layout: true <div class="my-header"> </div> <div class="my-footer"><span> Matteo Ploner (UNITN) - Boosting or nudging energy consumption?</span></div> <!-- TITLE PAGE --> --- class: center, middle, title # Boosting or nudging energy consumption? ## The importance of cognitive aspects when adopting non-monetary interventions ### Nicolas Caballero (EURAC Research) <br> Matteo Ploner (CEEL-DEM, University of Trento) #### European ESA Meeting <br> September 1st, 2022 --- class: inverse, middle # Introduction --- class: top, left ## Household energy consumption *<span class="iconify" data-icon="fa6-solid:building-user" data-width="50"> </span>* Energy demand from buildings accounted for 28% of global energy-related CO2 emissions in 2019 <small>(Khanna, et al., 2021)</small> *<span class="iconify" data-icon="arcticons:smart-life" data-width="50"> </span>* COVID-19 pandemic → smart working → increased energy consumption at home and a shift in behavioural patterns <small>(Bielecki, et al., 2021)</small>. *<span class="iconify" data-icon="carbon:carbon-accounting" data-width="50"></span>* Management of energy resources at home crucial to support a successful energy transition towards net zero carbon targets <small>(of the Energy Research Partnership, 2021)</small>. --- class: top, left ## Promoting energy saving <span class="iconify" data-icon="emojione:light-bulb" data-width="40"></span> - Policymakers face the difficulty of *promoting virtuous energy consumption* from individuals in the *residential sphere* -- - The toolkit of behavioural economics may promote more pro-environmental consumption paths via *non-monetay interventions* - **energy conservation** <small>(Andor, et al., 2018)</small> - **shifting peak demand** <small></small> - **investing in energy efficiency** <small>(Holladay, et al., 2019)</small> -- - Two main approaches - *Nudging* <span class="iconify" data-icon="fluent-emoji-flat:elephant" data-width="20"></span><span class="iconify" data-icon="fluent-emoji-flat:elephant" data-width="40"></span> - targeting decision environments to impact behaviour directly - *Boosting* <span class="iconify" data-icon="arcticons:boost" data-width="40"></span> - targeting the competences of decision-makers -- - Need to assess the *context-dependency* of different tools <small>(Heiskanen, et al., 2020)</small> --- class: top, left ## What we do and find here - We take an *experimental approach* to assess the impact of behavioral interventions on (virtual) incentive-compatible energy choices - Online experiment on [Prolific](https://www.prolific.co), preregistered on [OSF](https://osf.io/h6pnw) - Participants must experiment with different allocations to maximize their payoff (real incentives). -- - Our controlled manipulations - Randomly exposed to *nudge-like* or *boost-like* interventions - We split our sample based on self-reported *household income* - We *repeat the experiment* a week after each session -- - We *find* that - Different interventions impact differently different income groups - Boosting leading to detrimental effects in the short-run among low-income - Effect driven by cognitive factors - Positive intertemporal spillovers due to learning --- class: inverse, middle # Design --- class: top, left, supercompact ## Tasks - 3 simulated “working days” of 2 phases each <center><img src="diagram.png" width=300></center> .pull-left[ - Phase 1: *Real Effort* (Abeler, et al. (2011a)) - Count the number of 0s in a set of 7x7 tables of 0s and 1s. <table> <tbody> <tr> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> </tr> <tr> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> </tr> <tr> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> </tr> <tr> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 1 </td> </tr> <tr> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> </tr> <tr> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> </tr> <tr> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 1 </td> </tr> </tbody> </table> - For each correctly counted table, participants gather 100 “energy consumption points” (ECP) to be used in Phase 2 - All participants counted 4 Tables ] .pull-right[ - Phase 2: *Allocation* (Casal, et al. (2017a)) <img src="Allocation_explained.png" width=350> - <small>(1) Time limit: once no time is left, the current allocation would auto-select and participants move to the results page. (2) Sliders: select the allocation of ECP in each room. (3) Points allocated (total): Feedback on points allocated overall. (4) Points allocated: Feedback on points allocated per room. (5) Earnings: Immediate feedback on how overall allocation translates into ECU earnings. (6) Next: press this button to progress.