We analyze choices of a randomly selected sample of 10,999 citizens in the Swedish premium pension scheme. The aim is to identify the presence of various heuristic choice rules commonly observed in human decision making. Evidence suggests the prevalence of a default bias, the use of a diversification heuristic, extremeness aversion, a home bias, and the use of a 1/n heuristic. In some cases, cognitive simplification or wishful thinking may underlie the use of these heuristics. In other cases, their use seems to be consistent with recommendations provided by the responsible authority.
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Hedesström et al. (2004) studied this question.
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