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Öntanımlı Seçenekler Bireysel Emeklilik Davranışını Nasıl Etkilemektedir: Ankara Örneği

Year 2021, Volume: 22 Issue: 2, 480 - 503, 08.11.2021

Fahriye Öztürk Havva Serim

https://doi.org/10.37880/cumuiibf.1009235

Abstract

Hem kişilerin hem de ülkelerin ulaşmaya çalıştığı en temel hedeflerden biri tasarrufları artırmaktır. Bu kapsamda tasarruf davranışını betimleyerek, davranışın değiştirilmesini sağlayan politikalar önem arz etmektedir. Son zamanlarda, psikolojiden aldığı içgörülerle iktisadi analizi zenginleştiren davranışsal iktisat ise bu bağlamda tasarruf davranışına ilişkin önemli içgörüler ve politikalar sunmaktadır. Tasarrufun irade gücü, planlama ve dikkat gerektirmesi ve dolayısıyla bilişsel maliyeti yüksek bir karar olması nedeniyle, davranışsal iktisat özellikle emeklilik için tasarrufu kolaylaştırmak için öntanımlı seçeneklerden yararlanmaktadır. Öntanımlı seçenekler otomatik katılım, otomatik yükseltme ve otomatik portföy dağılımı gibi önceden tanımlanmış stratejileri ifade etmektedir. Söz konusu otomatik stratejilerle ataletin kırılması sağlanarak, emeklilik planlarına dahil olmak isteyen ancak davranışsal engeller nedeniyle olamayan kişiler sisteme dahil edilmektedir. Bu bağlamda, otomatik stratejileri ülke çapında uygulayan birkaç ülkeden biri olan Türkiye’nin de deneyimi dikkat çekmektedir. Türkiye’de bireysel emeklilikte otomatik katılım stratejisininin, planlara dahil olma oranlarını, beklendiği kadar olmasa da arttırdığını söylemek mümkündür. Bu noktada, öntanımlı seçeneklerin tasarruf davranışı üzerinde nasıl etkili olduğu sorusu önem kazanmaktadır. Ancak bu etkinin nasıl gerçekleştiğini araştıran çalışmaların sınırlı olduğu görülmektedir. Buradan hareketle çalışma, Ankara kamu çalışanları örneklemi üzerinden, bireysel emeklilik sistemine otomatik katılım tercihlerini açıklamada etkili olduğu düşünülen demografik, finansal ve davranışsal değişkenleri tespit etmeye odaklanmaktadır: Ankara’daki farklı kamu kurum ve kuruluş çalışanlarından sağlanan 434 anket verisinden yola çıkılarak, lojistik regresyon analizi yapılmıştır. Analiz sonucunda demografik değişkenlerden cinsiyet, medeni durum ve hanede bakmakla yükümlü olunan kişi sayısının; davranışsal değişkenlerden ise karmaşıklık algısı ile kamu otoritesi tasdik etkisinin tercihlerde etkili olduğu bulunmuştur. Davranışsal iktisadın teorik öngörüsünün aksine, bireysel emeklilik planları karmaşık bulundukça, sistemden çıkma olasılığının arttığı görülmüştür. Diğer yandan, stratejinin kamu otoritesi tarafından verilen bir tavsiye olarak algılanmasının sistemden çıkma olasılığını azalttığı bulgusu, ilgili stratejilerin politik karar alıcılara önemli bir sorumluluk yüklediğini ortaya koymaktadır.

