Savings Goal Calendars as Soft Commitment Devices: Evidence from Small Business Owners in Uganda
Tabea Lakemann and
No 1919, Discussion Papers of DIW Berlin from DIW Berlin, German Institute for Economic Research
This study examines the effect of a soft commitment device in the form of a savings goal calendar on savings for small business owners in Kampala, Uganda. We run a randomized controlled trial (RCT) under which the treatment group receives a calendar designed to set savings goals and to make a plan to reach this goal. The control group is given a plain calendar. We find no average effect on savings, but show that present-biased individuals save more when given the calendar. Further examinations indicate that present-biased individuals are more likely to use the calendar, suggesting that, in line with theory, present-biased individuals have a demand.
Keywords: Soft commitment; savings; time preferences; small business growth (search for similar items in EconPapers)
JEL-codes: O12 D14 D22 C93 (search for similar items in EconPapers)
Pages: 35 p.
New Economics Papers: this item is included in nep-dev, nep-exp and nep-mfd
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Persistent link: https://EconPapers.repec.org/RePEc:diw:diwwpp:dp1919
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