1) The document presents research on how reminders can increase savings rates. It describes an experiment conducted with over 7,000 bank clients across Bolivia, Peru, and the Philippines where clients were randomly assigned to receive savings reminders or no reminders.
2) Regression analyses showed that clients who received reminders increased their savings more than those who did not receive reminders. Additional analyses examined the effects of different types of reminder content and framing.
3) The results suggest that reminders can be an effective way to increase savings by making future savings goals and incentives more salient in clients' minds. However, the study has limitations such as lacking broader measures of financial health and not all reminder messages seemed to be equally
The document discusses factors contributing to the recovery of the US housing market in 2015, including low mortgage interest rates, less stringent lending requirements, low housing inventory, and millennials entering the market. It also notes that owning a home is more affordable than renting in many areas. The recovery is attributed to a variety of factors making home buying easier and more attainable.
Andrea proaño ..... turismo..... ecuador pptx0958751242
Quito es la capital de Ecuador y tiene más de 1.7 millones de habitantes. El centro histórico de Quito, declarado Patrimonio de la Humanidad, contiene varios atractivos turísticos. El Jardín Botánico de Quito preservará la flora nativa y será un destino educativo y turístico importante. Otavalo es conocido por su famosa feria de artesanías y la cascada de Peguche se encuentra cerca. El zoológico de Guayllabamba y la reserva ecológica Cayambe C
La frontera de posibilidades de producción (FPP) representa el conjunto de combinaciones de bienes que un país puede producir dada la limitación de sus recursos. La FPP toma la forma de una curva cóncava que muestra que a medida que se aumenta la producción de un bien, debe reducirse la del otro. El crecimiento económico significa desplazar la FPP mediante mejoras tecnológicas, mayor capital o recursos, permitiendo mayores niveles de producción. La forma de la FPP depende del costo de oportunidad, siendo
This document provides certificates of attendance, completion, employment, and salary confirmation for Jay R Tiglao Arellano from various organizations in the Philippines and Singapore between 2002-2013. It includes certificates from Mapua Institute of Technology for seminars attended while a student there. It also includes certificates of employment and salary from VGO Corporation Ltd in Singapore as a retail associate from 2011-2013, and from Financial Times Electronic Publishing Phils., Inc. from 2014-2015 as an operations support analyst.
El documento presenta información sobre seis jugadoras de la selección femenina de fútbol de Colombia: Yoreli Rincón, Daniela Montoya, Nicole Regnier, Catalina Usme, Lady Andrade. Cada jugadora se describe brevemente con su nombre completo, posición, equipo actual y logros relevantes con la selección nacional o clubes.
The document discusses factors contributing to the recovery of the US housing market in 2015, including low mortgage interest rates, less stringent lending requirements, low housing inventory, and millennials entering the market. It also notes that owning a home is more affordable than renting in many areas. The recovery is attributed to a variety of factors making home buying easier and more attainable.
Andrea proaño ..... turismo..... ecuador pptx0958751242
Quito es la capital de Ecuador y tiene más de 1.7 millones de habitantes. El centro histórico de Quito, declarado Patrimonio de la Humanidad, contiene varios atractivos turísticos. El Jardín Botánico de Quito preservará la flora nativa y será un destino educativo y turístico importante. Otavalo es conocido por su famosa feria de artesanías y la cascada de Peguche se encuentra cerca. El zoológico de Guayllabamba y la reserva ecológica Cayambe C
La frontera de posibilidades de producción (FPP) representa el conjunto de combinaciones de bienes que un país puede producir dada la limitación de sus recursos. La FPP toma la forma de una curva cóncava que muestra que a medida que se aumenta la producción de un bien, debe reducirse la del otro. El crecimiento económico significa desplazar la FPP mediante mejoras tecnológicas, mayor capital o recursos, permitiendo mayores niveles de producción. La forma de la FPP depende del costo de oportunidad, siendo
This document provides certificates of attendance, completion, employment, and salary confirmation for Jay R Tiglao Arellano from various organizations in the Philippines and Singapore between 2002-2013. It includes certificates from Mapua Institute of Technology for seminars attended while a student there. It also includes certificates of employment and salary from VGO Corporation Ltd in Singapore as a retail associate from 2011-2013, and from Financial Times Electronic Publishing Phils., Inc. from 2014-2015 as an operations support analyst.
