We show that consumers spend 15% more per day on their credit cards in the ten days following the receipt of a credit card statement than in the days prior to the statement. We test several mechanisms for this effect including mental accounting, optimization of the free float, and liquidity...

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...

This study uses a unique distance-based priority school allocation rule in Singapore as an identification to test school relocation effects on housing prices in the school zone. Using housing samples during the period from 1999 to 2009, our main results show that private housing prices within...

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...

Can children effectively nudge their parents to change their energy consumption behavior? This study sets up a quasi-experiment using the “Project Carbon Zero” campaign, an energy-saving contest in Singapore, to empirically test the effectiveness of school children nudges in bringing...

Singapore uses public media campaigns to motivate public housing residents to conserve energy as part of its strategies to achieve sustainable energy goals. Using the energy conservation campaign conducted in selected housing estates in Singapore in January 2016, we ran a natural experiment to...

We analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example refers to consumers who transfer the entire balance from an existing credit card account to a new account, but use the new card for...

Incentive provision is a central question in modern economic theory. During the run up to the financial crisis, many banks attempted to encourage loan underwriting by giving out incentive packages to loan officers. Using a unique data set on small business loan officer compensation from a major...

Incentive provision is a central question in modern economic theory. During the run up to the financial crisis, many banks attempted to encourage loan underwriting by giving out incentive packages to loan officers. Using a unique data set on small business loan officer compensation from a major...

We analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example refers to consumers who transfer the entire balance from an existing credit card account to a new account, but use the new card for...