Senior Round Table: “Acting Decisively” and “The Psychology of Savings”
Featured Speakers:
Craig Fox
Ho-Su Wu Term Chair in Management
UCLA Anderson School of Management
Shlomo Benartzi
Professor and Co-Chair of the Behavioral Decision Making Group
UCLA Anderson School of Management
Summary:
“Acting Decisively”
Making choices is a core function of leadership. In our first session led by Dr. Craig Fox, we’ll take a critical look at how we tend to evaluate decisions. In addition we’ll examine factors that can make decision making difficult or make people want to postpone decisions. Next, we will review distinct varieties of indecisiveness and the behaviors that we observe in order to determine whether or not a colleague or leader is decisive. Finally, we’ll discuss some strategies that you can use for making faster decisions.
“The Psychology of Savings”
Our second session features Dr. Benartzi, one of the world’s top experts in behavioral finance. He will discuss how half of the American workforce lacks access to a retirement savings plan. Approximately one-third of those who do have access fail to join. Those who do join tend to save too little and often make unwise investment decisions. In short, the defined contribution world is in crisis and employees need help.
We’ll analyze the behavioral challenges that led to this crisis, including inertia, loss aversion, and myopia, and recommend science-based behavioral best practices to overcome these obstacles. Based on the book “Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plans”, this session will provide you with ideas and insights to get more employees to join their workplace retirement plan, and help them save more and save smarter.
