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The making of homo honoratus : from omission to commission
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Hallsworth, M., List, J., Metcalfe, R., Rotaru, K. and Vlaev, I. (2023) The making of homo honoratus : from omission to commission. Journal of Consumer Psychology . doi:10.1002/jcpy.1392 ISSN 1532-7663. (In Press)
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Official URL: https://doi.org/10.1002/jcpy.1392
Abstract
The study investigates how people's tendency to avoid action, known as "omission bias," influences their financial decisions, specifically in the context of debt repayment to the UK government. Using a randomized controlled trial, we communicated with individuals who owed money, employing two distinct message framings. The omission-framed message suggested that non-response was seen as inadvertent, while the commission-framed message treated non-response as a deliberate choice. Analyses of nearly 40,000 responses revealed that repayment rates almost doubled with commission framing, reaching 23.2%, as opposed to 12% under omission framing. This reframing strategy generated over $1.4 million in additional revenue, underscoring the considerable real-world impact of understanding and leveraging the omission bias in shaping financial behaviors.
Item Type: | Journal Article | ||||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HG Finance |
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Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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Library of Congress Subject Headings (LCSH): | Debt, Collecting of accounts , Behavior modification, Decision making -- Psychological aspects | ||||||
Journal or Publication Title: | Journal of Consumer Psychology | ||||||
Publisher: | Wiley-Blackwell Publishing Ltd. | ||||||
ISSN: | 1532-7663 | ||||||
Official Date: | 20 October 2023 | ||||||
Dates: |
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DOI: | 10.1002/jcpy.1392 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | In Press | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Date of first compliant deposit: | 25 October 2023 | ||||||
Date of first compliant Open Access: | 14 November 2023 | ||||||
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Open Access Version: |
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