Keywords

öntanımlı seçenekler bireysel emeklilik tasarruf davranışı davranışsal iktisat

References

  • Aksoy, E. E. (2019). "Individual Factors Affecting the Participation of Turkish People in the New Individual Pension System". In Behavioral Finance and Decision-Making Models, IGI Global (Ed.), 104-116.
  • Alvi, M. (2016). A manual for selecting sampling techniques in research. Munich Personal RePEc Archive Paper No. 70218. https://mpra.ub.uni-muenchen.de/70218/1/MPRA, Last accessed: 2 February 2019
  • Aydın, A. E. and Selçuk, E. A. (2017). Türkiye'de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. Finans Politik & Ekonomik Yorumlar, 54(632), 27-37. Benartzi, S. and Thaler, R. H. (2007). Heuristics and Biases in Retirement Savings Behavior. Journal of Economic Perspectives, 21(3), 81-104.
  • Beshears, J., Choi, J. J., Laibson D and Madrian, B. C. (2008). "The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States". In Lessons from Pension Reform in the Americas, S.J. Kay ve T. Sinha (Ed.). Oxford University Press: US, 59-87.
  • Beshears, J., Choi, J. J., Laibson, D. and Madrian, B. C. (2018). "Behavioral household finance". In Handbook of Behavioral Economics: Applications and Foundations I. Elsevier-North Holland: New York, 177-276.
  • Blumenstock, J., Callen, M. and Ghani, T. (2018). Why do defaults affect behavior? Experimental evidence from Afghanistan. American Economic Review, 108(10), 2868-2901.
  • Brown, J. R. and Previtero, A. (2014). Procrastination, present-biased preferences, and financial behaviors. Unpublished Working Paper, University of Illinois at Urbana-Champaign and University of Western Ontario.
  • Brown, J. R., Farrell, A. M. and Weisbenner, S. J. (2012). The downside of defaults. NBER Retirement Research Center Paper No. NB 11-01.
  • Brown, J. R., Farrell, A. M. and Weisbenner, S. J. (2016). Decision-making approaches and the propensity to default: Evidence and implications. Journal of Financial Economics, 121(3), 477-495.
  • Carroll, G. D., Choi, J. J., Laibson, D., Madrian, B.C. and Andrew, M. (2009). Optimal Defaults and Active Decisions. The Quarterly Journal of Economics,124 (4), 1639-1674.
  • Chetty, R., Friedman, J. N., Leth-Petersen, S., Nielsen, T. H. and Olsen, T. (2014). Active vs. passive decisions and crowd-out in retirement savings accounts: Evidence from Denmark. The Quarterly Journal of Economics, 129(3), 1141-1219.
  • Choi, J. J., Laibson, D., Madrian, B. C. and Metrick, A. (2002). Defined contribution pensions: plan rules, participant choices, and the path of least resistance. Tax policy and the economy, 16, 67-113.
  • Choi, J. J., Laibson, D., Madrian, B. C. and Metrick, A. (2004). For better or for worse: Default effects and 401 (k) savings behavior. National Bureau of Economic Research (Perspectives on the Economics of Aging), University of Chicago Press, 81-126.
  • Pension Monitoring Center, (2018). Bireysel Emeklilik Sistemi Gelişim Raporu 2017. https://www.egm.org.tr/bes2017gr/Flipbook/mobile/index.html#p=I, Last accessed: 2 March 2019
  • Pension Monitoring Center, (2019). Statistics, OKS'ye Giren Çalışanların OKS'ye Giriş Anında BES Sözleşmesi Olup Olmadığı, Last accessed, 30 March 2019 https://www.egm.org.tr/bilgi-merkezi/istatistikler/
  • Goda, G. S., Levy, M. R., Manchester, C. F., Sojourner, A. and Tasoff, J. (2018). Mechanisms Behind Retirement Saving Behavior: Evidence from Administrative and Survey Data. TIAA Institute Research Dialogue, 140.
  • Goda, G. S., Manchester, C. F., and Sojourner, A. J. (2014). What will my account really be worth? Experimental evidence on how retirement income projections affect saving. Journal of Public Economics, 119, 80-92.
  • Gülay, T., Işık, M. and Öztürk, M. (2017). Türkiye’de Bireysel Emeklilik Sistemi ve Akademisyenlerin Otomatik Katılıma Bakış Açılarına İlişkin Bir Analiz: Süleyman Demirel Üniversitesi Örneği. İş ve Hayat, 3(6), 179-205.
  • Johnson, E. J. and Goldstein, D. G. (2003). Do defaults save lives? Science, 302, 1338-1339.
  • Johnson, E., Hershey, J., Meszaros, J. and Kunreuther, H., (1993). Framing, probability distortions, and insurance decisions. Journal of Risk and Uncertainty, 7,35–51.
  • Kocabıyık, T. and Küçükçakal, Z. (2018). Türkiye’de Bireysel Emeklilik Sistemi Ve Çalışanların Otomatik Katılımdan Ayrılma Nedenleri: Isparta İlinde Bir Uygulama. Journal Of Life Economics, 5(4), 233-254.
