The Impact of Personal Experience on Behavior: Evidence From Video-Rental Fines
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behavioral economics
decision making
backward-looking behavior
decisions following descriptions versus experience
learning
Behavioral Economics
Other Social and Behavioral Sciences
decision making
backward-looking behavior
decisions following descriptions versus experience
learning
Behavioral Economics
Other Social and Behavioral Sciences
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Personal experience matters. In a field setting with longitudinal data, we disentangle the effects of learning new information from the effects of personal experience. We demonstrate that experience with a fine, controlling for the effect of learning new information, significantly boosts future compliance. We also show that experience with a large fine boosts compliance more than experience with a small fine, but that the influence of experience with both large and small fines decays sharply over time.
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2012-01-01
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Postprint titled as "Size matters (and so does experience): How personal experience with a fine influences behavior" and the final version titled as "The Impact of Personal Experience on Behavior: Evidence from Video-Rental Fines".