</small> ] --- class: top, left ## Controlled manipulations - We ran two waves of the task, inviting participants from the first wave (Wave 1) to participate in the repetition (Wave 2). - *Wave 1* - between-subjects 2 (**Income**) - by - 3 (**Intervention**) <style type="text/css"> .tg {border-collapse:collapse;border-spacing:0;} .tg td{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; overflow:hidden;padding:10px 5px;word-break:normal;} .tg th{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; font-weight:normal;overflow:hidden;padding:10px 5px;word-break:normal;} .tg .tg-0lax{text-align:left;vertical-align:top} .tg .tg-amwm{font-weight:bold;text-align:center;vertical-align:top} .tg .tg-f8tv{border-color:inherit;font-style:italic;text-align:left;vertical-align:top} .tg .tg-0pky{border-color:inherit;text-align:left;vertical-align:top} </style> <table class="tg"> <thead> <tr> <th class="tg-0lax" colspan="2" rowspan="2"></th> <th class="tg-amwm" colspan="3">Intervention</th> </tr> <tr> <th class="tg-f8tv">Control</th> <th class="tg-f8tv">Nudge/Default</th> <th class="tg-f8tv">Boost/FFT</th> </tr> </thead> <tbody> <tr> <td class="tg-amwm" rowspan="2">Income</td> <td class="tg-f8tv">High income</td> <td class="tg-0pky">HI-C</td> <td class="tg-0pky">HI-N</td> <td class="tg-0pky">HI-B</td> </tr> <tr> <td class="tg-f8tv">Low income</td> <td class="tg-0pky">LI-C</td> <td class="tg-0pky">LI-N</td> <td class="tg-0pky">LI-B</td> </tr> </tbody> </table> - *Income* - Median Income in the UK = `\(£30,800\)` - Split based on self-reported household income (info gathered from Prolific) - Low income `\(< £20,000\)` - `\(£40,000<\)` High income `\(<£60,000\)` --- class: top, left ## Controlled manipulations (Cont’d) - *Intervention* - **Control**: no intervention to help them optimise in Task 2 - **Nudge/Default**: a default ECP allocation mix at the beginning of each Day - set to achieve an earning as close as possible to 300 ECU - **Boost/FFT**: experimentally-designed fast-and-frugal tree (FFT) <center><img src="Boosting_tree.png" width=300></center> --- class: top, left ## Controlled manipulations (Cont’d) - *Wave 2* - We invited participants from the intervention groups to repeat the task (with the optimising parameters changed). - No intervention <style type="text/css"> .tg {border-collapse:collapse;border-spacing:0;} .tg td{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; overflow:hidden;padding:10px 5px;word-break:normal;} .tg th{border-color:black;border-style:solid;border-width:1px;font-family:Arial, sans-serif;font-size:14px; font-weight:normal;overflow:hidden;padding:10px 5px;word-break:normal;} .tg .tg-1wig{font-weight:bold;text-align:left;vertical-align:top} .tg .tg-baqh{text-align:center;vertical-align:top} .tg .tg-0lax{text-align:left;vertical-align:top} .tg .tg-amwm{font-weight:bold;text-align:center;vertical-align:top} .tg .tg-5frq{font-style:italic;text-align:center;vertical-align:top} .tg .tg-8zwo{font-style:italic;text-align:left;vertical-align:top} </style> <table class="tg"> <thead> <tr> <th class="tg-0lax" colspan="2" rowspan="2"></th> <th class="tg-amwm" colspan="2">Income</th> </tr> <tr> <th class="tg-5frq"><span style="font-weight:400">High income</span></th> <th class="tg-5frq"><span style="font-weight:400">Low income</span></th> </tr> </thead> <tbody> <tr> <td class="tg-1wig" rowspan="2">Intervention (prior)</td> <td class="tg-8zwo"><span style="font-weight:400;font-style:normal">Pre-FFT</span></td> <td class="tg-baqh"><span style="font-weight:400;font-style:normal">HI-PB</span></td> <td class="tg-baqh"><span style="font-weight:400;font-style:normal">LI-PB</span></td> </tr> <tr> <td class="tg-8zwo"> Pre-nudge </td> <td class="tg-baqh"><span style="font-weight:400;font-style:normal">HI-PN</span></td> <td class="tg-baqh"><span style="font-weight:400;font-style:normal">LI-PN</span></td> </tr> </tbody> </table> --- class: top, left ## Research questions .bg-black-10.b--gold.ba.bw2.br3.shadow-5.ph4.mt5[ [Q1] Do participants recruited from different income groups perform differently in our task? ] -- .bg-black-10.b--gold.ba.bw2.br3.shadow-5.ph4.mt5[ [Q2] Is a boost approach effective at improving performance in our task compared to a nudge approach? ] -- .bg-black-10.b--gold.ba.bw2.br3.shadow-5.ph4.mt5[ [Q3] Is a boost approach associated with higher intertemporal spillovers in performance in our task compared to a nudge approach? ] --- class: inverse, middle # Results Data and code available on [https://osf.io/n6q9d/](https://osf.io/n6q9d/) --- class: top, left ## Wave 1: Earnings <table class="table table-condensed"> <thead> <tr> <th style="text-align:right;"> Income </th> <th style="text-align:right;"> Treatment </th> <th style="text-align:right;"> N </th> <th style="text-align:right;"> Mean </th> <th style="text-align:right;"> Median </th> <th style="text-align:right;"> SD </th> </tr> </thead> <tbody> <tr> <td style="text-align:right;"> High </td> <td style="text-align:right;"> Control </td> <td style="text-align:right;"> 1752 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #f5bf87">373.967</span> </td> <td style="text-align:right;"> 440.270 </td> <td style="text-align:right;"> 106.299 </td> </tr> <tr> <td style="text-align:right;"> High </td> <td style="text-align:right;"> Default </td> <td style="text-align:right;"> 1728 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #f0a04b">387.838</span> </td> <td style="text-align:right;"> 440.270 </td> <td style="text-align:right;"> 90.533 </td> </tr> <tr> <td style="text-align:right;"> High </td> <td style="text-align:right;"> FFT </td> <td style="text-align:right;"> 1704 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #f0a04b">387.946</span> </td> <td style="text-align:right;"> 440.270 </td> <td style="text-align:right;"> 93.573 </td> </tr> <tr> <td style="text-align:right;"> Low </td> <td style="text-align:right;"> Control </td> <td style="text-align:right;"> 1752 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #fbe8d3">356.366</span> </td> <td style="text-align:right;"> 422.340 </td> <td style="text-align:right;"> 113.013 </td> </tr> <tr> <td style="text-align:right;"> Low </td> <td style="text-align:right;"> Default </td> <td style="text-align:right;"> 1728 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #f1a75a">384.472</span> </td> <td