  • Lusardi, A. and Mitchell, O.S. (2005). Finan¬cial literacy and planning: Implications for retirement wellbeing. Working Paper No. WP 2005-108. Ann Arbor, MI: University of Michigan Retirement Research Center.
  • MacLeod, P., Fitzpatrick, A., Hamlyn, B., Jones, A., Kinver, A. and Page, L. (2012). Attitudes to pensions: The 2012 survey. Department of Work and Pension: Research Report, 813.
  • Madrian, B. C. (2012). “Matching Contributions and Savings Outcomes: A Behavioral Economics Perspective". In Matching Contributions for Pensions: A Review of International Experience, R. Hinz, R. Holzmann, D. Tuesta and N. Takayama (Ed). The World Bank, 289-309.
  • Madrian, B. C. and Shea, D. F. (2001). The power of suggestion: Inertia in 401 (k)participation and savings behavior. The Quarterly journal of economics, 116(4), 1149-1187.
  • Mann, L., Burnett, P., Radford, M. and Ford, S. (1997). The Melbourne Decision Making Questionnaire: An instrument for measuring patterns for coping with decisional conflict. Journal of Behavioral Decision Making, 10(1), 1-19.
  • McCalley, LT. (2006). From motivation and cognition theories to everyday applications and back again: the case of product-integrated information and feedback. Energy Policy, 34(2):129–37.
  • Mitchell, O. S. and Utkus, S. P. (2004). Lessons from behavioral finance for retirement plan design. Pension design and structure: New lessons from behavioral finance, 18(1), 82-94.
  • OECD (2009). Pensions at a Glance 2009: Retirement-Income Systems in OECD Countries, OECD Publishing, Paris, https://doi.org/10.1787/pension_glance-2009-en, Last accessed 4 February 2018
  • Özdevecioğlu, M. (2002). Kamu Ve Özel Sektör Yöneticileri Arasındaki Davranışsal Çalışma Koşulları ve Kişilik Farklılıklarının Belirlenmesine Yönelik Bir Araştırma. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (19), 115-134.
  • Özen, Y. and Gül, A. (2007). Sosyal ve eğitim bilimleri araştırmalarında evren-örneklem sorunu. Atatürk Üniversitesi Kazım Karabekir Eğitim Fakültesi Dergisi, (15), 394-422.
  • Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N. and Hoagwood, K. (2015). Purposeful Sampling for Qualitative Data Collection and Analysis in Mixed Method Implementation Research. Administration and policy in mental health, 42(5), 533–544.
  • Rinaldi, A. (2011). Pension awareness and nation-wide auto-enrolment: the Italian experience. CERP Working Paper, 104/11, 1-22.
  • Rooij, van M. and Teppa, F. (2014). Personal traits and individual choices: Taking action in economic and non-economic decisions. Journal of Economic Behavior & Organization, 100, 33-43.
  • Rudolph, H. P. (2016). Building Voluntary Pension Schemes in Emerging Economies. World Bank Group Policy Research Working Paper No. 7779, 1-31.
  • Rudolph, H. P. (2019). Pension Funds with Automatic Enrollment Schemes: Lessons for Emerging Economies. World Bank Group Policy Research Working Paper No. 826, 1-31.
  • State Personnel Presidency (2018). Kamu Personel İstatistikleri (Ocak), Ankara.
  • Sunstein, C. R. (2014). Nudging: a very short guide. Journal of Consumer Policy, 37(4), 583-588.
  • Sunstein, C. R. (2017a). Human Agency and Behavioral Economics: Nudging Fast and Slow. Palgrave macmillan: USA.
  • Sunstein, C. R. (2017b). Default rules are better than active choosing (often). Trends in cognitive sciences, 21(8), 600-606.
  • Sunstein, C. R. and Reisch, L. A. (2016). "Behaviorally green: Why, which and when defaults can help". In New perspectives for environmental policies through behavioral economics, F. Beckenbach ve W.Kahlenborn (Ed.) Springer: Switzerland, 161-194.
  • Thaler, R. H. and Sunstein, C.R (2008). Nudge: improving decisions about health, wealth, and happiness. Yale University Press:USA.
  • Turkish Ministry of Economy, Davranışsal Kamu Politikaları ve Yeni Nesil Teknolojiler Daire Başkanlığı, (2018). Senin Kararın!mı? Kamu Politikası Tasarımında Davranışsal Yaklaşım. https://ticaret.gov.tr/data/5b9623ea13b8761ce82c5e34/senin_kararin_mi.pdf, Last accessed: 8 February 2019
  • Willem, A., De Vos, A. and Buelens, M. (2007). Differences between private and public sector employees’ psychological contracts. Working paper. Belgium: Ghent University, Faculty of Economics and Business Administration, Department Management and Entrepreneurship, Tweekerkenstraat 2, 9000.

