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...

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...

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...

We analyze more than 74,000 home equity loans and lines of credit to study the role of information asymmetry. This credit market is characterized by borrowers who face a menu of contract options with varying collateral requirements and prices. Our results show that a less credit worthy applicant...

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...

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...

In cross-sectional data sets from ten credit markets, we find that middle-aged adults borrow at lower interest rates and pay fewer fees relative to younger and older adults. Fee and interest payments are minimized around age 53. The measured effects are not explained by observed risk...

We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting...