Romantic partners rarely have equal responsibility for, and equal influence over, their shared financial matters. Intuitively, one might expect the partner with greater financial knowledge to have greater influence. However, unless partners are routinely quizzing each other, they are unlikely to have a precise understanding of each other’s objective financial knowledge (OFK). We document that partner A’s understanding of partner B’s OFK is colored by partner B’s self-perceived OFK (subjective financial knowledge [SFK]). Accordingly, SFK plays an important role in financial decisions that romantic partners jointly navigate. In a survey and an incentive-compatible lab experiment (both with couples), we find that partners’ SFK differences reliably predict their relative influence over shared financial decisions. Partners’ OFK differences generally played a more modest role in those shared decisions. However, when romantic partners individually make financial decisions, OFK plays a more prominent role. Thus, SFK appears to be particularly important in interpersonal contexts.
{"title":"Subjective Knowledge Differences within Couples Predict Influence over Shared Financial Decisions","authors":"J. Olson, Scott I. Rick","doi":"10.1086/726430","DOIUrl":"https://doi.org/10.1086/726430","url":null,"abstract":"Romantic partners rarely have equal responsibility for, and equal influence over, their shared financial matters. Intuitively, one might expect the partner with greater financial knowledge to have greater influence. However, unless partners are routinely quizzing each other, they are unlikely to have a precise understanding of each other’s objective financial knowledge (OFK). We document that partner A’s understanding of partner B’s OFK is colored by partner B’s self-perceived OFK (subjective financial knowledge [SFK]). Accordingly, SFK plays an important role in financial decisions that romantic partners jointly navigate. In a survey and an incentive-compatible lab experiment (both with couples), we find that partners’ SFK differences reliably predict their relative influence over shared financial decisions. Partners’ OFK differences generally played a more modest role in those shared decisions. However, when romantic partners individually make financial decisions, OFK plays a more prominent role. Thus, SFK appears to be particularly important in interpersonal contexts.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45305614","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Consumer research typically examines discrete financial decisions. These measures are uninformative about behavior over time, like consumption smoothing, the extent to which people spend consistently across periods of high and low income. We developed a multiround game to study consumption smoothing and tested hypotheses about initial resource scarcity and the predictability of income. The game was played by museum visitors across a wide age range (6–80+, N=2,104) and by online participants (N=1,294) in a preregistered partial replication. Participants spent their money in the game more smoothly over the multiple rounds when they had abundant rather than scarce initial resources, and this was particularly true when they received income on a predictable schedule. When income was unpredictable, initial scarcity did not hurt performance. We discuss implications for theorizing about the effects of scarcity.
{"title":"Scarcity and Predictability of Income over Time: Experimental Games as a Way to Study Consumption Smoothing","authors":"H. Kappes, R. Campbell, Andrew Ivchenko","doi":"10.1086/726427","DOIUrl":"https://doi.org/10.1086/726427","url":null,"abstract":"Consumer research typically examines discrete financial decisions. These measures are uninformative about behavior over time, like consumption smoothing, the extent to which people spend consistently across periods of high and low income. We developed a multiround game to study consumption smoothing and tested hypotheses about initial resource scarcity and the predictability of income. The game was played by museum visitors across a wide age range (6–80+, N=2,104) and by online participants (N=1,294) in a preregistered partial replication. Participants spent their money in the game more smoothly over the multiple rounds when they had abundant rather than scarce initial resources, and this was particularly true when they received income on a predictable schedule. When income was unpredictable, initial scarcity did not hurt performance. We discuss implications for theorizing about the effects of scarcity.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41409301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Does gamifying financial platforms change consumers’ willingness to take financial risk? A major trend in the financial industry has been to make financial platforms gamelike experiences by adding features like leaderboards. However, despite the growing interest in this approach, no research has systematically investigated whether and how gamification influences consumers’ financial risk taking. Six experiments (N=3,766) demonstrate that when investment apps are equipped with game elements, consumers make substantially riskier choices. Gamification boosts financial risk taking because the presence (vs. absence) of game elements motivates consumers to pursue an additional goal (i.e., winning the game). Once this goal has been reached, consumers are no longer more risk-taking, highlighting when and why gamification entices financial risk taking. This research validates recent suspicions about the addictive potential of gamified financial platforms and helps inform discussions about how to make these platforms more consumer-friendly.
