Life expectancy as a constructed belief: Evidence of a live-to or die-by framing effect

TitleLife expectancy as a constructed belief: Evidence of a live-to or die-by framing effect
Publication TypeJournal Article
Year of Publication2013
AuthorsPayne, JW, Sagara, N, Shu, SB, Appelt, KC, Johnson, EJ
JournalJournal of Risk and Uncertainty
KeywordsExpectations, Health Conditions and Status, Healthcare, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction

Life expectations are essential inputs for many important personal decisions. We propose that longevity beliefs are responses constructed at the time of judgment, subject to irrelevant task and context factors, and leading to predictable biases. Specifically, we examine whether life expectancy is affected by the framing of expectations questions as either live-to or die-by, as well as by factors that actually affect longevity such as age, gender, and self-reported health. We find that individuals in a live-to frame report significantly higher chances of being alive at ages 55 through 95 than people in a corresponding die-by frame. Estimated mean life expectancies across three studies and 2300 respondents were 7.38 to 9.17 years longer when solicited in a live-to frame. We are additionally able to show how this framing works on a process level and how it affects preference for life annuities. Implications for models of financial decision making are discussed. PUBLICATION ABSTRACT

Endnote Keywords

Longevity/Annuities/Retirement planning/Economic models/methodology/Life expectancy/behavior

Endnote ID


Citation Key7931