Do Risky Scenarios Affect Forecasts of Savings and Expenses?
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Richard H. Thaler & Shlomo Benartzi, 2004.
"Save More Tomorrow (TM): Using Behavioral Economics to Increase Employee Saving,"
Journal of Political Economy, University of Chicago Press, vol. 112(S1), pages 164-187, February.
- Shlomo Benartzi & Richard Thaler, 2004. "Save more tomorrow: Using behavioral economics to increase employee saving," Natural Field Experiments 00337, The Field Experiments Website.
- García, Jesús María & Vila, José, 2020. "Financial literacy is not enough: The role of nudging toward adequate long-term saving behavior," Journal of Business Research, Elsevier, vol. 112(C), pages 472-477.
- Matthew Rabin & Ted O'Donoghue, 1999.
"Doing It Now or Later,"
American Economic Review, American Economic Association, vol. 89(1), pages 103-124, March.
- Ted O'Donoghue & Matthew Rabin, 1996. "Doing It Now or Later," Discussion Papers 1172, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Ted O'Donoghue and Matthew Rabin ., 1997. "Doing It Now or Later," Economics Working Papers 97-253, University of California at Berkeley.
- O'Donoghue, Ted & Rabin, Matthew, 1997. "Doing It Now or Later," Department of Economics, Working Paper Series qt7t44m5b0, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Yaniv, Ilan & Schul, Yaacov, 2000. "Acceptance and Elimination Procedures in Choice: Noncomplementarity and the Role of Implied Status quo," Organizational Behavior and Human Decision Processes, Elsevier, vol. 82(2), pages 293-313, July.
- Michal Grinstein-Weiss & Blair D. Russell & William G. Gale & Clinton Key & Dan Ariely, 2017. "Behavioral Interventions to Increase Tax-Time Saving: Evidence from a National Randomized Trial," Journal of Consumer Affairs, Wiley Blackwell, vol. 51(1), pages 3-26, March.
- Annamaria Lusardi & Olivia S Mitchelli, 2007. "Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 42(1), pages 35-44, January.
- Hummel, Dennis & Maedche, Alexander, 2019. "How effective is nudging? A quantitative review on the effect sizes and limits of empirical nudging studies," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 80(C), pages 47-58.
- Thaler, Richard, 1981. "Some empirical evidence on dynamic inconsistency," Economics Letters, Elsevier, vol. 8(3), pages 201-207.
- Richard H. Thaler, 2008.
"Mental Accounting and Consumer Choice,"
Marketing Science, INFORMS, vol. 27(1), pages 15-25, 01-02.
- Richard Thaler, 1985. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 4(3), pages 199-214.
- Grażyna Szustak & Witold Gradoń & Łukasz Szewczyk, 2021. "Household Financial Situation during the COVID-19 Pandemic with Particular Emphasis on Savings—An Evidence from Poland Compared to Other CEE States," Risks, MDPI, vol. 9(9), pages 1-15, September.
- Annamaria Lusardi & Olivia Mitchell, 2006.
"Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education Programs,"
Working Papers
wp144, University of Michigan, Michigan Retirement Research Center.
- Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Financial literacy and retirement preparedness: Evidence and implications for financial education programs," CFS Working Paper Series 2007/15, Center for Financial Studies (CFS).
- Krupnikov, Yanna & Levine, Adam Seth, 2014. "Cross-Sample Comparisons and External Validity," Journal of Experimental Political Science, Cambridge University Press, vol. 1(1), pages 59-80, April.
- Löfgren, Åsa & Nordblom, Katarina, 2020. "A theoretical framework of decision making explaining the mechanisms of nudging," Journal of Economic Behavior & Organization, Elsevier, vol. 174(C), pages 1-12.
- Goodwin, Paul & Gönül, M. Sinan & Önkal, Dilek, 2019. "When providing optimistic and pessimistic scenarios can be detrimental to judgmental demand forecasts and production decisions," European Journal of Operational Research, Elsevier, vol. 273(3), pages 992-1004.
- Satterfield, Terre & Slovic, Paul & Gregory, Robin, 2000. "Narrative valuation in a policy judgment context," Ecological Economics, Elsevier, vol. 34(3), pages 315-331, September.
