The Unclaimed Property Puzzle: Billion Dollar Bills Lying on the Sidewalk

Last registered on May 26, 2020

View Trial History

Pre-Trial

Trial Information

General Information

Title

The Unclaimed Property Puzzle: Billion Dollar Bills Lying on the Sidewalk

RCT ID

AEARCTR-0005926

Initial registration date

May 25, 2020

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published

May 26, 2020, 5:00 PM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

Country

United States of America

Region

Primary Investigator

Name

Eva Vivalt

Affiliation

University of Toronto

Contact Primary Investigator

Other Primary Investigator(s)

Additional Trial Information

Status

In development

Start date

2020-07-01

End date

2021-12-31

Keywords

Labor

Additional Keywords

JEL code(s)

Secondary IDs

Abstract

Currently, state governments in the United States hold billions of dollars in unclaimed properties. This represents a welfare-loss for the owners who fail to recover the amount that is owed to them. However, no studies to date have attempted to systematically investigate the types of unclaimed property owed, the demographics of the non-claimants, or their reasons for non-claiming. This study will document these basic facts and test the effectiveness of providing information and assistance in recovering the unclaimed property. Additionally, the study provides an opportunity to investigate the consequences of receiving a large positive income shock on outcomes such as debt and credit. A subset of participants will be further randomized into receiving a light touch nudge to use their recovered property to pay down any high-interest debts. This study will be the first to focus explicitly on unclaimed property and is expected to contribute to our understanding of the barriers to recovering it and its impact on financial health.

External Link(s)

Registration Citation

Citation

Vivalt, Eva. 2020. "The Unclaimed Property Puzzle: Billion Dollar Bills Lying on the Sidewalk." AEA RCT Registry. May 26. https://doi.org/10.1257/rct.5926-1.0

Sponsors & Partners

Experimental Details

Interventions

Intervention(s)

Intervention Start Date

2020-07-01

Intervention End Date

2020-12-31

Primary Outcomes

Primary Outcomes (end points)

Access to credit:
- Credit scores
- Trades per inquiry (approval rate)
- Credit limit on all revolving accounts
Credit utilization:
- Percent of revolving credit used
- Total debt
Delinquencies and bankruptcies:
- Number of delinquencies since the start of the treatment

Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)

Secondary Outcomes (explanation)

Experimental Design

Individuals will be contacted and enrolled in the study. After conducting a baseline survey, they will be randomized into receiving information or not. Of those who receive the information, half will be further randomized into receiving a nudge. I will then use the fact that the individuals were randomly assigned to different groups to estimate the local average treatment effect of each treatment arm and, in turn, to estimate impacts on financial behavior.

Experimental Design Details

Randomization Method

Randomization done on a computer.

Randomization Unit

Individual.

Was the treatment clustered?

Experiment Characteristics

Sample size: planned number of clusters

2,260 individuals.

Sample size: planned number of observations

2,260 individuals.

Sample size (or number of clusters) by treatment arms

1,424 receive the information treatment, out of which 712 receive an additional nudge as to how to use their recovered funds, and 836 are in the control.

Minimum detectable effect size for main outcomes (accounting for sample design and clustering)

Supporting Documents and Materials

IRB