El documento presenta información sobre seis jugadoras de la selección femenina de fútbol de Colombia: Yoreli Rincón, Daniela Montoya, Nicole Regnier, Catalina Usme, Lady Andrade. Cada jugadora se describe brevemente con su nombre completo, posición, equipo actual y logros relevantes con la selección nacional o clubes.
This document summarizes a study that examined the impact of a financial education intervention on savings behavior among low-income clients of a branchless banking system in India. The study used a randomized controlled trial to evaluate the impact. Key findings include:
1) Households that received financial education training increased their total savings by about $28 (29% more than the control group) including increased savings in other banks.
2) The intervention successfully improved financial attitudes and commitment to savings but did not increase financial literacy.
3) The financial education was found to be cost-effective in increasing savings among this low-income population.
This document outlines a proposed research study that will examine the impact of different types of workplace financial education on the savings behavior of low-income employees. The study will randomly assign participants to three groups: a control group that receives basic financial information, a group that receives an organization-focused intervention, and a group that receives an employee needs-focused intervention incorporating cognitive behavioral therapy. Surveys will measure participants' financial confidence and savings amounts before and after each intervention to analyze whether the employee needs-focused CBT approach leads to greater changes in savings behavior compared to the other groups. If effective, this approach could help break the cycle of poverty and increase financial control. If not effective, other measures would need to be explored to aid the low
This document discusses assessment in social work. It begins by defining assessment as a process of gathering information from secondary sources like others' opinions and from direct observation. The document advocates for minimizing unnecessary information gathering. It also stresses defining the problem before seeking solutions. Several frameworks are presented to help structure assessments, including considering developmental needs, caregiver capacities, and environmental factors. The document emphasizes that assessment should be a partnership, focus on strengths, and keep the child's needs and safety as top priorities when communicating with parents.
6 psychological tricks that make learning stick power pointMind Gym
Sebastian Bailey is the president of Mind Gym Inc., an expert in using psychological tricks to increase learning retention. The document outlines six tricks: 1) Build belief in change by recognizing stages of change; 2) Create emotional arousal to boost memory; 3) Use stories over statistics to increase recall; 4) Write implementation intentions to improve follow-through; 5) Set specific missions to focus attention and prompt application; 6) Prime the mindset to shape behavior. Applying these tricks involves engaging learners, building value and relevance, distributing practice, and providing tools and accountability to transfer learning.
How to convince your boss to use insights and strategies from Behavioral Econ...beworks
Behavioral Economics has revolutionized our understanding of decision making.
We now know that humans are far from perfectly rational. Instead, there are psychological biases that strongly influence people’s choices.
The result is a more accurate prediction of human behavior, which can facilitate desirable business outcomes.
Once you understand the drivers of behavior, you can change behavior.
This document discusses assessments of children and families. It notes that assessments involve gathering information from secondary sources like others' opinions and from direct observations. Assessments should gather the minimum necessary information to understand the situation rather than the maximum available. It is important to define the problem before seeking solutions. Assessments should be partnerships rather than paternalism and focus on situations rather than people. Objectives and timelines for assessments should be clear. Assessments provide a systematic approach to understanding a child's developmental needs, a caregiver's capacity to meet those needs, and outside environmental factors based on research. Communicating with parents requires tact while ensuring the child's needs remain the priority.
The document discusses financial literacy and pension investments in the U.S. It notes that defined contribution (DC) pension plans have largely replaced defined benefit plans, putting more responsibility on individuals for retirement savings decisions. Two key issues are that individuals frequently make mistakes due to low financial literacy, and they also lack knowledge about their specific pension plan features. The document examines how plan design, regulation, communication methods, behavioral interventions, financial education, and financial advisers can help address these issues. It provides examples from studies on how these factors impact pension participation rates, investment choices, and long-term outcomes and satisfaction.
Firstly, we would like to express our gratitude to Almighty Allah for giving us the strength
required to complete the report in the given time.
