Repayment decisions—how much of the loan to repay and when to make the payments—directly influence consumer debt levels. The authors examine how minimum required payment policy and loan information disclosed to consumers influence repayment decisions. They find that though presenting minimum...

A formal model of market-level expectations is developed and used to identify testable hypotheses. The empirical findings indicate that market-level expectations are more adaptive in nature than previously thought. The study also provides the first systematic investigation of cross-industry...

Consumers' choices tend to display greater variety when made for future versus immediate consumption. Previous accounts of such diversification differences suggested that they are driven primarily by (deterministic) shifts in underlying preference. Through a series of simulation studies, we...

Analysts often rely on methods that presume constant stochastic variance, even though its degree can differ markedly across experimental and field settings. This reliance can lead to misestimation of effect sizes or unjustified theoretical or behavioral inferences. Classic utility-based...

We examine the specification and interpretation of discrete-choice models used in behavioral theory testing, with a focus on separating “coefficient scale” from “error scale,” particularly over time. Numerous issues raised in the thoughtful commentaries of Louviere and Swait [Louviere,...