Brigitte Madrian
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Biography
Brigitte C. Madrian is the Dean and Marriott Distinguished Professor in the Brigham Young University Marriott School of Business where she has a joint appointment in the Department of Finance and the George W. Romney Institute of Public Service and Ethics. Before coming to BYU, she was on the faculty at the Harvard Kennedy School (2006-2018), the University of Pennsylvania Wharton School (2003-2006), the University of Chicago Graduate School of Business (1995-2003) and the Harvard University Economics Department (1993-1995). She is also a research associate at the National Bureau of Economic Research and served as co-director of the NBER Household Finance working group from 2010-2018.
Dr. Madrian’s current research focuses on behavioral economics and household finance, with a particular focus on household saving and investment behavior. Her work in this area has impacted the design of employer-sponsored savings plans in the U.S. and has influenced pension reform legislation both in the U.S. and abroad. She also uses the lens of behavioral economics to understand health behaviors and improve health outcomes.
Dr. Madrian received her Ph.D. in economics from the Massachusetts Institute of Technology and studied economics as an undergraduate at Brigham Young University. She is a recipient of the Skandia Research Prize for outstanding research on “Long-Term Savings” with relevance for banking, insurance, and financial services (2019), the Retirement Income Industry Association Achievement in Applied Retirement Research Award (2015) and a three-time recipient of the TIAA Paul A. Samuelson Award for Scholarly Research on Lifelong Financial Security (2002, 2011 and 2017).
Education
- PhD, Economics, Massachusetts Institute of Technology, 1993
- BA, Economics, Brigham Young University, 1989
- MA, Economics, Brigham Young University, 1989
Selected Publications
- "Automatic Enrollment with a 12% Default Contribution Rate", Journal of Pension Economics and Finance, 2023
- "A Randomized Trial of Behavioral Nudges Delivered through Text Messages to Increase Influenza Vaccination Among Patients with an Upcoming Primary Care Visit", American Journal of Health Promotion, 2022
- "Borrowing to Save? The Impact of Automatic Enrollment on Debt", Journal of Finance, Edition 1, Volume 77, Pages 403-447, 2022
- "A Mega-Study of Text-Based Nudges Encouraging Patients to Get Vaccinated at an Upcoming Doctor’s Appointment", PNAS, Edition 20, Volume 118, 2021
- "Active choice, implicit defaults, and the incentive to choose", Organizational Behavior and Human Decision Processes, Edition March 2021, Volume 163, 2021
- "Building Emergency Savings through Employer-Sponsored Rainy Day Savings Accounts", Tax Policy and the Economy, Volume 34, Pages 43-90, MIT Press, Cambridge, MA, Robert A. Moffitt, 2020
- "Do Physician Incentives Increase Patient Medication Adherence?", Health Services Research, Edition 4, Volume 55, Pages 503-511, 2020
- "Which Early Withdrawal Penalty Attracts the Most Deposits to a Commitment Savings Account?", Journal of Public Economics, Edition March 2020, Volume 183, 2020
- "Behavioral Household Finance", Handbook of Behavioral Economics, Pages 177-276, Elsevier-North Holland, 2018
- "Behaviorally Informed Policies for Household Financial Decision-making", Behavioral Science and Policy, Edition 1, Volume 3, Pages 26-40, 2018
- "Potential vs. Realized Savings under Automatic Enrollment", TIAA Institute Research Dialogue, Edition 148, TIAA Institute, 2018
- "A commitment contract to achieve virologic suppression in poorly adherent patients with HIV/AIDS", AIDS, Edition 12, Volume 31, Pages 1765-1769, 2017
- "Does aggregated returns disclosure increase portfolio risk taking?", Review of Financial Studies, Edition 6, Volume 30, Pages 1971-2005, 2017