Then, we would like to thank our honorable faculty Dr. Razia Sultana Sumi, Associate
Professor, Department of Marketing, Jagannath University for giving us such a great
opportunity to prepare a research report on “Measuring Motivation behind Donation of
Individual Givers”.
Throughout this period of course "Marketing for Non-Profit Organization (MKT-5203)",
she has provided her immense guidance, motivation, and ample support during this report's
preparation. We are indebted to our parents for their constant support and the struggles they
have gone through to make me capable enough to write this report. We would like to thank
our family and friends for always being there for us and persistently motivating us. We would
like to thank the faculty members of Jagannath University each of whom taught me
something that we could use in writing this report.
Lastly, we would like to express our gratitude to those people who helped us both directly
and indirectly for the preparation of this report. We apologize to the people whose names
have not mentioned but their contribution is highly appreciated.
The document discusses strategies for planning effective health promotion campaigns. It explains that past campaigns were unsuccessful because they failed to understand target audiences, particularly teenagers' rebellious nature. Successful modern campaigns like Truth took time to engage with their audience. The document outlines a seven-step process for planning campaigns: 1) defining goals and benefits, 2) analyzing diverse audiences, 3) establishing goals and measures, 4) selecting communication channels, 5) designing persuasive messages, 6) piloting the campaign, and 7) evaluating and maintaining it over time. It emphasizes understanding audience motivations, testing messages, and adjusting the campaign based on its reception and success in changing behaviors.
This study explored how heuristics and cognitive biases influence football coaches' decision-making. It found that coaches most commonly used the familiarity and simulation heuristics and were most influenced by focusing bias, hot hand fallacy, and outcome bias. While research shows these can impair decisions, coaches perceived them as likely to be effective. The study suggests raising awareness of cognitive influences and using reflective decision-making strategies to improve choices.
This document summarizes a study on how aging affects financial decision making. The study found that:
1) Declining cognition with age was associated with significantly lower financial literacy as measured by answers to financial questions, though it did not significantly impact confidence in managing finances.
2) Over half of those experiencing significant cognitive decline retained primary responsibility for managing their finances and received no outside help.
3) Cognitive decline increased the likelihood of seeking help with financial decisions, though it is unclear if this help was beneficial. The study suggests aging cognitive issues could negatively impact retiree financial well-being as individuals increasingly rely on self-managed retirement savings.
Betterment is the first and largest independent robo-advisor. We make extensive use of applied behavioral design to guide our customers to the right investment decisions, as well as providing a behavioral framework for helping them manage their money. I'll share what we've learned works, and doesn't.
The Society for Judgment and Decisionmaking held their 32nd conference in Seattle Nov 4-7.
These slides point to some of my favorite findings presented there.
The document discusses several biases that previous research has failed to account for, which generally overstate the impact of saving incentives on personal saving. It identifies 5 specific biases: 1) Saving behavior varies across households; 2) Saving is a net concept when factoring in borrowing; 3) Financial markets and pensions have changed since 1980s expansions; 4) Tax treatment of saving incentives differs from other accounts; 5) Incentives as compensation can have different effects. The conclusion is that while incentives impact saving allocation and wealth, there is little effect on overall saving levels.
This document discusses incentivizing SNAP/EBT use at farmers markets through understanding motivators. It explores the difference between intrinsic and extrinsic motivation, and identifies potential motivators for communities, individuals, and farmers/producers involved in farmers markets. These include things like a sense of belonging, learning new skills, and accessing new customer bases. It emphasizes the importance of defining success metrics and collecting baseline data to properly evaluate incentive outcomes.
Choose one of these questions, consider how the value of Community.docxvernettacrofts
Choose ONE of these questions, consider how the value of Community relates to the situation and the importance of Community when conducting a statistical study.
1. Our national debt can be found in many different sources with the statistics represented many different ways. Identify three or more of these sources and discuss whether any of them provide a plan for future generations to be able to pay for our spending.
2. What are your views on the country spending more money than it takes in? Support your views with statistical reports or documentation.
3. An "incentive" is often used to encourage people to participate in a study, such as free tickets to an event, money donated to a charity, a chance to win a prize, or even cash. How can an incentive create bias within the study? Which group might likely be excluded in a study and which group might be over-represented when an incentive is used?
