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Impacts and Use of a Portable Saving Commitment Device - Evidence from a Field Experiment in India
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Description: To quantify the impact of a novel "soft" commitment intervention, we randomly allocate 1525 Indian slum dwellers to receive a zip purse and a lockbox (treatment) or a lockbox only (control). After six months, we document a 22 percent increase in total savings in the treatment arm. The effect is sustained in a sub-sample of participants we re-interview during the COVID-19 pandemic, twenty months after initial distribution of the devices. While temptation spending was not reduced, additional analyses suggest that the zip purse served as a hiding rather than self-control device. Prioritizing social over behavioral aspects may thus promote saving more effectively.
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