{"title":"When Financial Platforms Become Gamified, Consumers’ Risk Preferences Change","authors":"C. Hüller, M. Reimann, Caleb Warren","doi":"10.1086/726431","DOIUrl":"https://doi.org/10.1086/726431","url":null,"abstract":"Does gamifying financial platforms change consumers’ willingness to take financial risk? A major trend in the financial industry has been to make financial platforms gamelike experiences by adding features like leaderboards. However, despite the growing interest in this approach, no research has systematically investigated whether and how gamification influences consumers’ financial risk taking. Six experiments (N=3,766) demonstrate that when investment apps are equipped with game elements, consumers make substantially riskier choices. Gamification boosts financial risk taking because the presence (vs. absence) of game elements motivates consumers to pursue an additional goal (i.e., winning the game). Once this goal has been reached, consumers are no longer more risk-taking, highlighting when and why gamification entices financial risk taking. This research validates recent suspicions about the addictive potential of gamified financial platforms and helps inform discussions about how to make these platforms more consumer-friendly.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48831758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Policymakers emphasize that fees should be an important consideration in making investment decisions that support savings, retirement and other consequential, long term financial outcomes. Nevertheless, retail investors tend to prioritize recent returns. In nonfinancial domains, visual aids designed with choice architecture principles help convey complex quantitative information and reduce decision biases. The current work explores how a variety of mutual fund visual aids affect investment decisions. Across three studies, including two with incentivized national samples (N=4,588), we demonstrate that visual aids displaying mutual fund fees lower fees paid by up to 25% compared to legally compliant disclosure documents. We address important public policy implications relevant to investors and regulators.
{"title":"A Picture Is Worth a Thousand Dollars: Visual Aids Promote Investor Decisions","authors":"Brian Scholl, Adam w. Craig, Alycia Chin","doi":"10.1086/726428","DOIUrl":"https://doi.org/10.1086/726428","url":null,"abstract":"Policymakers emphasize that fees should be an important consideration in making investment decisions that support savings, retirement and other consequential, long term financial outcomes. Nevertheless, retail investors tend to prioritize recent returns. In nonfinancial domains, visual aids designed with choice architecture principles help convey complex quantitative information and reduce decision biases. The current work explores how a variety of mutual fund visual aids affect investment decisions. Across three studies, including two with incentivized national samples (N=4,588), we demonstrate that visual aids displaying mutual fund fees lower fees paid by up to 25% compared to legally compliant disclosure documents. We address important public policy implications relevant to investors and regulators.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42741977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
P. Stillman, A. Gavrieli, J. Upritchard, Chavanne Hanson, Treeny Ahmed, Jonathan Kaplan, R. Dhar, M. Bakker
An important step in averting climate change is shifting consumers’ diets to contain less meat. While preliminary work suggests sustainability labels can shift consumers’ preferences, there is no clear guidance on what makes an effective labeling system. Across five experiments (N=6,001), we find that multi-icon systems (traffic light) are the most effective in reducing the carbon impact of consumers’ choices, but also generated the most negative attitudes toward the restaurant. We further find that single-icon systems (e.g., labeling only sustainable options) are effective at shifting consumer choices, particularly when combined with numeric information (e.g., kg of CO2), and generally produce no negative attitudes relative to control. These results replicate using an incentive-compatible design and an externally valid population (tech employees). Overall, we provide a systematic empirical investigation of different approaches to sustainability labeling. We conclude by discussing limitations, future directions, and advice for implementing sustainability labels.
{"title":"Driving Sustainable Food Choices: How to Craft an Effective Sustainability Labeling System","authors":"P. Stillman, A. Gavrieli, J. Upritchard, Chavanne Hanson, Treeny Ahmed, Jonathan Kaplan, R. Dhar, M. Bakker","doi":"10.1086/725112","DOIUrl":"https://doi.org/10.1086/725112","url":null,"abstract":"An important step in averting climate change is shifting consumers’ diets to contain less meat. While preliminary work suggests sustainability labels can shift consumers’ preferences, there is no clear guidance on what makes an effective labeling system. Across five experiments (N=6,001), we find that multi-icon systems (traffic light) are the most effective in reducing the carbon impact of consumers’ choices, but also generated the most negative attitudes toward the restaurant. We further find that single-icon systems (e.g., labeling only sustainable options) are effective at shifting consumer choices, particularly when combined with numeric information (e.g., kg of CO2), and generally produce no negative attitudes relative to control. These results replicate using an incentive-compatible design and an externally valid population (tech employees). Overall, we provide a systematic empirical investigation of different approaches to sustainability labeling. We conclude by discussing limitations, future directions, and advice for implementing sustainability labels.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46924382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Eleanor Putnam-Farr, R. Dhar, Margarita Gorlin, Jane Upritchard, M. Hatzis, M. Bakker
Despite widespread knowledge and acceptance of the importance of climate-friendly behavior, consumers often fail to take the necessary actions to engage in more sustainable consumption. We propose a framework for structuring reminder messages to drive desired climate-friendly actions in a way that helps consumers build better long-term habits. Specifically, we formally test where to place the reminder in the consumption decision process (refilling of reusable water bottles) and find that simple action-oriented reminders, if placed early in the decision process, where they can benefit from contextual triggers, can motivate habits that endure even after the reminder period has ended. Furthermore, we find that specific sustainability-focused reminders (bringing a reusable bottle or bag) can motivate climate-friendly behaviors without negatively affecting overall consumption of the underlying good.
