Journal
MANAGEMENT SCIENCE
Volume 62, Issue 12, Pages 3393-3411Publisher
INFORMS
DOI: 10.1287/mnsc.2015.2296
Keywords
economics: microeconomic behavior; behavior and behavioral decision making; finance
Funding
- Bill and Melinda Gates Foundation
- Consultative Group to Assist the Poor (CGAP)
- Ford Foundation
- Center for Retirement Research at Boston College
- Netspar
- National Science Foundation
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We provide evidence from field experiments with three different banks that reminder messages increase commitment attainment for clients who recently opened commitment savings accounts. Messages that mention both savings goals and financial incentives are particularly effective, whereas other content variations such as gain versus loss framing do not have significantly different effects. Nor do we find evidence that receiving additional late reminders has an additive effect. These empirical results do not map neatly into existing models, so we provide a simple model where limited attention to exceptional expenses can generate undersaving that is in turn mitigated by reminders.
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