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Choice Architecture to Improve Financial Decision Making
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A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä
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en
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17
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Review of Economics Statistics, Volume 103, issue 1, pp. 102-118
Abstract
We exploit the principles of choice architecture to evaluate in-terventions in the market for reloadable prepaid cards. Participants are ran-domized into three card menu presentation treatments—the market statusquo, a regulation-inspired reform, or an enhanced reform designed to mini-mize attribute overload—and offered choices based on prior structural esti-mation of individual preferences. Consumers routinely choose incorrectlyunder the status quo, with tentative evidence that the regulation-inspiredpresentation may increase best card choice and clear evidence that the en-hanced reform reduces worst card choice. Welfare analysis suggests theregulation-inspired presentation offers modest gains, while the enhancedpolicy generates substantial benefits.
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Carpenter, J, Huet-Vaughn, E, Matthews, P, Robbett, A, Beckett, D & Jamison, J 2021, 'Choice Architecture to Improve Financial Decision Making', Review of Economics Statistics, vol. 103, no. 1, pp. 102-118. https://doi.org/10.1162/rest_a_00881