{"title":"Forgot Your Bottle or Bag Again? How Well-Placed Reminder Cues Can Help Consumers Build Sustainable Habits","authors":"Eleanor Putnam-Farr, R. Dhar, Margarita Gorlin, Jane Upritchard, M. Hatzis, M. Bakker","doi":"10.1086/725110","DOIUrl":"https://doi.org/10.1086/725110","url":null,"abstract":"Despite widespread knowledge and acceptance of the importance of climate-friendly behavior, consumers often fail to take the necessary actions to engage in more sustainable consumption. We propose a framework for structuring reminder messages to drive desired climate-friendly actions in a way that helps consumers build better long-term habits. Specifically, we formally test where to place the reminder in the consumption decision process (refilling of reusable water bottles) and find that simple action-oriented reminders, if placed early in the decision process, where they can benefit from contextual triggers, can motivate habits that endure even after the reminder period has ended. Furthermore, we find that specific sustainability-focused reminders (bringing a reusable bottle or bag) can motivate climate-friendly behaviors without negatively affecting overall consumption of the underlying good.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42946246","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Grant E. Donnelly, Christian C. Blanco, Calvin Spanbauer, Sara L. Stienecker
Recycling programs have significantly reduced the amount of waste sent to landfills, but recycling contamination rates have risen, reducing the environmental benefit of recycling collection. In this work, we investigate the prevalence of food-stained recyclable material contaminating recycling by evaluating disposal decisions of food-stained paper items. Consumers are more likely to contaminate recycling with food-stained items that have a low (vs. high) degree of dirtiness. We argue that consumers may dispose food-stained paper items into recycling out of a desire to avoid the anticipated negative feelings of not recycling. Consistent with this argument, we demonstrate that consumers with higher environmental values are less influenced by the degree of dirtiness of food-stained paper items and feel more negatively about not recycling food-stained paper items. We further demonstrate that disposal informational campaigns can reduce recycling contamination and increase composting by changing how consumers feel about recycling food-stained paper items.
{"title":"The Effects of Item Dirtiness on Disposal Decisions","authors":"Grant E. Donnelly, Christian C. Blanco, Calvin Spanbauer, Sara L. Stienecker","doi":"10.1086/724998","DOIUrl":"https://doi.org/10.1086/724998","url":null,"abstract":"Recycling programs have significantly reduced the amount of waste sent to landfills, but recycling contamination rates have risen, reducing the environmental benefit of recycling collection. In this work, we investigate the prevalence of food-stained recyclable material contaminating recycling by evaluating disposal decisions of food-stained paper items. Consumers are more likely to contaminate recycling with food-stained items that have a low (vs. high) degree of dirtiness. We argue that consumers may dispose food-stained paper items into recycling out of a desire to avoid the anticipated negative feelings of not recycling. Consistent with this argument, we demonstrate that consumers with higher environmental values are less influenced by the degree of dirtiness of food-stained paper items and feel more negatively about not recycling food-stained paper items. We further demonstrate that disposal informational campaigns can reduce recycling contamination and increase composting by changing how consumers feel about recycling food-stained paper items.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41952200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Andrés Barrios, Laurel A. Steinfield, S. Appau, Roland Gau, Charlene A. Dadzie
In this article we use actor-network theory to advance understandings of how nature-dependent “prosumers” adopt climate change solutions. Based on interviews with members from two subsistence farming communities in Colombia, we illustrate how knowledge about climate change and climate change solutions flows across intervention and response networks, formed by human and nonhuman actors, in a dialectical way—sometimes supporting and other times resulting in contradictions/betrayals that limit prosumers’ adoption of sustainable practices. These findings contribute to theories about the diffusion of innovations related to climate change, capturing how knowledge translations processes involves bureaucratic and grassroots knowledge from intervention networks that interacts with reflected knowledge from response networks. It also highlights the key role of nonhuman actors. Our findings offer insights for practitioners by illuminating multiple sources of knowledge and how their interaction can result in supportive versus detracting conditions that can affect whether consumers adopt climate change solutions.
{"title":"How Does Knowledge Translation Involving (Non)Humans Influence the Adoption of Climate Change Solutions? The Case of Nature-Dependent Prosumers","authors":"Andrés Barrios, Laurel A. Steinfield, S. Appau, Roland Gau, Charlene A. Dadzie","doi":"10.1086/724996","DOIUrl":"https://doi.org/10.1086/724996","url":null,"abstract":"In this article we use actor-network theory to advance understandings of how nature-dependent “prosumers” adopt climate change solutions. Based on interviews with members from two subsistence farming communities in Colombia, we illustrate how knowledge about climate change and climate change solutions flows across intervention and response networks, formed by human and nonhuman actors, in a dialectical way—sometimes supporting and other times resulting in contradictions/betrayals that limit prosumers’ adoption of sustainable practices. These findings contribute to theories about the diffusion of innovations related to climate change, capturing how knowledge translations processes involves bureaucratic and grassroots knowledge from intervention networks that interacts with reflected knowledge from response networks. It also highlights the key role of nonhuman actors. Our findings offer insights for practitioners by illuminating multiple sources of knowledge and how their interaction can result in supportive versus detracting conditions that can affect whether consumers adopt climate change solutions.","PeriodicalId":36388,"journal":{"name":"Journal of the Association for Consumer Research","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2023-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42176821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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