- Brounen, Dirk & Koedijk, Kees G. & Pownall, Rachel A.J., 2016.
"Household financial planning and savings behavior,"
Journal of International Money and Finance, Elsevier, vol. 69(C), pages 95-107.
- Koedijk, Kees & Pownall, Rachel A J & Brounen, Dirk, 2015. "Household Financial Planning and Savings Behavior," CEPR Discussion Papers 11033, C.E.P.R. Discussion Papers.
- Cass R. Sunstein, 2019. "Correction to: Nudging: a very short guide," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 54(2), pages 130-130, April.
- George Loewenstein & Drazen Prelec, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 573-597.
- George-Marios Angeletos & David Laibson & Andrea Repetto & Jeremy Tobacman & Stephen Weinberg, 2001. "The Hyberbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 47-68, Summer.
- Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
- Abigail B. Sussman & Adam L. Alter, 2012. "The Exception Is the Rule: Underestimating and Overspending on Exceptional Expenses," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 39(4), pages 800-814.
- Tam, Leona & Dholakia, Utpal M., 2011. "Delay and duration effects of time frames on personal savings estimates and behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 114(2), pages 142-152, March.
- John G. Lynch Jr. & Richard G. Netemeyer & Stephen A. Spiller & Alessandra Zammit, 2010. "A Generalizable Scale of Propensity to Plan: The Long and the Short of Planning for Time and for Money," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 37(1), pages 108-128, June.
- Mindaugas Leika & Daniela Marchettini, 2017. "A Generalized Framework for the Assessment of Household Financial Vulnerability," IMF Working Papers 2017/228, International Monetary Fund.
- Wright, George & Goodwin, Paul, 2009. "Decision making and planning under low levels of predictability: Enhancing the scenario method," International Journal of Forecasting, Elsevier, vol. 25(4), pages 813-825, October.
- Canova, Luigina & Rattazzi, Anna Maria Manganelli & Webley, Paul, 2005. "The hierarchical structure of saving motives," Journal of Economic Psychology, Elsevier, vol. 26(1), pages 21-34, February.
- Mullinix, Kevin J. & Leeper, Thomas J. & Druckman, James N. & Freese, Jeremy, 2015. "The Generalizability of Survey Experiments," Journal of Experimental Political Science, Cambridge University Press, vol. 2(2), pages 109-138, January.
- Ross Levine & Chen Lin & Mingzhu Tai & Wensi Xie, 2021.
"How Did Depositors Respond to COVID-19? [A crisis of banks as liquidity providers],"
The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5438-5473.
- Ross Levine & Chen Lin & Mingzhu Tai & Wensi Xie, 2020. "How Did Depositors Respond to COVID-19?," NBER Working Papers 27964, National Bureau of Economic Research, Inc.
- Hendy, Patrick & Slonim, Robert & Atalay, Kadir, 2021. "Unsticking credit card repayments from the minimum: Advice, anchors and financial incentives," Journal of Behavioral and Experimental Finance, Elsevier, vol. 30(C).
- Richard G Netemeyer & Dee Warmath & Daniel Fernandes & John G LynchJr. & Eileen FischerEditor & Olivier ToubiaAssociate Editor, 2018. "How Am I Doing? Perceived Financial Well-Being, Its Potential Antecedents, and Its Relation to Overall Well-Being," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 45(1), pages 68-89.
- Richard H. Thaler & Cass R. Sunstein, 2023.
"Libertarian paternalism,"
Chapters, in: Cass R. Sunstein & Lucia A. Reisch (ed.), Research Handbook on Nudges and Society, chapter 1, pages 10-16,
Edward Elgar Publishing.
- Richard H. Thaler & Cass R. Sunstein, 2003. "Libertarian Paternalism," American Economic Review, American Economic Association, vol. 93(2), pages 175-179, May.
- Raj Chetty & John N. Friedman & Soren Leth-Petersen & Torben Heien Nielsen & Tore Olsen, 2013. "Subsidies vs. Nudges: Which Policies Increase Saving the Most?," Issues in Brief ib2013-3, Center for Retirement Research.
