The neglected variable affecting portfolio choices in the 21st century Endnotes 1. The percentages add up to more than 100%, as individuals can use multiple methods to monitor their investments. 2. Paul A. Samuelson. “Risk and Uncertainty: a Fallacy of Large Numbers.” Scientia 98.612 (1963): 108-113. 3. Benartzi, Shlomo, and Richard H. Thaler. “Myopic Loss Aversion and the Equity Premium Puzzle.” The Quarterly Journal of Economics (1995): 73-92. Benartzi, Shlomo, and Richard H. Thaler. “Risk aversion or myopia? Choices in repeated gambles and retirement investments.” Management Science 45.3 (1999): 364-381. 4. Benartzi, Shlomo, and Richard H. Thaler. “Myopic Loss Aversion and the Equity Premium Puzzle.” The Quarterly Journal of Economics (1995): 73-92. Benartzi, Shlomo, and Richard H. Thaler. “Risk aversion or myopia? Choices in repeated gambles and retirement investments.” Management Science 45.3 (1999): 364-381. 5. Kahneman, Daniel. Thinking Fast and Slow. Farrar, Straus and Giroux (2013): p. 85-88. 6. Benartzi, Shlomo, and Richard H. Thaler. “Myopic Loss Aversion and the Equity Premium Puzzle.” The Quarterly Journal of Economics (1995): 73-92. 7. Kleiner Perkins Caufield Byers. Internet Trends D11 Conference (2013). 8. Gneezy, Uri, and Jan Potters. “An experiment on risk taking and evaluation periods.” The Quarterly Journal of Economics (1997): 631-645. 9. While Congress is still debating the Lifetime Income Disclosure Act, several record-keepers have already started displaying projected retirement income on participant statements. 10. Looney, Clayton Arlen, and Andrew M. Hardin. “Decision support for retirement portfolio management: overcoming myopic loss aversion via technology design.” Management Science 55.10 (2009): 1688-1703.

The Neglected Variable Affecting Portfolio Choices in the 21st Century - Page 8 The Neglected Variable Affecting Portfolio Choices in the 21st Century Page 7 Page 9