style="text-align:right;"> 450.000 </td> <td style="text-align:right;"> 104.429 </td> </tr> <tr> <td style="text-align:right;"> Low </td> <td style="text-align:right;"> FFT </td> <td style="text-align:right;"> 1632 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #ffffff">346.319</span> </td> <td style="text-align:right;"> 384.265 </td> <td style="text-align:right;"> 111.209 </td> </tr> </tbody> </table> - Overall, higher performance among high-income group than among low-income - In *Default*, positive impact for both income groups - +3.64 % difference in **high income** relative to control - +7.59 % difference in **low income** relative to control - In *FFT*, differences across income groups - +3.67% difference in **high income** relative to control - -2.86 % difference in **low income** relative to control --- class: top, left, supercompact ## Wave 1: Regression <style type="text/css"> /* Table width = 100% max-width */ .remark-slide table{ width: 100%; line-height:1; border-spacing: 0; font-size: 60%; } </style> .panelset[ .panel[.panel-name[Model (1)] <table class="texreg" style="margin: 0px auto;border-collapse: collapse;border-spacing: -10px;caption-side: bottom;color: #000000;border-top: 2px solid #000000;"> <caption> Linear Mixed Models with random effects at the individual level. The dependent variable is per-round performance in the task.</caption> <thead> <tr> <th style="padding-left: 5px;padding-right: 5px;"> </th> <th style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">(1)</th> <th style="padding-left: 5px;padding-right: 5px;">(2)</th> <th style="padding-left: 5px;padding-right: 5px;">(3)</th> </tr> </thead> <tbody> <tr style="border-top: 1px solid #000000;"> <td style="padding-left: 5px;padding-right: 5px;">(Intercept)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>330.972</b> (8.513)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>303.033</b> (15.457)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>305.850</b> (19.795)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>20.915</b> (8.517)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;">8.999 (7.389)</td> <td style="padding-left: 5px;padding-right: 5px;">9.921 (12.579)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">2.647 (10.457)</td> <td style="padding-left: 5px;padding-right: 5px;">4.298 (8.909)</td> <td style="padding-left: 5px;padding-right: 5px;">-13.521 (23.708)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>21.446</b> (10.364)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;">15.810 (8.829)<sup>·</sup></td> <td style="padding-left: 5px;padding-right: 5px;">24.809 (24.367)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 2</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>31.984</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>31.984</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>29.377</b> (2.250)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 3</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>37.854</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>37.854</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>37.791</b> (2.250)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">age</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>-1.711</b> (0.309)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>-1.697</b> (0.310)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Male</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>29.867</b> (7.729)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>29.810</b> (7.777)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>20.713</b> (2.266)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>19.980</b> (3.836)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:FFT</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.362 (18.522)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:Default</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-5.306 (17.681)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">6.188 (3.216)<sup>·</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">1.777 (3.187)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">1.503 (3.216)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.262 (3.187)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">4.003 (5.612)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.592 (5.318)</td> </tr> <!-- <tr style="border-top: 1px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">AIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112930.030</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112783.932</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112753.494</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">BIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112987.927</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112863.541</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112891.000</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Log Likelihood</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56457.015</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56380.966</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56357.747</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. obs.</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. groups: prolificID</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- </tr> --> </tbody> <!-- <tfoot> --> <!-- <tr> --> <!-- <td style="font-size: 0.8em;" colspan="4"><sup>***</sup>p < 0.001; <sup>**</sup>p < 0.01; <sup>*</sup>p < 0.05; <sup>·</sup>p < 0.1</td> --> <!