Choi, James; Laibson, David; Madrian, Brigitte - School of Management, Yale University - 2008
Experimental subjects allocate $10,000 across four S&P 500 index funds. Subject rewards depend on the chosen portfolio … overwhelmingly fail to minimize fees. When we make fees transparent and salient, portfolios shift towards cheaper funds, but fees are … high-cost index funds are relatively much less confident about their asset allocation choices. …