Causal inference lies at the heart of social science, and the 2019 Nobel Prize in Economics highlights the value of randomized variation for identifying causal effects and mechanisms. But causal inference cannot rely on randomized variation alone; it also requires good data. Yet the...

Information asymmetries are important in theory but difficult to identify in practice. We estimate the empirical importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major South...

Numerous laboratory studies report on behaviors inconsistent with rational economic models. How much do these inconsistencies matter in natural settings, when consumers make large, real decisions and have the opportunity to learn from experiences? We report on a field experiment designed to...