-- </tr> --> <!-- </tfoot> --> </table> - **Income level** positively affects performance in the task - **FFT** has no effect on performance - **Defaults** improve performances ] .panel[.panel-name[Model (2)] <table class="texreg" style="margin: 0px auto;border-collapse: collapse;border-spacing: -10px;caption-side: bottom;color: #000000;border-top: 2px solid #000000;"> <caption> Linear Mixed Models with random effects at the individual level. The dependent variable is per-round performance in the task.</caption> <thead> <tr> <th style="padding-left: 5px;padding-right: 5px;"> </th> <th style="padding-left: 5px;padding-right: 5px;">(1)</th> <th style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">(2)</th> <th style="padding-left: 5px;padding-right: 5px;">(3)</th> </tr> </thead> <tbody> <tr style="border-top: 1px solid #000000;"> <td style="padding-left: 5px;padding-right: 5px;">(Intercept)</td> <td style="padding-left: 5px;padding-right: 5px;"><b>330.972</b> (8.513)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>303.033</b> (15.457)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>305.850</b> (19.795)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High</td> <td style="padding-left: 5px;padding-right: 5px;"><b>20.915</b> (8.517)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">8.999 (7.389)</td> <td style="padding-left: 5px;padding-right: 5px;">9.921 (12.579)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT</td> <td style="padding-left: 5px;padding-right: 5px;">2.647 (10.457)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">4.298 (8.909)</td> <td style="padding-left: 5px;padding-right: 5px;">-13.521 (23.708)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default</td> <td style="padding-left: 5px;padding-right: 5px;"><b>21.446</b> (10.364)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">15.810 (8.829)<sup>·</sup></td> <td style="padding-left: 5px;padding-right: 5px;">24.809 (24.367)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"><b>31.984</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>31.984</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>29.377</b> (2.250)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"><b>37.854</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>37.854</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>37.791</b> (2.250)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">age</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>-1.711</b> (0.309)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>-1.697</b> (0.310)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Male</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>29.867</b> (7.729)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>29.810</b> (7.777)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>20.713</b> (2.266)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>19.980</b> (3.836)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:FFT</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.362 (18.522)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:Default</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-5.306 (17.681)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">6.188 (3.216)<sup>·</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">1.777 (3.187)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">1.503 (3.216)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.262 (3.187)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">4.003 (5.612)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.592 (5.318)</td> </tr> <!-- <tr style="border-top: 1px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">AIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112930.030</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112783.932</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112753.494</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">BIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112987.927</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112863.541</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112891.000</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Log Likelihood</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56457.015</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56380.966</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56357.747</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. obs.</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. groups: prolificID</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- </tr> --> </tbody> <!-- <tfoot> --> <!-- <tr> --> <!-- <td style="font-size: 0.8em;" colspan="4"><sup>***</sup>p < 0.001; <sup>**</sup>p < 0.01; <sup>*</sup>p < 0.05; <sup>·</sup>p < 0.1</td> --> <!-- </tr> --> <!-- </tfoot> --> </table> - **Income** no longer significant - Effect of income seems to be moderated by **cognitive score** - Highly significant and different across the two income groups - **Defaults** only marginally significant ] .panel[.panel-name[Model (3)] <table class="texreg" style="margin: 0px auto;border-collapse: collapse;border-spacing: -10px;caption-side: bottom;color: #000000;border-top: 2px solid #000000;"> <caption> Linear Mixed Models with random effects at the individual level. The dependent variable is per-round performance in the task.