How Do Defaults Affect Behavior of Individual Retirement: Evidence from Ankara

Year 2021, Volume: 22 Issue: 2, 480 - 503, 08.11.2021

Fahriye Öztürk Havva Serim

https://doi.org/10.37880/cumuiibf.1009235

Abstract

Turkey is one of the few countries that has introduced national-level automatic enrollment in private pension systems to encourage people to save for retirement. Although the policy's effectiveness is debatable, it is fair to conclude that it has accelerated enrolment in individual pension plans. This is due to the fact that defaults have a significant impact on saving behavior. However, there are few empirical data that explain how defaults operate. To find out, we created a survey for Ankara public employees in order to explore possible demographic, financial, and behavioral constructs for automatic enrollment choices. Gender, marital status, and the number of dependents in the family all have an impact on the decisions. Other noteworthy findings concern behavioral constructs: Ankara public employees who find individual pension systems complex are more likely to opt out, and the public authority endorsement effect greatly reduces the risk of quitting the system. These findings show that there is a need for more educational and informational efforts on the pension system, and that policymakers have a significant amount of responsibility as a result of this strategy.

Keywords

Default options individual retirement saving behavior behavioral economics

References

  • Aksoy, E. E. (2019). "Individual Factors Affecting the Participation of Turkish People in the New Individual Pension System". In Behavioral Finance and Decision-Making Models, IGI Global (Ed.), 104-116.
  • Alvi, M. (2016). A manual for selecting sampling techniques in research. Munich Personal RePEc Archive Paper No. 70218. https://mpra.ub.uni-muenchen.de/70218/1/MPRA, Last accessed: 2 February 2019
  • Aydın, A. E. and Selçuk, E. A. (2017). Türkiye'de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. Finans Politik & Ekonomik Yorumlar, 54(632), 27-37. Benartzi, S. and Thaler, R. H. (2007). Heuristics and Biases in Retirement Savings Behavior. Journal of Economic Perspectives, 21(3), 81-104.
  • Beshears, J., Choi, J. J., Laibson D and Madrian, B. C. (2008). "The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States". In Lessons from Pension Reform in the Americas, S.J. Kay ve T. Sinha (Ed.). Oxford University Press: US, 59-87.
  • Beshears, J., Choi, J. J., Laibson, D. and Madrian, B. C. (2018). "Behavioral household finance". In Handbook of Behavioral Economics: Applications and Foundations I. Elsevier-North Holland: New York, 177-276.
  • Blumenstock, J., Callen, M. and Ghani, T. (2018). Why do defaults affect behavior? Experimental evidence from Afghanistan. American Economic Review, 108(10), 2868-2901.
  • Brown, J. R. and Previtero, A. (2014). Procrastination, present-biased preferences, and financial behaviors. Unpublished Working Paper, University of Illinois at Urbana-Champaign and University of Western Ontario.
  • Brown, J. R., Farrell, A. M. and Weisbenner, S. J. (2012). The downside of defaults. NBER Retirement Research Center Paper No. NB 11-01.
  • Brown, J. R., Farrell, A. M. and Weisbenner, S. J. (2016). Decision-making approaches and the propensity to default: Evidence and implications. Journal of Financial Economics, 121(3), 477-495.
  • Carroll, G. D., Choi, J. J., Laibson, D., Madrian, B.C. and Andrew, M. (2009). Optimal Defaults and Active Decisions. The Quarterly Journal of Economics,124 (4), 1639-1674.