4. Find a study that you should be cautious in interpreting because a group sponsors it or an organization that you believe might be biased on the issue being presented. Explain whether any bias is apparent within the study.
5. Find a study that can be interpreted in a way that could be harmful to a group in our society. This could be very difficult to find; since one rule for any regulated research is that it will do no harm to animals or people.
6. Should authors be held accountable for bias reports? Why or why not?
...
Saving Money Research Insights-FINAL-ALL PresentersBarbara O'Neill
- Research studies have found that saving behaviors are influenced by having financial goals, savings plans, and automatic savings. Successful savers tend to have savings motives like planning for retirement or emergencies. They also employ self-control mechanisms like savings rules.
- However, many Americans face barriers to saving like problems with financial scarcity, underestimating the power of compound interest, and difficulties envisioning long-term savings. Providing tools to automate savings, visualize the future impact of savings, and simplify retirement planning can help address these challenges. Employer-sponsored savings plans and financial education also support improved savings behaviors.
This document provides an introduction and literature review on employee motivation and productivity in the banking sector of Ghana. It begins by defining motivation and its importance for organizational success. Productivity is discussed as being influenced by motivation. The research aims to analyze motivation tools at Trust Bank Ghana and their impact on productivity. It will survey employees at four branches to understand their views on motivation. The literature review covers definitions of motivation and debates around what motivation is and is not. It discusses how motivation influences employee involvement, satisfaction, and performance.
This document discusses wage stagnation in America and its causes. It argues that employers operate with a "recession mentality" that prioritizes profits over workers' wages. This leads to outsourcing of jobs, layoffs, lack of raises, and other factors contributing to slow economic growth. The document proposes using qualitative and quantitative research methods like interviews, literature reviews, and meta-analysis to understand this problem and develop solutions to help businesses move past recession thinking. The intended audience is business leaders who can influence strategies to better support workers and the overall economy.
This document summarizes a study that examined the impact of a financial education intervention on savings behavior among low-income clients of a branchless banking system in India. The study used a randomized controlled trial to evaluate the impact. Key findings include:
1) Households that received financial education training increased their total savings by about $28 (29% more than the control group) including increased savings in other banks.
2) The intervention successfully improved financial attitudes and commitment to savings but did not increase financial literacy.
3) The financial education was found to be cost-effective in increasing savings among this low-income population.
This document outlines a proposed research study that will examine the impact of different types of workplace financial education on the savings behavior of low-income employees. The study will randomly assign participants to three groups: a control group that receives basic financial information, a group that receives an organization-focused intervention, and a group that receives an employee needs-focused intervention incorporating cognitive behavioral therapy. Surveys will measure participants' financial confidence and savings amounts before and after each intervention to analyze whether the employee needs-focused CBT approach leads to greater changes in savings behavior compared to the other groups. If effective, this approach could help break the cycle of poverty and increase financial control. If not effective, other measures would need to be explored to aid the low
This document discusses assessment in social work. It begins by defining assessment as a process of gathering information from secondary sources like others' opinions and from direct observation. The document advocates for minimizing unnecessary information gathering. It also stresses defining the problem before seeking solutions. Several frameworks are presented to help structure assessments, including considering developmental needs, caregiver capacities, and environmental factors. The document emphasizes that assessment should be a partnership, focus on strengths, and keep the child's needs and safety as top priorities when communicating with parents.
6 psychological tricks that make learning stick power pointMind Gym
Sebastian Bailey is the president of Mind Gym Inc., an expert in using psychological tricks to increase learning retention. The document outlines six tricks: 1) Build belief in change by recognizing stages of change; 2) Create emotional arousal to boost memory; 3) Use stories over statistics to increase recall; 4) Write implementation intentions to improve follow-through; 5) Set specific missions to focus attention and prompt application; 6) Prime the mindset to shape behavior. Applying these tricks involves engaging learners, building value and relevance, distributing practice, and providing tools and accountability to transfer learning.
How to convince your boss to use insights and strategies from Behavioral Econ...beworks
Behavioral Economics has revolutionized our understanding of decision making.
We now know that humans are far from perfectly rational. Instead, there are psychological biases that strongly influence people’s choices.
The result is a more accurate prediction of human behavior, which can facilitate desirable business outcomes.
