Structural factors which cause irrational investment in defined contribution savings plans are of great concern. Using a proprietary database of 401(k) plans we show that alphabeticity – the order that fund names appear when listed in alphabetical order – significantly biases participants’ investment allocation decisions. While we show a larger impact as the number of funds in the plan increases, this bias is strong even when relatively few funds are available in the plan menu. Importantly, our findings suggest that a more strategic ordering of funds could result in favorable outcomes for participants.

中文翻译：

---

401（k）投资中的字母顺序偏差

在定额供款储蓄计划中引起不合理投资的结构性因素引起了极大关注。通过使用401（k）计划的专有数据库，我们显示出字母顺序（即按字母顺序列出的资金名称出现的顺序）显着地影响了参与者的投资分配决策。尽管随着计划中资金数量的增加，我们会看到更大的影响，但即使计划菜单中的可用资金相对较少，这种偏见仍然很明显。重要的是，我们的发现表明，更具战略意义的资金订购可能会为参与者带来有利的结果。