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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. 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. Several behavioral interventions will be cross-randomized to test hypotheses relating to non-claiming behavior. 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 financial nudge. 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.
Trial Start Date July 01, 2020 August 23, 2021
Last Published May 26, 2020 05:00 PM August 19, 2021 11:08 PM
Intervention Start Date July 01, 2020 August 23, 2021
Intervention End Date December 31, 2020 December 31, 2021
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 Described in pre-analysis plan.
Experimental Design (Public) 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. Described in pre-analysis plan.
Planned Number of Clusters 2,260 individuals. 2,260 individuals, however, this will depend on response rates as described in the pre-analysis plan.
Planned Number of Observations 2,260 individuals. 2,260 individuals, however, this will depend on response rates as described in the pre-analysis plan.
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. Between 1/3rd in each main treatment arm and 20%:40%:40% as described in the pre-analysis plan.
Keyword(s) Labor Labor
Building on Existing Work No
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