Once you understand the drivers of behavior, you can change behavior.
This document discusses assessments of children and families. It notes that assessments involve gathering information from secondary sources like others' opinions and from direct observations. Assessments should gather the minimum necessary information to understand the situation rather than the maximum available. It is important to define the problem before seeking solutions. Assessments should be partnerships rather than paternalism and focus on situations rather than people. Objectives and timelines for assessments should be clear. Assessments provide a systematic approach to understanding a child's developmental needs, a caregiver's capacity to meet those needs, and outside environmental factors based on research. Communicating with parents requires tact while ensuring the child's needs remain the priority.
The document discusses financial literacy and pension investments in the U.S. It notes that defined contribution (DC) pension plans have largely replaced defined benefit plans, putting more responsibility on individuals for retirement savings decisions. Two key issues are that individuals frequently make mistakes due to low financial literacy, and they also lack knowledge about their specific pension plan features. The document examines how plan design, regulation, communication methods, behavioral interventions, financial education, and financial advisers can help address these issues. It provides examples from studies on how these factors impact pension participation rates, investment choices, and long-term outcomes and satisfaction.
Firstly, we would like to express our gratitude to Almighty Allah for giving us the strength
required to complete the report in the given time.
Then, we would like to thank our honorable faculty Dr. Razia Sultana Sumi, Associate
Professor, Department of Marketing, Jagannath University for giving us such a great
opportunity to prepare a research report on “Measuring Motivation behind Donation of
Individual Givers”.
Throughout this period of course "Marketing for Non-Profit Organization (MKT-5203)",
she has provided her immense guidance, motivation, and ample support during this report's
preparation. We are indebted to our parents for their constant support and the struggles they
have gone through to make me capable enough to write this report. We would like to thank
our family and friends for always being there for us and persistently motivating us. We would
like to thank the faculty members of Jagannath University each of whom taught me
something that we could use in writing this report.
Lastly, we would like to express our gratitude to those people who helped us both directly
and indirectly for the preparation of this report. We apologize to the people whose names
have not mentioned but their contribution is highly appreciated.
The document discusses strategies for planning effective health promotion campaigns. It explains that past campaigns were unsuccessful because they failed to understand target audiences, particularly teenagers' rebellious nature. Successful modern campaigns like Truth took time to engage with their audience. The document outlines a seven-step process for planning campaigns: 1) defining goals and benefits, 2) analyzing diverse audiences, 3) establishing goals and measures, 4) selecting communication channels, 5) designing persuasive messages, 6) piloting the campaign, and 7) evaluating and maintaining it over time. It emphasizes understanding audience motivations, testing messages, and adjusting the campaign based on its reception and success in changing behaviors.
This study explored how heuristics and cognitive biases influence football coaches' decision-making. It found that coaches most commonly used the familiarity and simulation heuristics and were most influenced by focusing bias, hot hand fallacy, and outcome bias. While research shows these can impair decisions, coaches perceived them as likely to be effective. The study suggests raising awareness of cognitive influences and using reflective decision-making strategies to improve choices.
This document summarizes a study on how aging affects financial decision making. The study found that:
1) Declining cognition with age was associated with significantly lower financial literacy as measured by answers to financial questions, though it did not significantly impact confidence in managing finances.
2) Over half of those experiencing significant cognitive decline retained primary responsibility for managing their finances and received no outside help.
3) Cognitive decline increased the likelihood of seeking help with financial decisions, though it is unclear if this help was beneficial. The study suggests aging cognitive issues could negatively impact retiree financial well-being as individuals increasingly rely on self-managed retirement savings.
Betterment is the first and largest independent robo-advisor. We make extensive use of applied behavioral design to guide our customers to the right investment decisions, as well as providing a behavioral framework for helping them manage their money. I'll share what we've learned works, and doesn't.
The Society for Judgment and Decisionmaking held their 32nd conference in Seattle Nov 4-7.
These slides point to some of my favorite findings presented there.
