Financial Decision Making

Last registered on July 02, 2022

Pre-Trial

Trial Information

General Information

Title
Financial Decision Making
RCT ID
AEARCTR-0009138
Initial registration date
April 14, 2022

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
April 20, 2022, 7:48 AM EDT

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

Last updated
July 02, 2022, 6:32 PM EDT

Last updated is the most recent time when changes to the trial's registration were published.

Locations

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Primary Investigator

Affiliation
University of Technology Sydney

Other Primary Investigator(s)

PI Affiliation
UTS-CBA
PI Affiliation
UTS-CBA
PI Affiliation
UQ

Additional Trial Information

Status
In development
Start date
2022-04-14
End date
2022-12-31
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
We aim to understand whether providing different types of information on credit card debt affect repayment behaviour. Specifically, we will examine the effect of reporting the minimum required payment and the effect of reporting information on the length of time and the amount of total interest accrued based on the participants' chosen credit card payment.
External Link(s)

Registration Citation

Citation
Incekara Hafalir, Elif et al. 2022. "Financial Decision Making." AEA RCT Registry. July 02. https://doi.org/10.1257/rct.9138
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Experimental Details

Interventions

Intervention(s)
Intervention is the content of the information received by the participants. Information manipulation will be in two categories: 1) minimum payment information and 2) the length of time and the amount of total interest accrued based on the payment amount chosen by the participant.

STUDY 2: We will look at varying the presentation of the information (months, interest) which will be either numerical or with graphical representation.

STUDY 3: We will look at varying a set of menu options that vary on the number of months to pay off the entire balance. They will range from 2 to 8 eight menu options. The options vary the number of additional months: 1, 2, 4, 6 or 8 options that expand each time on the number of months.

STUDY 4:
We will additionally test different ways of entering the payment info.
Intervention Start Date
2022-04-14
Intervention End Date
2022-12-31

Primary Outcomes

Primary Outcomes (end points)
Our outcome variables are mean repayment amounts, the likelihood of paying the minimum, the likelihood of paying the minimum and less, and the likelihood of paying the maximum.
Primary Outcomes (explanation)

Secondary Outcomes

Secondary Outcomes (end points)
We will also look at the different options that the decision maker clicked on before coming to the final decision.
Secondary Outcomes (explanation)

Experimental Design

Experimental Design
It is a 2x2 design with manipulation of the minimum required payment and the manipulation of the information about the length of time and the amount of interest accrued based on payment amounts.

STUDY 2:
We aim to test the effect of providing the info in graphically and numerically in payment amounts, in months to finish the debt, and the interest to be paid. This creates 8 different conditions.

STUDY 3:
we will have two control and multiple (six) treatment layouts

STUDY 4:
This will test the effect of different ways of entering the payment info on outcomes.
Experimental Design Details
Not available
Randomization Method
Randomization is done by Qualtrics survey platform.
Randomization Unit
The unit of randomization is individuals.
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
500

study 2:
800

study 3:
700
Sample size: planned number of observations
500 study 2: 800 STUDY 3: 700 STUDY 4:
Sample size (or number of clusters) by treatment arms
125 in each condition

study 2:
100 in each cell for a total of 8 cells.

study 3:
100 in the control+no info
200 in the control+info
100 in each of the four treatments
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
We updated the power calculations based on the pilot data we collected. With the following inputs Effect size |ρ| = 0.2 α err prob = 0.05 Power (1-β err prob) = 0.9 We plan to collect 125 in each cell, giving us 250 in each cell in our 2x2 design experiment. we determined the sample sized in the subsequent studies similarly.
Supporting Documents and Materials

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IRB

Institutional Review Boards (IRBs)

IRB Name
The UTS Human Research Ethics Committee (HREC)
IRB Approval Date
2022-03-21
IRB Approval Number
ETH21-6806