Financial Decision Making

Last registered on April 21, 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.

Last updated

April 21, 2022, 2:41 AM EDT

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

Locations

Country

United States of America

Region

Primary Investigator

Name

Elif Incekara Hafalir

Affiliation

University of Technology Sydney

Contact Primary Investigator

Other Primary Investigator(s)

PI Name

Robert Slonim

PI Affiliation

UTS-CBA

Contact Investigator

PI Name

Hanlin Lou

PI Affiliation

UTS-CBA

Contact Investigator

PI Name

Lionel Page

PI Affiliation

Contact Investigator

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 21. https://doi.org/10.1257/rct.9138-1.1

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

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?

Experiment Characteristics

Sample size: planned number of clusters

500

Sample size: planned number of observations

500

Sample size (or number of clusters) by treatment arms

125 in each condition

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.

Supporting Documents and Materials

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IRB