Timmons, Shane and McGowan, Féidhlim and Lunn, Pete (2019) Subtle features of online loan calculators can influence consumer choices. ESRI Research Bulletin 2019/13. UNSPECIFIED.
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Abstract
As online banking becomes more popular, many consumers now use online calculators and price comparison tools to apply for financial products. These online tools often feature default figures that the consumer sees when they first reach the webpage, such as the default repayment term for a personal loan. Findings from behavioural economics suggest that these kinds of default settings can have surprisingly strong influences on people’s decisions. In collaboration with the Competition and Consumer Protection Commission (CCPC), the ESRI’s Behavioural Research Unit designed a controlled behavioural experiment to test whether the default repayment terms set on loan calculators and search tools influence the loans that people choose.
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| Item Type: | Other |
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| Subjects for non-EU documents: | EU policies and themes > Policies & related activities > industrial policy EU policies and themes > Policies & related activities > consumer protection policy Countries > Ireland |
| Subjects for EU documents: | UNSPECIFIED |
| EU Series and Periodicals: | UNSPECIFIED |
| EU Annual Reports: | UNSPECIFIED |
| Series: | Series > Economic and Social Research Institute (ESRI), Dublin > ESRI Research Bulletin |
| Depositing User: | Phil Wilkin |
| Official EU Document: | No |
| Language: | English |
| Date Deposited: | 05 Jan 2020 09:41 |
| Number of Pages: | 4 |
| Last Modified: | 23 Mar 2020 15:54 |
| URI: | http://aei.pitt.edu/id/eprint/101981 |
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