Crowdsourcing peer information to change spending behavior

• 成果类型: Article
• 署名作者: D'Acunto, Francesco; Rossi, Alberto G.; Weber, Michael
• 署名单位: Georgetown University; University of Chicago; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2024.103858
• 发表日期: 2024
• 关键词: Social finance; Visibility bias; Conspicuous consumption; Robo-advising; FinTech; Information economics; household finance

摘要

We isolate the information channel of peer effects in consumption in a setting that excludes a role for common shocks or social pressure-a spending panel paired with crowdsourced information about anonymous peerselicited at different times. Consumers converge to peers' spending, and more so when peer signals are more informative. Convergence is asymmetric: within 12 months of information provision, overspenders close 17% and underspenders 5% of their gap relative to peers. We exploit the quasi-random assignment to peer groups in an instrumental -variable strategy and implement an experiment for external validity. Our results are consistent with information-based theories of overconsumption.