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Financial Decision Making

Last registered on April 20, 2022
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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.

Locations

Country
United States of America
Region

Primary Investigator

Name
Elif Incekara Hafalir
Affiliation
University of Technology Sydney
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Other Primary Investigator(s)

PI Name
Robert Slonim
PI Affiliation
UTS-CBA
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PI Name
Hanlin Lou
PI Affiliation
UTS-CBA
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PI Name
Lionel Page
PI Affiliation
UQ
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Additional Trial Information

Status
In development
Start date
2022-04-14
End date
2022-05-13
Keywords
Behavior
Additional Keywords
financial decision making, credit cards
JEL code(s)
D04, D14, D31
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. April 20. https://doi.org/10.1257/rct.9138-1.0
Sponsors & Partners

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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.
Intervention Start Date
2022-04-14
Intervention End Date
2022-05-13

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)
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.
Experimental Design Details
Experimental design is written in detail above.
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
400
Sample size: planned number of observations
400
Sample size (or number of clusters) by treatment arms
100 in each condition
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
We collapse across the treatments e.g., so that we have n=200 in "no min info" condition vs. n=200 in "min info". Similarly, we have n=200 in "no info" condition vs. n=200 in "info" condition. In detecting the main effects, the minimum detectable effect size is 0.10. This is based on alpha = 0.05, power = 0.8, and n=200 in each group, and assuming the proportion paying the minimum or less to be 10% in the control group (from previous studies). The minimum detectable effect size is 0.17 with the expected interaction effects. This is based on oneway anova with alpha = 0.05, power=0.8, n=100 with 4 equal groups.
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
Analysis Plan

Post-Trial

Post Trial Information

Study Withdrawal

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Intervention

Is the intervention completed?
No
Data Collection Complete
Data Publication

Data Publication

Is public data available?
No

Program Files

Program Files
Reports, Papers & Other Materials

Relevant Paper(s)

Reports & Other Materials