Marianne Bertrand|Adair Morse
Information Disclosure, Cognitive Biases, and Payday Borrowing
Booth University College|Booth University College
abstract psychologyguided information disclosure induce borrowers lower use highcost debt field experiment payday stores find information makes people think less narrowly time finance costs results less borrowing particular reinforcing addingup dollar fees incurred rolling loans reduces takeup future payday loans 11 subsequent 4 months although remain agnostic overall sufficiency better disclosure policy remedy payday borrowing cast 11 reduction borrowing light relative low cost policy