- Cass R. Sunstein, 2019. "Nudging: a very short guide," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 54(2), pages 127-129, April.
- Önkal, Dilek & Sayım, Kadire Zeynep & Gönül, Mustafa Sinan, 2013. "Scenarios as channels of forecast advice," Technological Forecasting and Social Change, Elsevier, vol. 80(4), pages 772-788.
- Eric Johnson & Suzanne Shu & Benedict Dellaert & Craig Fox & Daniel Goldstein & Gerald Häubl & Richard Larrick & John Payne & Ellen Peters & David Schkade & Brian Wansink & Elke Weber, 2012. "Beyond nudges: Tools of a choice architecture," Marketing Letters, Springer, vol. 23(2), pages 487-504, June.
- Rebecca Ratner & Dilip Soman & Gal Zauberman & Dan Ariely & Ziv Carmon & Punam Keller & B. Kim & Fern Lin & Selin Malkoc & Deborah Small & Klaus Wertenbroch, 2008. "How behavioral decision research can enhance consumer welfare: From freedom of choice to paternalistic intervention," Marketing Letters, Springer, vol. 19(3), pages 383-397, December.
- Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
- Antonides, Gerrit & Manon de Groot, I. & Fred van Raaij, W., 2011. "Mental budgeting and the management of household finance," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 546-555, August.
- Crawford, Megan M., 2019. "A comprehensive scenario intervention typology," Technological Forecasting and Social Change, Elsevier, vol. 149(C).
- Romain Cadario & Pierre Chandon, 2020. "Which Healthy Eating Nudges Work Best? A Meta-Analysis of Field Experiments," Marketing Science, INFORMS, vol. 39(3), pages 465-486, May.
- Christian Weller & Amanda Logan, 2009. "Measuring Middle Class Economic Security," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(2), pages 327-336.
- Berinsky, Adam J. & Huber, Gregory A. & Lenz, Gabriel S., 2012. "Evaluating Online Labor Markets for Experimental Research: Amazon.com's Mechanical Turk," Political Analysis, Cambridge University Press, vol. 20(3), pages 351-368, July.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Eduard Marinov, 2017. "The 2017 Nobel Prize in Economics," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 117-159.
- Committee, Nobel Prize, 2017. "Richard H. Thaler: Integrating Economics with Psychology," Nobel Prize in Economics documents 2017-1, Nobel Prize Committee.
- Gerhard, Patrick & Gladstone, Joe J. & Hoffmann, Arvid O.I., 2018. "Psychological characteristics and household savings behavior: The importance of accounting for latent heterogeneity," Journal of Economic Behavior & Organization, Elsevier, vol. 148(C), pages 66-82.
- Ted O’Donoghue & Matthew Rabin, 2006. "Incentives and Self Control," Levine's Bibliography 122247000000001262, UCLA Department of Economics.
- Stefano DellaVigna, 2009.
"Psychology and Economics: Evidence from the Field,"
Journal of Economic Literature, American Economic Association, vol. 47(2), pages 315-372, June.
- Stefano DellaVigna, 2007. "Psychology and Economics: Evidence from the Field," NBER Working Papers 13420, National Bureau of Economic Research, Inc.
- Anke Gerbe & Kirsten I.M. Rohde, 2010. "Risk and Preference Reversals in Intertemporal Choice," Post-Print hal-00911832, HAL.
- Gerber, Anke & Rohde, Kirsten I.M., 2010. "Risk and preference reversals in intertemporal choice," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 654-668, December.
- Beshears, John & Kosowsky, Harry, 2020. "Nudging: Progress to date and future directions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 161(S), pages 3-19.
- O'Donoghue, Ted & Rabin, Matthew, 2008.
"Procrastination on long-term projects,"
Journal of Economic Behavior & Organization, Elsevier, vol. 66(2), pages 161-175, May.
