期刊
AMERICAN ECONOMIC REVIEW
卷 106, 期 2, 页码 260-284出版社
AMER ECONOMIC ASSOC
DOI: 10.1257/aer.20140481
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资金
- Columbia Business School
- University of Pittsburgh Central Research Development Fund
- National Institute on Aging [NIA 1R21AG044731-01A1]
- USC's Resource Center for Minority Aging Research [NIA P30AG043073]
- USC's Roybal Center for Financial Decision Making [NIA P30AG024962]
We study the effect of financial resources on decision-making. Low-income US households are randomly assigned to receive an online survey before or after payday. The survey collects measures of cognitive function and administers risk and intertemporal choice tasks. The study design generates variation in cash, checking and savings balances, and expenditures. Before-payday participants behave as if they are more present-biased when making intertemporal choices about monetary rewards but not when making intertemporal choices about nonmonetary real-effort tasks. Nor do we find beforeafter differences in risk-taking, the quality of decision-making, the performance in cognitive function tasks, or in heuristic judgments.
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