- "Does front-loading taxation increase savings? Evidence from Roth 401(k) introductions", Journal of Public Economics, Edition July 2017, Volume 151, Pages 84-95, 2017
- "Vaccination rates are associated with functional proximity but not base proximity of vaccination clinics", Medical Care, Edition 6, Volume 54, Pages 578-583, 2016
- "Liquidity in retirement savings systems: An international comparison", American Economic Review, Edition 5, Volume 105, Pages 420-425, 2015
- "The Effect of Providing Peer Information on Retirement Savings Decisions", Edition 3, Volume 70, Pages 1161-1201, Journal of Finance, 2015
- "Applying insights from behavioral economics to policy design", Annual Review of Economics, Volume 6, Pages 663-688, 2014
- "What makes annuitization more appealing?", Journal of Public Economics, Volume 116, Pages 2-16, 2014
- "Who Uses the Roth 401(k), and How Do They Use It?", Discoveries in the Economics of Aging, Pages 411-440, National Bureau of Economic Research, Cambridge, MA, 2014
- "Consumers' misunderstanding of health insurance", Journal of Health Economics, Edition 5, Volume 32, Pages 850-862, 2013
- "Financial literacy, financial education, and economic outcomes", Annual Review of Economics, Volume 5, Pages 347-373, 2013
- "Matching Contributions and Savings Outcomes: A Behavioral Economics Perspective", Matching Contributions for Pensions: A Review of International Experience, Pages 289-310, The World Bank, Washington, DC, 2013
- "Planning prompts as a means of increasing preventive screening rates", Preventive Medicine, Edition 1, Volume 56, Pages 92-93, 2013
- "Simplification and saving", Journal of Economic Behavior and Organization, Volume 95, Pages 130-145, 2013
- "Testimonials do not convert patients from brand to generic medication", American Journal of Managed Care, Edition 9, Volume 19, 2013
- "What goes up must come down? Experimental evidence on intuitive forecasting", American Economic Review, Edition 3, Volume 103, Pages 570-574, 2013
- "The Availability and Utilization of 401(k) Loans", Investigations in the Economics of Aging, Pages 145-72, University of Chicago Press, Chicago, IL, 2012
- "$100 Bills on the sidewalk: Suboptimal investment in 401(K) plans", Review of Economics and Statistics, Edition 3, Volume 93, Pages 748-763, 2011
- "Behavioral economics perspectives on public sector pension plans", Journal of Pension Economics and Finance, Edition 2, Volume 10, Pages 315-336, 2011
- "Consumer financial protection", Journal of Economic Perspectives, Edition 1, Volume 25, Pages 91-114, 2011
- "Making financial markets work for consumers", Harvard Business Review, Edition 7-8, Volume 89, Page 1, 2011
- "Using implementation intentions prompts to enhance influenza vaccination rates", Proceedings of the National Academy of Sciences, Edition 26, Volume 108, Pages 10415-10420, 2011
- "Public Policy and Saving for Retirement: The ‘Autosave’ Features of the Pension Protection Act of 2006", Better Living Through Economics: How Economic Research Improves Our Lives, Pages 274-290, Harvard University Press, Cambridge, MA, 2010
- "The Impact of Employer Matching on Savings Plan Participation under Automatic Enrollment", Research Findings in the Economics of Aging, Pages 311-327, University of Chicago Press, Chicago, IL, 2010
- "The Regulation of Consumer Financial Products: An Introductory Essay with a Case Study on Payday Lending", Moving Forward: The Future of Consumer Credit and Mortgage Finance, Pages 206-244, Brookings Institution Press, Washington, DC, 2010
- "Why does the law of one price fail? An experiment on index mutual funds", Review of Financial Studies, Edition 4, Volume 23, Pages 1405-1432, 2010
- "Mental accounting in portfolio choice: Evidence from a flypaper effect", American Economic Review, Edition 5, Volume 99, Pages 2085-2095, 2009
- "Optimal Defaults and Active Decisions", Quarterly Journal of Economics, Edition 4, Volume 124, Pages 1637-74, 2009
