A behavioural investigation of the substitution phenomenon between tax-sheltered savings plans
Bibliographic record
Abstract
Abstract We provide behavioral insights into the economic substitution phenomenon among front-loaded and back-loaded tax-sheltered savings plans. We conduct three behavioral studies with adult Canadian participants to show experimentally that substitution can occur and to explain why substitution can occur. The first study shows that participants transfer savings from a front-loaded plan to a back-loaded plan when the latter becomes available, consistent with a substitution effect. The second study examines how participants trade-off two unique features of back-loaded and front-loaded savings plans. Our results indicate that participants favor the back-loaded tax feature and a variable contribution limit (offered in a front-loaded plan). As participants prefer one feature from each type of plan, this finding can help explain why substitution occurs. The third study provides participants a categorization task with various household budgeting items, including savings items. Results show that 68.1% of participants categorize multiple tax-sheltered savings plans in the same mental account, again consistent with a substitution effect under a budget constraint. As both tax-sheltered savings plans in Canada are used for different purposes, this finding shows that participants tend not to distinguish between the purpose of saving in each account, consistent with a substitution phenomenon.
Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.
How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.003 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.002 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".