This study proposes a new “two-factor” risk preference metric and assesses its effectiveness in predicting financial satisfaction under two risk domains: investment market risk and credit card risk. The factors in our two-factor assessment are risk tolerance and financial self-efficacy...

A timely reminder on an app or website prompts delinquent credit card debtors with strong credit records to repay but is ineffective for debtors with weak credit records. We study field data from a 2015-16 randomized controlled trial of a broadcast reminder received by 30-days-overdue credit...

Some individuals borrow extensively on their credit cards. This paper tests whether present-biased time preferences correlate with credit card borrowing. In a field study, we elicit individual time preferences with incentivized choice experiments, and match resulting time preference measures to...

Some individuals borrow extensively on their credit cards. This paper tests whether present-biased time preferences correlate with credit card borrowing. In a field study, we elicit individual time preferences with incentivized choice experiments, and match resulting time preference measures to...

This study uses a combined measure of financial literacy or financial knowledge that includes both a test score of actual financial knowledge and a self-assessment of overall financial knowledge. The combined measure provides greater understanding about how financial knowledge affects financial...

Open-loop prepaid cards are becoming a mainstream payment instrument in the United States. In addition, businesses and governments increasingly view them as a less expensive alternative to checks for disbursing payroll and benefits.There are few studies that examine how consumers actually use...

Using a discovery and replication sample from a U.S. representative data set, we show that a functional polymorphism on the MAOA gene is associated with credit card borrowing behavior. For the combined sample of approximately 12,000 individuals we fi nd that having one or both MAOA alleles of...