Overview
James J. Choi is a professor of finance at the Yale School of Management and co-director of the NBER Retirement and Disability Research Center (RDRC). He is a leading researcher on behavioral aspects of retirement saving, 401(k) plan design, auto-enrollment, default effects, and financial literacy.
Key Contributions / Features
- NBER RRC synthesis (Brown, Choi, Coile, and Woodbury 2020): Co-authored synthesis documenting behavioral determinants of retirement saving, including the passive-saver evidence from Denmark and auto-enrollment effects.
- Auto-enrollment research (Beshears, Choi, Laibson, and Madrian series): Multiple studies documenting that auto-enrollment raises 401(k) participation and balances ~10 pp of first-year salary; borrowing partially offsets gains; illiquidity and default-fund choice matter.
- TSP default fund change (Goda, Choi et al. 2018): Analyzed the September 2015 TSP default switch from government securities to lifecycle fund; found passive acceptance increased but contribution rates fell — illustrating that defaults can reduce saving when the default contribution rate is lower than what workers previously chose actively.
- Danish passive-saver evidence (Chetty, Friedman, Leth-Petersen, Nielsen, Olsen, Choi 2014): Co-authored study showing 85% of Danish savers are passive; $1 of retirement saving tax expenditure raises total saving by only 1 cent.
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