea, and table which are not my own to their respective authors. I am aware that paraphrasing is plagiarism unless the source is duly acknowledged. I understand that the incorporation of material from other works without acknowledgment will be treated as plagiarism. I have read and understand the Bard statement on plagiarism and academic honesty as well as the relevant pages in the Student Handbook. - Edward Dunn An Ethical Examination of Libertarian Paternalism: The Impact of Retirement Savings Nudges on Autonomy and Welfare “It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics” - John Maynard Keynes Abstract Behavioral economists have recommended the use of nudges to promote welfare through public and private policies as a form of ‘libertarian paternalism’. It remains a controversial topic and opponents of nudging claim that it violates individual liberty and autonomy. Even so, nudging has found success in helping people save more for retirement. Automatic enrollment and the Save More Tomorrow™ plan use defaults to encourage higher participation and contribution rates in 401(k) retirement savings plans. I argue that these policies violate individual autonomy and fail to determine individuals’ preferences. Ethical interventions prioritize the intelligibility of preferences, enhance individual autonomy, and promote welfare over time. Keywords: Behavioral Economics, Nudging, Rationality, Ethics, Retirement Savings JEL Classification: D91 Table of Contents Introduction…………………………………………………………………1 Chapter 1……………………………………………………………………3 Chapter 2…………………………………………………………………..12 Chapter 3…………………………………………………………………..18 Chapter 4 ………………………………………………………………….25 Chapter 5 ………………………………………………………………….30 Chapter 6 …………………………………………………………………..41 Conclusion ………………………………………………………………….48 References…………………………………………………………………..50 Appendix……………………………………………………………………53 !1 Introduction Decisions are not made in a vacuum. Richard Thaler argues that, “the first misconception is that it is possible to avoid influencing people’s choices” (Sunstein & Thaler 2009, 12). If this is true, then a tremendous weight is placed on the shoulders of the ‘choice architects’ who influence — intentionally or unintentionally— how people make decisions. The design of the environment in which people make decisions has an strong effect on underlying cognitive processes that influence how decisions are made. That being so, it may not be the case that humans are always in control of their decisions. Most economic models of choice depict the homo economicus, or the economic man, who is able to “think and choose unfailingly well,” and “store as much memory as IBM’s Big Blue” (Sunstein & Thaler 2009, 7). Unfortunately, humans in the real world rarely exhibit these traits. Since the rise of behavioral economics, the standard model of rationality has been criticized for its inability to explain anomalies in human decision making. Insights from psychology have identified a number of cognitive biases and heuristics that help explain these anomalies. Heuristics and biases are mental shortcuts, or “rules of thumb,” (Sunstein & Thaler 2009, 28) that we use to make decisions. They appear systematically and predictably, acting as cognitive errors that negatively affect judgement and decision making. In light of these discoveries, behavioral economists have found a way to apply the insights of their field: nudging. Nudging is a method of modifying the environment in which decisions are made in order to “alter people’s behavior in a predictable way without forbidding any options or significantly changing their economic incentives” (Sunstein & Thaler 2009, 8). By relying on an understanding of cognitive biases and heuristics, nudges could help steer people to make better !2 decisions in situations where they are most likely to err. That being so, nudging could promote welfare through public and private policies as a form of libertarian paternalism. However, it remains a controversial topic and opponents of nudging maintain that it is “insidious and deeply manipulative” (Rebonato 2015, 12), exploiting cognitive weaknesses and taking away our freedom to choose. With consideration of these ideas, this paper explores the ethics of libertarian paternalism and the economic implications of nudge policies in the context of retirement savings. Arguably, people around the world are not saving enough for retirement. To add, there are many people who express in interest in wanting to save more for retirement, but do not. This inconsistent behavior has been attributed to cognitive biases and decisional inertia. As such, this paper considers the ethical implications of libertarian paternalistic interventions aimed at helping people overcome these factors and save more for retirement. Over the course of this investigation, I discuss the ethical implications of libertarian paternalism and its applications in retirement savings. In this effort, I provide a balanced review of the criticisms and defenses of libertarian paternalism. Having considered these arguments, I then look at the ethical implications of automatic enrollment and the Save More Tomorrow plan — two popular libertarian paternalistic retirement savings interventions. With consideration of these policies, I then offer a conclusive recommendation of how individuals could be ethically helped to save more for retirement. In my view, I argue that ethical retirement savings interventions have the capacity to enhance individual autonomy and promote welfare over time. !3 Chapter 1 What is a Nudge? Cass Sunstein and Richard Thaler, the two main advocates of libertarian paternalism, define a nudge as “any aspect of the choice architecture that alters people's behavior in a predictable way without forbidding any options or significantly changing their economic incentives. To count as a mere nudge, the intervention must be easy and cheap to avoid. Nudges are not mandates. Putting fruit at eye level counts as a nudge. Banning junk food does not” (Sunstein & Thaler 2009, 12) To put the definition of a nudge in context, let us consider an example. In Chicago, there is a scenic road called Lake Shore Drive that overlooks the city’s iconic skyline. A section of this road puts drivers through a series of S curves that has become infamously dangerous because of countless car accidents. The city of Chicago has addressed the issue by painting the road with white lines (that do not provide tactile information, only visual). When the stripes first appear, they are evenly spaced, but as the driver reaches the most dangerous portion of the curve, the stripes get closer together, creating the sensation that driving speed is increasing (see figure 1). Predictably, this causes most drivers to slow down, so we could call it a nudge. Surely, the driver could choose to drive quickly around the corner if they want to, but they are often nudged to go slower. This is a nudge that saves lives. !4 While the Lake Shore Drive example is not taking advantage of cognitive shortcomings, per se, it is example of how people can easily be nudged, especially in situations that are unfamiliar to them. Furthermore, it holds value as an example of how humans could be nudged in their own benefit. It seems fair to say that most people do not want to die in a car accident. While the Lake Shore Drive example demonstrates how a nudge functions generally, this paper investigates nudges that aim to correct irrationalities in economic decision making, particularly in retirement savings. How do nudges work? Consider the following image of two tables: (Sunstein & Thaler 2009, 190) At first glance, the
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