Question: a) nudging has been a helpful idea for improving retirement savings. Briefly describe the the idea of using default option to increase retirement savings. b)

a) "nudging" has been a helpful idea for improving retirement savings. Briefly describe the the idea of using "default option" to increase retirement savings. b) "Auto escalation" has been shown to be a useful feature for further increasing retirement savings. This feature exploits the two behavioral biases. What are they? Briefly explain why.

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