</caption> <thead> <tr> <th style="padding-left: 5px;padding-right: 5px;"> </th> <th style="padding-left: 5px;padding-right: 5px;">(1)</th> <th style="padding-left: 5px;padding-right: 5px;">(2)</th> <th style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">(3)</th> </tr> </thead> <tbody> <tr style="border-top: 1px solid #000000;"> <td style="padding-left: 5px;padding-right: 5px;">(Intercept)</td> <td style="padding-left: 5px;padding-right: 5px;"><b>330.972</b> (8.513)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>303.033</b> (15.457)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>305.850</b> (19.795)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High</td> <td style="padding-left: 5px;padding-right: 5px;"><b>20.915</b> (8.517)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;">8.999 (7.389)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">9.921 (12.579)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT</td> <td style="padding-left: 5px;padding-right: 5px;">2.647 (10.457)</td> <td style="padding-left: 5px;padding-right: 5px;">4.298 (8.909)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-13.521 (23.708)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default</td> <td style="padding-left: 5px;padding-right: 5px;"><b>21.446</b> (10.364)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;">15.810 (8.829)<sup>·</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">24.809 (24.367)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"><b>31.984</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>31.984</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>29.377</b> (2.250)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"><b>37.854</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>37.854</b> (1.310)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>37.791</b> (2.250)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">age</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>-1.711</b> (0.309)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>-1.697</b> (0.310)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Male</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>29.867</b> (7.729)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>29.810</b> (7.777)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>20.713</b> (2.266)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>19.980</b> (3.836)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:FFT</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-1.362 (18.522)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:Default</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-5.306 (17.681)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">6.188 (3.216)<sup>·</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">1.777 (3.187)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">1.503 (3.216)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-1.262 (3.187)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">FFT:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">4.003 (5.612)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Default:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-1.592 (5.318)</td> </tr> <!-- <tr style="border-top: 1px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">AIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112930.030</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112783.932</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112753.494</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">BIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112987.927</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112863.541</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">112891.000</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Log Likelihood</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56457.015</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56380.966</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-56357.747</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. obs.</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">10272</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. groups: prolificID</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">428</td> --> <!-- </tr> --> </tbody> <!-- <tfoot> --> <!-- <tr> --> <!-- <td style="font-size: 0.8em;" colspan="4"><sup>***</sup>p < 0.001; <sup>**</sup>p < 0.01; <sup>*</sup>p < 0.05; <sup>·</sup>p < 0.1</td> --> <!-- </tr> --> <!-- </tfoot> --> </table> - **Interaction effects** between our key variables are **not significant** ] ] --- class: top, left ## Wave 2: Individual-level % change in earnings across waves <table class="table table-condensed"> <thead> <tr> <th style="text-align:right;"> Treatment </th> <th style="text-align:right;"> Income </th> <th style="text-align:right;"> N </th> <th style="text-align:right;"> Mean </th> <th style="text-align:right;"> Median </th> <th style="text-align:right;"> SD </th> </tr> </thead> <tbody> <tr> <td style="text-align:right;"> Pre-Default </td> <td style="text-align:right;"> High </td> <td style="text-align:right;"> 37 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #ffffff">2.6</span> </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 18.1 </td> </tr> <tr> <td style="text-align:right;"> Pre-Default </td> <td style="text-align:right;"> Low </td> <td style="text-align:right;"> 47 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #fdf8f2">4.0</span> </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 26.9 </td> </tr> <tr> <td style="text-align:right;"> Pre-FFT </td> <td