The document discusses several biases that previous research has failed to account for, which generally overstate the impact of saving incentives on personal saving. It identifies 5 specific biases: 1) Saving behavior varies across households; 2) Saving is a net concept when factoring in borrowing; 3) Financial markets and pensions have changed since 1980s expansions; 4) Tax treatment of saving incentives differs from other accounts; 5) Incentives as compensation can have different effects. The conclusion is that while incentives impact saving allocation and wealth, there is little effect on overall saving levels.
This document discusses incentivizing SNAP/EBT use at farmers markets through understanding motivators. It explores the difference between intrinsic and extrinsic motivation, and identifies potential motivators for communities, individuals, and farmers/producers involved in farmers markets. These include things like a sense of belonging, learning new skills, and accessing new customer bases. It emphasizes the importance of defining success metrics and collecting baseline data to properly evaluate incentive outcomes.
Choose one of these questions, consider how the value of Community.docxvernettacrofts
Choose ONE of these questions, consider how the value of Community relates to the situation and the importance of Community when conducting a statistical study.
1. Our national debt can be found in many different sources with the statistics represented many different ways. Identify three or more of these sources and discuss whether any of them provide a plan for future generations to be able to pay for our spending.
2. What are your views on the country spending more money than it takes in? Support your views with statistical reports or documentation.
3. An "incentive" is often used to encourage people to participate in a study, such as free tickets to an event, money donated to a charity, a chance to win a prize, or even cash. How can an incentive create bias within the study? Which group might likely be excluded in a study and which group might be over-represented when an incentive is used?
4. Find a study that you should be cautious in interpreting because a group sponsors it or an organization that you believe might be biased on the issue being presented. Explain whether any bias is apparent within the study.
5. Find a study that can be interpreted in a way that could be harmful to a group in our society. This could be very difficult to find; since one rule for any regulated research is that it will do no harm to animals or people.
6. Should authors be held accountable for bias reports? Why or why not?
...
Saving Money Research Insights-FINAL-ALL PresentersBarbara O'Neill
- Research studies have found that saving behaviors are influenced by having financial goals, savings plans, and automatic savings. Successful savers tend to have savings motives like planning for retirement or emergencies. They also employ self-control mechanisms like savings rules.
- However, many Americans face barriers to saving like problems with financial scarcity, underestimating the power of compound interest, and difficulties envisioning long-term savings. Providing tools to automate savings, visualize the future impact of savings, and simplify retirement planning can help address these challenges. Employer-sponsored savings plans and financial education also support improved savings behaviors.
This document provides an introduction and literature review on employee motivation and productivity in the banking sector of Ghana. It begins by defining motivation and its importance for organizational success. Productivity is discussed as being influenced by motivation. The research aims to analyze motivation tools at Trust Bank Ghana and their impact on productivity. It will survey employees at four branches to understand their views on motivation. The literature review covers definitions of motivation and debates around what motivation is and is not. It discusses how motivation influences employee involvement, satisfaction, and performance.
This document discusses wage stagnation in America and its causes. It argues that employers operate with a "recession mentality" that prioritizes profits over workers' wages. This leads to outsourcing of jobs, layoffs, lack of raises, and other factors contributing to slow economic growth. The document proposes using qualitative and quantitative research methods like interviews, literature reviews, and meta-analysis to understand this problem and develop solutions to help businesses move past recession thinking. The intended audience is business leaders who can influence strategies to better support workers and the overall economy.
1. Motivation
Critics
Getting to the Top of Mind: How Reminders
Increase Saving
Dean Karlan, Margaret McConnell, Sendhil Mullainathan and
Jonathan Zinman
Newton Uncle Toe
African School Of Economics
December 7, 2016
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
2. Motivation
Critics
Motivation/Background
Calibrations of U.S. data suggest that extremely high short-
term discount rates are necessary to explain observed borrowing
patterns (Laibson, Repetto and Tobacman 2007).
Voluntary commitment devices help increase savings (Ashraf,
Karlan and Yin 2006b; Benartzi and Thaler 2004).
Default options have large effects on retirement savings deci-
sions (Madrian and Shea 2001; Beshears et al 2008)
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
3. Motivation
Critics
Research Questions
How does reminder increase savings?
Does limited attention play a role in under-saving?