- O'Donoghue, Ted & Rabin, Matthew, 2002. "Procrastination on Long-Term Projects," Department of Economics, Working Paper Series qt1bz181nv, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- O'Donoghue, Ted & Rabin, Matthew, 2002. "Procrastination on Long-Term Projects," Department of Economics, Working Paper Series qt5jv059fq, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Ted O'Donoghue & Matthew Rabin, 2003. "Procrastination on Long-Term Projects," Method and Hist of Econ Thought 0303003, University Library of Munich, Germany.
- O'Donoghue, Ted & Rabin, Matthew, 2002. "Procrastination on Long-Term Projects," Working Papers 02-09, Cornell University, Center for Analytic Economics.
- O'Donoghue, Ted & Rabin, Matthew, 2012. "Procrastination on Long-Term Projects," Department of Economics, Working Paper Series qt5zb60651, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Drouhin, Nicolas, 2020.
"Non-stationary additive utility and time consistency,"
Journal of Mathematical Economics, Elsevier, vol. 86(C), pages 1-14.
- Nicolas Drouhin, 2019. "Non stationary additive utility and time consistency," Working Papers halshs-01238584, HAL.
- Nicolas Drouhin, 2020. "Non-stationary additive utility and time consistency," Post-Print halshs-02363089, HAL.
- Katherine L. Milkman & Todd Rogers & Max H. Bazerman, 2009. "Highbrow Films Gather Dust: Time-Inconsistent Preferences and Online DVD Rentals," Management Science, INFORMS, vol. 55(6), pages 1047-1059, June.
- Milkman, Katherine L. & Beshears, John, 2009.
"Mental accounting and small windfalls: Evidence from an online grocer,"
Journal of Economic Behavior & Organization, Elsevier, vol. 71(2), pages 384-394, August.
- Katherine L. Milkman & John L. Beshears, 2007. "Mental Accounting and Small Windfalls: Evidence from an Online Grocer," Harvard Business School Working Papers 08-024, Harvard Business School, revised Sep 2008.
- Robert Scharff, 2009. "Obesity and Hyperbolic Discounting: Evidence and Implications," Journal of Consumer Policy, Springer, vol. 32(1), pages 3-21, March.
- Erich Renz & Marvin M. Müller & Kim Leonardo Böhm, 2023. "When nudges promote neutral behavior: an experimental study of managerial decisions under risk and uncertainty," Journal of Business Economics, Springer, vol. 93(8), pages 1309-1354, October.
- Galizzi, Matteo M. & Miraldo, Marisa & Stavropoulou, Charitini & van der Pol, Marjon, 2016.
"Doctor–patient differences in risk and time preferences: A field experiment,"
Journal of Health Economics, Elsevier, vol. 50(C), pages 171-182.
- Galizzi, Matteo M. & Miraldo, Marisa & Stavropoulou, Charitini & van der Pol, Marjon, 2016. "Doctor–patient differences in risk and time preferences: a field experiment," LSE Research Online Documents on Economics 68143, London School of Economics and Political Science, LSE Library.
- Min Jung Kim, 2022. "Two sides of the same coin: The simultaneous effects of spending and saving needs on budget estimation," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(4), pages 360-371, December.
- Tomasz Potocki, 2012. "Cumulative Prospect Theory as a model of economic rationality," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 31.
- Akin, Zafer & Yavas, Abdullah, 2023. "Elicited Time Preferences and Behavior in Long-Run Projects," MPRA Paper 117133, University Library of Munich, Germany.
- Carlsson, Fredrik & Yang, Xiaojun, 2013. "Intertemporal Choice Shifts in Households: Do they occur and are they good?," Working Papers in Economics 569, University of Gothenburg, Department of Economics.
- James Alm & Carolyn J. Bourdeaux, 2013.
"Applying Behavioral Economics to the Public Sector,"
Hacienda Pública Española / Review of Public Economics, IEF, vol. 206(3), pages 91-134, September.
- James Alm & Carolyn J. Bourdeaux, 2014. "Applying Behavioral Economics to the Public Sector," Working Papers 1405, Tulane University, Department of Economics.
More about this item
Keywords
savings; expenses; nudging; financial awareness; financial forecasts;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jforec:v:4:y:2022:i:1:p:17-334:d:755042. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.