Information Disclosure, Cognitive Biases and Payday Borrowing

@article{Bertrand2009InformationDC,
  title={Information Disclosure, Cognitive Biases and Payday Borrowing},
  author={Marianne Bertrand and Adair Morse},
  journal={Behavioral & Experimental Finance eJournal},
  year={2009}
}
If people face cognitive limitations or biases that lead to financial mistakes, what are possible ways lawmakers can help? One approach is to remove the option of the bad decision; another approach is to increase financial education such that individuals can reason through choices when they arise. A third, less discussed, approach is to mandate disclosure of information in a form that enables people to overcome limitations or biases at the point of the decision. This third approach is the topic… Expand
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