- "Reducing the Complexity Costs of 401(k) Participation through Quick EnrollmentTM", Developments in the Economics of Aging, Pages 57-82, University of Chicago Press, Chicago, IL, David A Wise, 2009
- "Reinforcement learning and savings behavior", Journal of Finance, Edition 6, Volume 64, Pages 2515-2534, 2009
- "How are preferences revealed?", Journal of Public Economics, Edition 8-9, Volume 92, Pages 1787-1794, 2008
- "The Importance of Default Options for Retirement Saving Outcomes: Evidence from the USA", Lessons from Pension Reform in the Americas, Pages 59-87, Oxford University Press, New York, NY, 2008
- "Redefining retirement: How will boomers fare?", Redefining Retirement: How Will Boomers Fare?, Pages 1-304, 2007
- "The U.S. Health Care System and Labor Markets", Wanting It All: The Challenge of Reforming the U.S. Health Care System, Pages 137-163, Federal Reserve Bank of Boston, Boston, MA, Jane Sneddon Little, 2007
- "Retirement Saving: Helping Employees Help Themselves", Milken Institute Review, Volume 2006, Pages 30-39, The Milken Instititute, 2006
- "Saving for retirement on the path of least resistance", Behavioral Public Finance, Pages 304-351, 2006
- "Are empowerment and education enough? Underdiversification in 401(k) plans", Brookings Papers on Economic Activity, Edition 2, Pages 151-213, 2005
- "Early Decisions: A Regulatory Framework", Swedish Economic Policy Review, Edition 2, Volume 12, Pages 41-60, 2005
- "Passive Decisions and Potent Defaults", Analyses in the Economics of Aging, Pages 59-73, University of Chicago Press, Chicago, IL, David A. Wises, 2005
- "Employee Investment Decisions about Company Stock", Pension Design and Structure: New Lessons from Behavioral Finance, 2004
- "Employee stock purchase plans", National Tax Journal, Edition 2 II, Volume 57, Pages 385-406, 2004
- "For Better or For Worse: Default Effects and 401(k) Savings Behavior", Perspectives on the Economics of Aging, Pages 81-121, University of Chicago Press, Chicago, IL, David A. Wise, 2004
- "Health Insurance, Labor Force Participation, and Job Choice: A Critical Review of the Literature", Health Policy and the Uninsured, Pages 97-178, Urban Institute Press, Washington, DC, Catherine McLaughlin, 2004
- "Plan design and 401(k) savings outcomes", National Tax Journal, Edition 2 I, Volume 57, Pages 275-298, 2004
- "Optimal defaults", American Economic Review, Edition 2, Volume 93, Pages 180-185, 2003
- "Defined Contribution Pensions: Plan Rules, Participant Decisions, and the Path of Least Resistance", Tax Policy and the Economy, Volume 16, Pages 67-113, MIT Press, Cambridge, MA, James M. Poterba, 2001
- "Health Insurance and the Labor Market", The Political Economy of Health Care Reforms, Pages 87-108, Upjohn Institute for Employment Research, Kalamazoo, MI, Huizhong Zhou, 2001
- "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior", Quarterly Journal of Economics, Edition 4, Volume 116, Pages 1149-1187, 2001
- "An Approach to Longitudinally Matching Current Population Survey (CPS) Respondents", Journal of Economic and Social Measurement, Edition 1, Volume 26, Pages 31-62, 2000
- "Health, Health Insurance and the Labor Market", Handbook of Labor Economics, Volume 3, Pages 3308-3415, Elsevier-North Holland, Orley Ashenfelter and David Card, 1999
- "Does Medicare Eligibility Affect Retirement?", Inquiries in the Economics of Aging, Pages 109-131, University of Chicago Press, Chicago, IL, David A. Wise, 1998
- "Health Insurance Portability: The Consequences of COBRA", Regulation, Edition 1, Volume 21, Pages 27-33, 1998
- "Labor Market Responses to Rising Health Insurance Costs: Evidence on Hours Worked", RAND Journal of Economics, Edition 3, Volume 29, Pages 509-530, 1998
- "Employment Separation and Health Insurance Coverage", Journal of Public Economics, Edition 3, Volume 66, Pages 349-382, 1997
- "Health Insurance and Early Retirement: Evidence from the Availability of Continuation Coverage", Advances in the Economics of Aging, Pages 115-146, University of Chicago Press, Chicago, IL, David A. Wise, 1996
