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The making of homo honoratus : from omission to commission

Author: Michael Hallsworth; John A List; Robert Metcalfe; Ivo Vlaev; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2015.
Series: Working paper series (National Bureau of Economic Research), no. 21210.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Framing remains one of the pillars of behavioral economics. While framing effects have been found to be quite important in the lab, what is less clear is how well evidence drawn from naturally-occurring settings conforms to received laboratory insights. We use debt obligation to the UK government as a case study to explore the 'omission bias' present in decision making with large stakes. Using a natural field  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael Hallsworth; John A List; Robert Metcalfe; Ivo Vlaev; National Bureau of Economic Research,
OCLC Number: 910560983
Notes: "May 2015"
Description: 1 online resource (20 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 21210.
Responsibility: Michael Hallsworth, John A. List, Robert D. Metcalfe, Ivo Vlaev.

Abstract:

Framing remains one of the pillars of behavioral economics. While framing effects have been found to be quite important in the lab, what is less clear is how well evidence drawn from naturally-occurring settings conforms to received laboratory insights. We use debt obligation to the UK government as a case study to explore the 'omission bias' present in decision making with large stakes. Using a natural field experiment that generates nearly 40,000 observations, we find that repayment rates are roughly doubled when the act is reframed as one of commission rather than omission. We estimate that this reframing of the perceived nature of the action generated over $1.3 million of new yield. We find evidence that this behavior may result from a deliberate 'omission strategy', rather than a behavioral bias, as is often assumed in the literature. Our natural field experiment highlights that behavioral economics is much more than a series of empirical exercises to quench the intellectual curiosity of academics.

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