style="text-align:right;"> High </td> <td style="text-align:right;"> 64 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #f6c898">14.1</span> </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 59.6 </td> </tr> <tr> <td style="text-align:right;"> Pre-FFT </td> <td style="text-align:right;"> Low </td> <td style="text-align:right;"> 58 </td> <td style="text-align:right;"> <span style="display: block; padding: 0 4px; border-radius: 4px; background-color: #f0a04b">22.7</span> </td> <td style="text-align:right;"> 0 </td> <td style="text-align:right;"> 76.1 </td> </tr> </tbody> </table> - The largest positive performance changes are observed for those previously in the FFT group - Positive carry-over effect - Substantial delayed learning associated to those previously in the boosting condition - Potential of Defaults already exploited in Wave 1 --- class: top, left ## Wave 2: Regression .panelset[ .panel[.panel-name[Model (1)] <table class="texreg" style="margin: 10px auto;border-collapse: collapse;border-spacing: 0px;caption-side: bottom;color: #000000;border-top: 2px solid #000000;"> <caption>Linear Mixed Models with random effects at the individual level. The DV is per-round performance in the task.</caption> <thead> <tr> <th style="padding-left: 5px;padding-right: 5px;"> </th> <th style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">(1)</th> <th style="padding-left: 5px;padding-right: 5px;">(2)</th> <th style="padding-left: 5px;padding-right: 5px;">(3)</th> </tr> </thead> <tbody> <tr style="border-top: 1px solid #000000;"> <td style="padding-left: 5px;padding-right: 5px;">(Intercept)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>387.099</b> (8.241)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>346.301</b> (19.147)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>331.807</b> (20.672)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>21.627</b> (9.845)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;">10.501 (8.894)</td> <td style="padding-left: 5px;padding-right: 5px;">12.749 (12.026)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">6.120 (10.015)</td> <td style="padding-left: 5px;padding-right: 5px;">4.549 (8.906)</td> <td style="padding-left: 5px;padding-right: 5px;">45.693 (23.399)<sup>·</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 2</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>11.415</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>11.415</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>11.657</b> (1.771)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 3</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>8.933</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>8.933</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>9.360</b> (1.771)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Age</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>-0.768</b> (0.368)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>-0.775</b> (0.367)<sup>*</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Male</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">13.244 (9.276)</td> <td style="padding-left: 5px;padding-right: 5px;">13.272 (9.247)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">cogn_score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>17.444</b> (2.707)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>20.800</b> (3.672)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:Pre-Default</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-14.068 (18.158)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-0.594 (2.774)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.047 (2.774)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-8.806 (5.324)<sup>·</sup></td> </tr> <!-- <tr style="border-top: 1px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">AIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51168.816</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51108.951</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51092.962</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">BIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51214.357</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51174.010</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51184.045</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Log Likelihood</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25577.408</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25544.476</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25532.481</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. obs.</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. groups: prolificID</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Var: prolificID (Intercept)</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4891.602</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">3752.898</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">3723.121</td> --> <!-- </tr> --> <!-- <tr style="border-bottom: 2px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Var: Residual</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.197</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.197</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.797</td> --> <!-- </tr> --> </tbody> <!-- <tfoot> --> <!-- <tr> --> <!-- <td style="font-size: 0.8em;" colspan="4"><sup>***</sup>p < 0.001; <sup>**</sup>p < 0.01; <sup>*</sup>p < 0.05; <sup>·</sup>p < 0.1</td> --> <!-- </tr> --> <!