- "Health Insurance Availability and the Retirement Decision", American Economic Review, Edition 4, Volume 85, Pages 938-948, 1995
- "Employment-Based Health Insurance and Job Mobility: Is There Evidence of Job-Lock?", Quarterly Journal of Economics, Edition 1, Volume 109, Pages 27-54, 1994
- "Health Insurance and Job Mobility: The Effects of Public Policy on Job-Lock", Journal of Public Economics, Edition 1, Volume 48, Pages 86-102, 1994
- "The Effect of Health Insurance on Retirement", Brookings Papers on Economic Activity, Edition 1, Volume 1994, Pages 181-252, 1994
Experience
Academic - Post-Secondary
- Aetna Professor of Public Policy and Corporate Management, Harvard University, 2006–2018
- Boettner Chair in Financial Gerontology, University of Pennsylvania, Wharton School, 2003–2006
- Associate Professor, University of Chicago, Graduate School of Business, 1999–2003
- Assistant Professor, University of Chicago, Graduate School of Business, 1995–1999
- Assistant Professor, Harvard University, Department of Economics, 1993–1995
Awards
- Skandia Research Prize, Thule Foundation, 2019
- TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, TIAA, 2017
- Brigham Young University Distinguished Alumni Achievement Award, Brigham Young University, 2016
- Retirement Income Industry Association Achievement in Applied Retirement Research Award, Retirement Income Industry Association, 2015
- TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, TIAA-CREF, 2011
- TIAA-CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, TIAA-CREF, 2002
- National Bureau of Economic Research Aging and Health Economics Fellowship, National Bureau of Economic Research, 1994
- National Academy of Social Insurance Dissertation Prize (First Place), National Academy of Social Insurance, 1994
Administrative Assignments
- Dean — 2019–0
BYU Citizenship
- Sorensen Center for Moral and Ethical Leadership — Committee/Council Chair — January 2021–0
- Wheatley Institute — Committee/Council Member — 2020–0
Professional Citizenship
- Intermountain Healthcare Utah Valley Hospitals Governing Board, Committee/Council Chair, June 2022–0
- MIT Department of Economics Visiting Committee, Committee/Council Member, 2022–0
- U.S. Comptroller General Educators Advisory Panel, Committee/Council Member, 2022–0
- Intermountain Healthcare Utah Valley Hospitals Governing Board, Board Member, June 2020–0
- AACSB Vanderbilt Owen Graduate School of Management accreditation committee, Committee/Council Member, June 2023–June 2023
- AACSB Brandeis International Business School/Heller School accreditation committee, Committee/Council Member, April 2023–April 2023
- AACSB Texas A&M Mays School of Business accreditation committee, Committee/Council Member, January 2023–January 2023
- AACSB Miami University Farmer School of Business accreditation committee, Committee/Council Member, 2022–2022
- Consumer Financial Protection Bureau Academic Research Council, Committee/Council Member, 2016–2020
- FINRA, Board Member, 2014–2019
- Journal of Pension Economics and Finance, Editorial Review Board Member, 2010–2019
- Commonwealth (formerly D2D), Board Member, 2010–2018
- National Bureau of Economic Research Household Finance Working Group, Committee/Council Chair, 2010–2018
- Bipartisan Policy Center Personal Savings Initiative, Committee/Council Member, 2014–2016
- Review of Economics and Statistics, Editor, Associate Editor, 2007–2015
- Federal Reserve Bank of Boston Community Development Research Advisory Council, Committee/Council Member, 2012–2014
- American Economic Journal: Economic Policy, Editorial Review Board Member, 2007–2013
- Journal of Human Resources, Editor, Associate Editor, 2003–2012
- Social Security Advisory Board Technical Panel, Committee/Council Chair, 2010–2011
- NIH Social Sciences and Population Studies Study Section, Committee/Council Member, 2004–2008