Question: e. Suppose individual 1 also has reference-based preferences subject to endowment or status quo effects. If the company gets to choose the initial investment strategy

e. Suppose individual 1 also has reference-based preferences subject to endowment or status quo effects. If the company gets to choose the initial investment strategy but allows individuals to opt into a different strategy if they want to, which investment strategy would the company choose for its workers (assuming it cares about the level of retirement savings that employees undertake)?

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