• Behavioral-Science
  • Morningstar's Behavioral Science Advisory Board brings together leading behavioral scientists and practitioners to better understand the behavioral obstacles that investors face to meeting their goals, and help investors overcome them.

    Members of the Advisory Board work with Morningstar to conduct field studies around improving investor outcomes. This original research is then published in academic journals, to advance our shared understanding. Sample studies include: presenting one's retirement savings in novel ways to encourage sufficient savings contributions, and using targeted messaging to help investors weather downturns in the market.

    Currently, the Advisory Board is focusing on three main topics:
        a.      Improving retirement sufficiency
        b.      Better serving underserved investors, especially women and millenials
        c.      Overcoming common biases in investor behavior, such as temporal myopia, loss aversion, and over confidence.

    The Advisory Board is organized by the Behavioral Insights Team within Morningstar: a team of PhD researchers and practitioners applying behavioral science to help investors. The team is lead by Dr. Stephen Wendel, Head of Behavioral Science. 

    More information about the Advisory Board and our research projects will be published here over time.
  • Academic Members
    John Beshears
    Assistant Professor, Harvard Business School
    Research Focus: financial decisions of firms and households
    Hal Hershfield
    Assistant Professor, UCLA Anderson School of Management
    Research Focus: How thinking about time affects decision making.
    John Lynch
    Professor, University of Colorado Boulder Leeds School of Business
    Research Focus: cognitive psychology of consumer financial decision making; financial literacy; consumer planning to cope with constraints; psychology of investor diversification
    Katherine Milkman
    Associate Professor, University of Pennsylvania Wharton School
    Research Focus: financial and health decision making
    Terrance Oldean
    Professor, University of California Berkeley, Haas School of Business
    Research Focus: Investor behavior
    Antoinette Schoar
    Professor, MIT Sloan School of Management
    Research Focus: market for financial advice, investment decisions, entrepreneurial finance and financial literacy
    Abigail Sussman
    Assistant Professor, University of Chicago, Booth School of Business
    Research Focus: Specializes in the psychological biases in budgeting, spending, and borrowing.
    Jonathan Zinman
    Professor, Dartmouth College Department of Economics
    Research Focus: Specializes in household financial decisions and interventions to improve savings and debt behavior
  • Partner Organizations
    Represented by Piyush Tantia, co-Executive Director
    Learn More
    Represented by Sallie Krawcheck, Chair
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