We asked 97 cigarette smokers to make a series of 12 binary choices between experimental cigarette packages with varying warnings and background colors. Each smoker had to decide which of the two packages contained cigarettes less risky for his health. We tested whether the smokers, confronted...

Using data from a prominent online platform for launching new digital products, we document that the composition of the platform's 'beta testers' on the day a new product is launched has a systematic and persistent impact on the venture's success. Specifically, we use word embedding methods to...

Digital technologies and fintech firms have rapidly reshaped the consumer financial landscape in recent years, and have the potential to help consumers make better decisions and improve their financial health. Existing technologies such as autopay are also experiencing increased takeup, a trend...

Disclosure--the practice of providing information to support decision making--has been widely mandated in public policy but is routinely ignored by consumers and subject to obfuscation by firms. Yet most evidence on the effectiveness of consumer financial disclosure stems from lab experiments...

A wealth of evidence shows that individuals are biased and firms can often exploit consumers' behavioral biases in their contract designs. In this paper, we study how vulnerable biased individuals are to their own behavioral biases in market equilibrium, and focus on the role of risk aversion...