Many consumers make poor financial choices and older adults are particularly vulnerable to such errors. About half of the population between ages 80 and 89 either has dementia or a medical diagnosis of quot;cognitive impairment without dementia.quot; We study lifecycle patterns in financial...

This paper examines consumers' potential loss from buying expensive financial products. There is a lot of evidence that consumers do not shop around between different providers of financial products. One of the reasons why they do not shop around may be that they are unaware of how much they...

The paper examines the risk-return tradeoff an individual or trustee who decides to liquidate a position in an asset. Converting concentrated wealth into cash is not without risk as it may not be instantaneous. Just like the selection of an optimal asset mix along the 'efficient frontier', the...

The U.S. Bankruptcy code changed dramatically with the passage of The Bankruptcy Abuse Prevention and Consumer Protection Act Of 2005. This act increased the costs and decreased the benefits of bankruptcy to consumers. Supporters of the law claimed that it would benefit consumers as well as...

We measure learning and forgetting dynamics using a panel with four million monthly credit card statements. Through negative feedback -- i.e. paying a fee -- consumers learn to avoid future fees. Paying a fee last month reduces fee payment in the current month by 40%. Monthly fee payments fall...

We examine the conditions that enhance the economic viability of frequency reward programs in a strategic competitive environment. We focus particularly on conditions related to consumer behavior namely the extent to which consumers value the future benefits offered by the reward, the...

This paper solves explicitly a dynamic choice problem for a class of stochastic volatility models. The explicit solution is used to show that intuitions on static choice problems do not apply in a dynamic choice setting. For example, even though the risk premium of the risky asset in the problem...

Este estudio analiza los factores que subyacen a los atributos del establecimiento comercial y determina su influencia en la satisfacción máxima del consumidor. Para ello, se evalúa la influencia que ejerce cada uno de estos factores en diversas muestras de consumidores que presentan...