  • Chetty, R., Friedman, J. N., Leth-Petersen, S., Nielsen, T. H. and Olsen, T. (2014). Active vs. passive decisions and crowd-out in retirement savings accounts: Evidence from Denmark. The Quarterly Journal of Economics, 129(3), 1141-1219.
  • Choi, J. J., Laibson, D., Madrian, B. C. and Metrick, A. (2002). Defined contribution pensions: plan rules, participant choices, and the path of least resistance. Tax policy and the economy, 16, 67-113.
  • Choi, J. J., Laibson, D., Madrian, B. C. and Metrick, A. (2004). For better or for worse: Default effects and 401 (k) savings behavior. National Bureau of Economic Research (Perspectives on the Economics of Aging), University of Chicago Press, 81-126.
  • Pension Monitoring Center, (2018). Bireysel Emeklilik Sistemi Gelişim Raporu 2017. https://www.egm.org.tr/bes2017gr/Flipbook/mobile/index.html#p=I, Last accessed: 2 March 2019
  • Pension Monitoring Center, (2019). Statistics, OKS'ye Giren Çalışanların OKS'ye Giriş Anında BES Sözleşmesi Olup Olmadığı, Last accessed, 30 March 2019 https://www.egm.org.tr/bilgi-merkezi/istatistikler/
  • Goda, G. S., Levy, M. R., Manchester, C. F., Sojourner, A. and Tasoff, J. (2018). Mechanisms Behind Retirement Saving Behavior: Evidence from Administrative and Survey Data. TIAA Institute Research Dialogue, 140.
  • Goda, G. S., Manchester, C. F., and Sojourner, A. J. (2014). What will my account really be worth? Experimental evidence on how retirement income projections affect saving. Journal of Public Economics, 119, 80-92.
  • Gülay, T., Işık, M. and Öztürk, M. (2017). Türkiye’de Bireysel Emeklilik Sistemi ve Akademisyenlerin Otomatik Katılıma Bakış Açılarına İlişkin Bir Analiz: Süleyman Demirel Üniversitesi Örneği. İş ve Hayat, 3(6), 179-205.
  • Johnson, E. J. and Goldstein, D. G. (2003). Do defaults save lives? Science, 302, 1338-1339.
  • Johnson, E., Hershey, J., Meszaros, J. and Kunreuther, H., (1993). Framing, probability distortions, and insurance decisions. Journal of Risk and Uncertainty, 7,35–51.
  • Kocabıyık, T. and Küçükçakal, Z. (2018). Türkiye’de Bireysel Emeklilik Sistemi Ve Çalışanların Otomatik Katılımdan Ayrılma Nedenleri: Isparta İlinde Bir Uygulama. Journal Of Life Economics, 5(4), 233-254.
  • Lusardi, A. and Mitchell, O.S. (2005). Finan¬cial literacy and planning: Implications for retirement wellbeing. Working Paper No. WP 2005-108. Ann Arbor, MI: University of Michigan Retirement Research Center.
  • MacLeod, P., Fitzpatrick, A., Hamlyn, B., Jones, A., Kinver, A. and Page, L. (2012). Attitudes to pensions: The 2012 survey. Department of Work and Pension: Research Report, 813.
  • Madrian, B. C. (2012). “Matching Contributions and Savings Outcomes: A Behavioral Economics Perspective". In Matching Contributions for Pensions: A Review of International Experience, R. Hinz, R. Holzmann, D. Tuesta and N. Takayama (Ed). The World Bank, 289-309.
  • Madrian, B. C. and Shea, D. F. (2001). The power of suggestion: Inertia in 401 (k)participation and savings behavior. The Quarterly journal of economics, 116(4), 1149-1187.
  • Mann, L., Burnett, P., Radford, M. and Ford, S. (1997). The Melbourne Decision Making Questionnaire: An instrument for measuring patterns for coping with decisional conflict. Journal of Behavioral Decision Making, 10(1), 1-19.
  • McCalley, LT. (2006). From motivation and cognition theories to everyday applications and back again: the case of product-integrated information and feedback. Energy Policy, 34(2):129–37.
