A while back (from Oct. 2001), two professors at the Massachusetts Institute of Technology in Cambridge conducted an experiment. The two, Drazen Preiec and Duncan Simester, held an auction for tickets to a Boston Celtics basketball game. Half of the bidders - chosen randomly - were told that the winner would have to pay for the tickets in cash (with grace time to come up with the money). The other half were told they could use a credit card. The bids of the credit card people were twice as high as those of the cash people. "Chargers" were willing to spend more.
Categories:
Credit Card,Spending Habits
Reporting Pub:
My Generation (Sep-Oct 2001)
Reporting Date:
10/1/2001
Article
Title:
Drowning in Debt
Article
Author:
Gary Belsky
Pub's Source:
Source
URL:
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