Unshrouding: Evidence from Bank Overdrafts in Turkey

• 成果类型: Article
• 署名作者: Alan, Sule; Cemalcilar, Mehmet; Karlan, Dean; Zinman, Jonathan
• 署名单位: University of Essex; Koc University; Northwestern University; National Bureau of Economic Research; Dartmouth College
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12593
• 发表日期: 2018
• 页码: 481-522
• 关键词: information suppression; shrouded attributes; consumer; SALIENCE; attention; MODEL; fine

摘要

Lower prices produce higher demand... or do they? A bank's direct marketing to holders of free checking accounts shows that a large discount on 60% APR overdrafts reduces overdraft usage, especially when bundled with a discount on debit card or autodebit transactions. In contrast, messages mentioning overdraft availability without mentioning price increase usage. Neither change persists long after the messages stop. These results do not square easily with classical models of consumer choice and firm competition. Instead, they support behavioral models where consumers underestimate and are inattentive to overdraft costs, and firms respond by shrouding overdraft prices in equilibrium.