  • Mitchell, O. S. and Utkus, S. P. (2004). Lessons from behavioral finance for retirement plan design. Pension design and structure: New lessons from behavioral finance, 18(1), 82-94.
  • OECD (2009). Pensions at a Glance 2009: Retirement-Income Systems in OECD Countries, OECD Publishing, Paris, https://doi.org/10.1787/pension_glance-2009-en, Last accessed 4 February 2018
  • Özdevecioğlu, M. (2002). Kamu Ve Özel Sektör Yöneticileri Arasındaki Davranışsal Çalışma Koşulları ve Kişilik Farklılıklarının Belirlenmesine Yönelik Bir Araştırma. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (19), 115-134.
  • Özen, Y. and Gül, A. (2007). Sosyal ve eğitim bilimleri araştırmalarında evren-örneklem sorunu. Atatürk Üniversitesi Kazım Karabekir Eğitim Fakültesi Dergisi, (15), 394-422.
  • Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N. and Hoagwood, K. (2015). Purposeful Sampling for Qualitative Data Collection and Analysis in Mixed Method Implementation Research. Administration and policy in mental health, 42(5), 533–544.
  • Rinaldi, A. (2011). Pension awareness and nation-wide auto-enrolment: the Italian experience. CERP Working Paper, 104/11, 1-22.
  • Rooij, van M. and Teppa, F. (2014). Personal traits and individual choices: Taking action in economic and non-economic decisions. Journal of Economic Behavior & Organization, 100, 33-43.
  • Rudolph, H. P. (2016). Building Voluntary Pension Schemes in Emerging Economies. World Bank Group Policy Research Working Paper No. 7779, 1-31.
  • Rudolph, H. P. (2019). Pension Funds with Automatic Enrollment Schemes: Lessons for Emerging Economies. World Bank Group Policy Research Working Paper No. 826, 1-31.
  • State Personnel Presidency (2018). Kamu Personel İstatistikleri (Ocak), Ankara.
  • Sunstein, C. R. (2014). Nudging: a very short guide. Journal of Consumer Policy, 37(4), 583-588.
  • Sunstein, C. R. (2017a). Human Agency and Behavioral Economics: Nudging Fast and Slow. Palgrave macmillan: USA.
  • Sunstein, C. R. (2017b). Default rules are better than active choosing (often). Trends in cognitive sciences, 21(8), 600-606.
  • Sunstein, C. R. and Reisch, L. A. (2016). "Behaviorally green: Why, which and when defaults can help". In New perspectives for environmental policies through behavioral economics, F. Beckenbach ve W.Kahlenborn (Ed.) Springer: Switzerland, 161-194.
  • Thaler, R. H. and Sunstein, C.R (2008). Nudge: improving decisions about health, wealth, and happiness. Yale University Press:USA.
  • Turkish Ministry of Economy, Davranışsal Kamu Politikaları ve Yeni Nesil Teknolojiler Daire Başkanlığı, (2018). Senin Kararın!mı? Kamu Politikası Tasarımında Davranışsal Yaklaşım. https://ticaret.gov.tr/data/5b9623ea13b8761ce82c5e34/senin_kararin_mi.pdf, Last accessed: 8 February 2019
  • Willem, A., De Vos, A. and Buelens, M. (2007). Differences between private and public sector employees’ psychological contracts. Working paper. Belgium: Ghent University, Faculty of Economics and Business Administration, Department Management and Entrepreneurship, Tweekerkenstraat 2, 9000.
There are 44 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Makaleler
Authors

Fahriye Öztürk

Havva Serim 0000-0003-4222-4670

Publication Date November 8, 2021
Submission Date October 13, 2021
Published in Issue Year 2021Volume: 22 Issue: 2

Cite

APA Öztürk, F., & Serim, H. (2021). How Do Defaults Affect Behavior of Individual Retirement: Evidence from Ankara. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 22(2), 480-503. https://doi.org/10.37880/cumuiibf.1009235
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