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Last Published June 10, 2022 02:58 AM July 02, 2022 02:56 AM
Intervention (Public) 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: In this study, the manipulation will be in two categories: 1) the length of time it would take to pay the credit card statement balance depending on monthly payment amounts, 2) the amount of total interest to be paid to pay the credit card statement balance depending on the monthly payment amounts, 3) readily available menu options to click. STUDY 3: We will test different ways of presenting the info STUDY 4: We will additionally test different ways of entering the payment info. 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. There 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.
Experimental Design (Public) 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 will have two control and multiple (four) treatment layouts STUDY 3: We aim to test the effect of providing the info in graphically and numerically as well as providing months, interest, months+interest info. STUDY 4: This will test the effect of different ways of entering the payment info on outcomes. 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.
Planned Number of Clusters 500 500 study 2: 800 study 3: 700
Planned Number of Observations 500 STUDY 2: STUDY 3: STUDY 4: 500 study 2: 800 STUDY 3: 700 STUDY 4:
Sample size (or number of clusters) by treatment arms 125 in each condition 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
Power calculation: Minimum Detectable Effect Size for Main Outcomes 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 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.
Intervention (Hidden) We will run a hypothetical study with mturk participants. Participants will be asked to imagine that they received their monthly credit statement that is due today and will be asked the amount they plan to pay. They will be given five different scenarios with different statement amounts due. We will run a 2x2 design experiment. In all conditions and in all scenarios the interest rate is fixed and given to participants. In all conditions, participants will be given the statement amounts for five different scenarios. The four conditions will be as follows: 1. Min payment & no additional info: the participants will see the minimum payment required in addition to the ones stated above 2. No Min payment & no additional info: the participants will not be given any additional information apart from the ones stated above 3. Min payment & additional info: the participants will see the minimum payment required in addition to the ones stated above. they will also see the length of time and the total interest to accrue for the following scenarios: 1) if they pay full, 2) if they pay only the minimum, 3) for an amount that they choose 4. No Min payment & additional info: the participants will see the length of time and the total interest to accrue for the following scenarios: 1) if they pay full, 2) for an amount that they choose STUDY 2: In this study, we will have two control and multiple treatment layouts (four is planned). 1. 1 menu option+no information --full payment info --other payment info 2. 1 menu option+information (Additional months and interest charges) --full payment info --other payment info 3. 2 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --other payment info 4. 4 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --payment amount to finish the debt in 2 month --payment amount to finish the debt in 3 month --other payment info 5. 6 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --payment amount to finish the debt in 2 month --payment amount to finish the debt in 3 month --payment amount to finish the debt in 6 month --payment amount to finish the debt in 12 month --other payment info 6. 8 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --payment amount to finish the debt in 2 month --payment amount to finish the debt in 3 month --payment amount to finish the debt in 6 month --payment amount to finish the debt in 12 month --payment amount to finish the debt in 24 month --payment amount to finish the debt in 36 month --other payment info STUDY 3: In this study, we will use the "winner" of the study 2 as our baseline. It will be 2x3 design: -numerical vs graphical info -interest only, months only, interest+months info STUDY 4: In this study, we will use the "winner" of the study 3 as our baseline and test the effect of sliders and the default position of sliders to input the payment amount in repayment decisions. We will run a hypothetical study with mturk participants. Participants will be asked to imagine that they received their monthly credit statement that is due today and will be asked the amount they plan to pay. They will be given five different scenarios with different statement amounts due. We will run a 2x2 design experiment. In all conditions and in all scenarios the interest rate is fixed and given to participants. In all conditions, participants will be given the statement amounts for five different scenarios. The four conditions will be as follows: 1. Min payment & no additional info: the participants will see the minimum payment required in addition to the ones stated above 2. No Min payment & no additional info: the participants will not be given any additional information apart from the ones stated above 3. Min payment & additional info: the participants will see the minimum payment required in addition to the ones stated above. they will also see the length of time and the total interest to accrue for the following scenarios: 1) if they pay full, 2) if they pay only the minimum, 3) for an amount that they choose 4. No Min payment & additional info: the participants will see the length of time and the total interest to accrue for the following scenarios: 1) if they pay full, 2) for an amount that they choose STUDY 2: -numerical vs graphical info in three categories: payment amount, interest to be charged, the months to finish the debt. this will create 8 different cells STUDY 3: In this study, we will have two control and multiple treatment layouts (six is planned). 1. 1 menu option+no information --full payment info --other payment info 2. 1 menu option+information (Additional months and interest charges) --full payment info --other payment info 3. 2 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --other payment info 4. 4 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --payment amount to finish the debt in 2 month --payment amount to finish the debt in 3 month --other payment info 5. 6 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --payment amount to finish the debt in 2 month --payment amount to finish the debt in 3 month --payment amount to finish the debt in 6 month --payment amount to finish the debt in 12 month --other payment info 6. 8 menu options+information (Additional months and interest charges) --full payment info --payment amount to finish the debt in 1 month --payment amount to finish the debt in 2 month --payment amount to finish the debt in 3 month --payment amount to finish the debt in 6 month --payment amount to finish the debt in 12 month --payment amount to finish the debt in 24 month --payment amount to finish the debt in 36 month --other payment info STUDY 4: In this study, we will use the "winner" of the study 3 as our baseline and test the effect of sliders and the default position of sliders to input the payment amount in repayment decisions.
Secondary Outcomes (End Points) We will also look at the different options that the decision maker clicked on before coming to the final decision.
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