-- </tfoot> --> </table> - No significant differences among **behavioral interventions** - **Income** has a positive effect ] .panel[.panel-name[Model (2)] <table class="texreg" style="margin: 10px auto;border-collapse: collapse;border-spacing: 0px;caption-side: bottom;color: #000000;border-top: 2px solid #000000;"> <caption>Linear Mixed Models with random effects at the individual level. The DV is per-round performance in the task.</caption> <thead> <tr> <th style="padding-left: 5px;padding-right: 5px;"> </th> <th style="padding-left: 5px;padding-right: 5px;">(1)</th> <th style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">(2)</th> <th style="padding-left: 5px;padding-right: 5px;">(3)</th> </tr> </thead> <tbody> <tr style="border-top: 1px solid #000000;"> <td style="padding-left: 5px;padding-right: 5px;">(Intercept)</td> <td style="padding-left: 5px;padding-right: 5px;"><b>387.099</b> (8.241)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>346.301</b> (19.147)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>331.807</b> (20.672)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High</td> <td style="padding-left: 5px;padding-right: 5px;"><b>21.627</b> (9.845)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">10.501 (8.894)</td> <td style="padding-left: 5px;padding-right: 5px;">12.749 (12.026)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default</td> <td style="padding-left: 5px;padding-right: 5px;">6.120 (10.015)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">4.549 (8.906)</td> <td style="padding-left: 5px;padding-right: 5px;">45.693 (23.399)<sup>·</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"><b>11.415</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>11.415</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>11.657</b> (1.771)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"><b>8.933</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>8.933</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>9.360</b> (1.771)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Age</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>-0.768</b> (0.368)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>-0.775</b> (0.367)<sup>*</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Male</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">13.244 (9.276)</td> <td style="padding-left: 5px;padding-right: 5px;">13.272 (9.247)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">cogn_score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>17.444</b> (2.707)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>20.800</b> (3.672)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:Pre-Default</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-14.068 (18.158)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-0.594 (2.774)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-1.047 (2.774)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">-8.806 (5.324)<sup>·</sup></td> </tr> <!-- <tr style="border-top: 1px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">AIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51168.816</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51108.951</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51092.962</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">BIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51214.357</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51174.010</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51184.045</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Log Likelihood</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25577.408</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25544.476</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25532.481</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. obs.</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. groups: prolificID</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Var: prolificID (Intercept)</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4891.602</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">3752.898</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">3723.121</td> --> <!-- </tr> --> <!-- <tr style="border-bottom: 2px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Var: Residual</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.197</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.197</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.797</td> --> <!-- </tr> --> </tbody> <!-- <tfoot> --> <!-- <tr> --> <!-- <td style="font-size: 0.8em;" colspan="4"><sup>***</sup>p < 0.001; <sup>**</sup>p < 0.01; <sup>*</sup>p < 0.05; <sup>·</sup>p < 0.1</td> --> <!-- </tr> --> <!-- </tfoot> --> </table> - Again, **Income** not significant when controlling for **cognitive resources** ] .panel[.panel-name[Model (3)] <table class="texreg" style="margin: 10px auto;border-collapse: collapse;border-spacing: 0px;caption-side: bottom;color: #000000;border-top: 2px solid #000000;"> <caption>Linear Mixed Models with random effects at the individual level. The DV is per-round performance in the task.