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
5. Motivation
Critics
Preview of Findings
In the developing world, there is evidence of persistent borrow-
ing at high daily rates for predictable expenses (Ananth, Karlan
and Mullainathan 2007) even though several studies have found
that expanding access to savings accounts improves various
outcomes, including income-generation (Dupas and Robinson
2013; Karlan, Ratan, and Zinman 2014)
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
6. Motivation
Critics
Preview of Findings Cont’d
Laibson 1997; ODonoghue and Rabin 1999; Fudenberg and
Levine 2006; Banerjee and Mullainathan 2009-Used models
that emphasize time inconsistency and self-control problems to
explain both impatience and patience people exhibit, depending
on the horizon or good of choice.
Akerlof (1991) emphasized salience rather than costly self-control
as a driver of procrastination, Bordalo, Gennaioli, and
Shleifer (2013) emphasized salience as a driver of consumer
choice
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
10. Motivation
Critics
Data
Total sample for the Phillipines is 1,157
Total sample size for Peru is 2,436
Total sample size for Bolivia is 3,523
GRAND TOTAL OF SAMPLE SIZE of all three banks is 7,116
Location of Study: Bolivia is in central South America, Peru is
in west of South America and Philippines is in Southeast Asia
Year of Study:2008
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
11. Motivation
Critics
Identification Strategy
OLS Regression1
Yi = α + βRi + γZi + εi
Where
Yi is the savings by client i
R is an indicator that equals 1 if the bank randomly assigned
the client to receive any reminder, with no-reminder the omitted
category
Z is a vector of randomization conditions, other treatment as-
signments, and country fixed effects
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
12. Motivation
Critics
OLS Regression 2
Yi = α + β1Gi + β2Li + γZi + εi
where
Gi indicates that the individual was assigned to receive gain-
framed reminders
Li indicates loss-framed. No-reminder is again the omitted cat-
egory.
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
13. Motivation
Critics
OLS Regression 3
The Peru sample:
Yi = α + β1ICi + β2SEi + γZi + εi
where
ICi indicates that the individual was assigned reminders that
mentioned the interest rate incentive only
SEi indicates reminders that mentioned the specific expenditure
goal as well.
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
14. Motivation
Critics
OLS Regression 4
The Bolivia sample:
Yi = α + βi GLi + β2ICi + γZi + εi
where
GLi indicates that the individual was assigned to reminders
that mentioned only the savings goal (Aguinaldo, the year-end
bonus)
ICi indicates reminders that mention the life insurance incentive
as well
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
19. Motivation
Critics
Conclusion
Many pro-savings treatments can be reinterpreted as operating
through attention instead of, or in addition to, through self-
control with large transaction costs for undoing non-binding
commitments; e.g., opt-out default (Choi et al 2004); prepaid
fertilizer (Duflo, Kremer, and Robinson 2011) or deposit col-
lection (Ashraf, Karlan and Yin 2006a).
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
20. Motivation
Critics
Conclusion
Our experiment also generates results on the effects of two
reminder design elements that have received less scrutiny in
prior work: timing and content. The content variations suggest
that many reminders are actually not effective (although we
caution that our null results are imprecisely estimated), and
that the most effective ones are those that remind people of
both financial incentives and savings goals; it may be the case
that a savings reminder is effective if (and only if) it brings
multiple motivations for saving to the top of mind.
Reminder effects on saving are consistent with consumers being
relatively inattentive to future exceptional(infrequent, and often
relatively large) expenses (Sussman and Alter 2013), and that
reminders can increase saving by making these future expenses
more salient: bringing them to top of mind.
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving
21. Motivation
Critics
Some critics/limitations
Lacks outcome data on the household to speak about aggre-
gate household savings, or more holistic measures of financial
condition (test messages that encourage saving with feedback
and peer pressure or information, on a sample of microcredit
borrowers).
Disadvantages to generalizability because its unknown whether
the results would hold for people without a clear savings plan
and/or goal
457 of the total sample size were dropped (69 in Peru, 276 in
Bolivia and 112 in the Philippines) which is 28.84 percent of the
total sample, because they were incorrectly assigned to differ-
ent reminder treatments since they had multiple accounts.(The
Importance and Effects of Sample Size-Sarah Marley (2014))
Newton Toe Getting to the Top of Mind: How Reminders Increase Saving