Side Effects of Nudging: Evidence from a Randomized Intervention in the Credit Card Market

• 成果类型: Article
• 署名作者: Medina, Paolina C.
• 署名单位: Texas A&M University System; Texas A&M University College Station
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa108
• 发表日期: 2021
• 页码: 2580
• 关键词: attention; SALIENCE; ECONOMICS; Reminders; inertia; utility; CHOICE; shocks; MODEL; debt

摘要

This paper studies the direct and indirect effects of nudging, by means of a field experiment with a financial management platform in Brazil. Reminders for upcoming credit card payments reduced credit card late-payment fees by 14%, but increased overdraft fees in checking accounts by 9%. The unintended effect is concentrated in users with a history of overdraft use. These users experienced a net increase of 5% in total fees, while the rest experienced savings of 15%. The results provide clear insights for nudge design: like any policy action, nudges can have side effects, and one size may not fit all.