</caption> <thead> <tr> <th style="padding-left: 5px;padding-right: 5px;"> </th> <th style="padding-left: 5px;padding-right: 5px;">(1)</th> <th style="padding-left: 5px;padding-right: 5px;">(2)</th> <th style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">(3)</th> </tr> </thead> <tbody> <tr style="border-top: 1px solid #000000;"> <td style="padding-left: 5px;padding-right: 5px;">(Intercept)</td> <td style="padding-left: 5px;padding-right: 5px;"><b>387.099</b> (8.241)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>346.301</b> (19.147)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>331.807</b> (20.672)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High</td> <td style="padding-left: 5px;padding-right: 5px;"><b>21.627</b> (9.845)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;">10.501 (8.894)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">12.749 (12.026)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default</td> <td style="padding-left: 5px;padding-right: 5px;">6.120 (10.015)</td> <td style="padding-left: 5px;padding-right: 5px;">4.549 (8.906)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">45.693 (23.399)<sup>·</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"><b>11.415</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>11.415</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>11.657</b> (1.771)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"><b>8.933</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;"><b>8.933</b> (1.363)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>9.360</b> (1.771)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Age</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>-0.768</b> (0.368)<sup>*</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>-0.775</b> (0.367)<sup>*</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Male</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;">13.244 (9.276)</td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">13.272 (9.247)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">cogn_score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"><b>17.444</b> (2.707)<sup>***</sup></td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;"><b>20.800</b> (3.672)<sup>***</sup></td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Income High:Pre-Default</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-14.068 (18.158)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Day 2</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-0.594 (2.774)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Day 3</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-1.047 (2.774)</td> </tr> <tr> <td style="padding-left: 5px;padding-right: 5px;">Pre-Default:Cogn. score</td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;"> </td> <td style="padding-left: 5px;padding-right: 5px;background-color:#f0a04b;">-8.806 (5.324)<sup>·</sup></td> </tr> <!-- <tr style="border-top: 1px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">AIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51168.816</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51108.951</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51092.962</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">BIC</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51214.357</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51174.010</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">51184.045</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Log Likelihood</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25577.408</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25544.476</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">-25532.481</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. obs.</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4944</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Num. groups: prolificID</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">206</td> --> <!-- </tr> --> <!-- <tr> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Var: prolificID (Intercept)</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">4891.602</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">3752.898</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">3723.121</td> --> <!-- </tr> --> <!-- <tr style="border-bottom: 2px solid #000000;"> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">Var: Residual</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.197</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.197</td> --> <!-- <td style="padding-left: 5px;padding-right: 5px;">1530.797</td> --> <!-- </tr> --> </tbody> <!-- <tfoot> --> <!-- <tr> --> <!-- <td style="font-size: 0.8em;" colspan="4"><sup>***</sup>p < 0.001; <sup>**</sup>p < 0.01; <sup>*</sup>p < 0.05; <sup>·</sup>p < 0.1</td> --> <!-- </tr> --> <!-- </tfoot> --> </table> - A marginally significant effect of the interaction term between **default and cognitive score** - The relative impact of the default stronger for lower cognitive skills ] ] --- class: top, left, compact ## Conclusions - Income-level variability in the performance is moderated by cognitive competences - Compatible with the literature on scarcity and its impacts on economic decision-making <small>(Shah, et al., 2012)</small> - Causality link needs to be further investigated -- - Defaults are more effective than FFTs in optimising performance - Negative effect of boosting mostly amongst participants in the low income group and primarily in earlier rounds. - Lower income individuals living in cognitively strenuous situations gain more from cognitively-saving nudges <small>(DellaValle, et al., 2020a)</small> - <span class="iconify" data-icon="icon-park-twotone:attention"></span> Take a targeted approach when designing behaviourally-informed strategies -- - Skills acquired through experience can be internalised. - 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