Receiving a check can feel rewarding; the tedious chore of traveling to the bank and cashing it often doesn’t. Individuals who prize immediate gratification tend to be impatient to receive a check, but then put off cashing it. This behavior is confirmed in a field experiment conducted by Columbia University’s Ernesto Reuben, Northwestern’s Paola Sapienza, and Chicago Booth’s Luigi Zingales. In the study, impatient participants chose to receive a check immediately rather than wait to receive a larger check in two weeks, but many then waited more than three weeks to cash it.
In Chicago, a combination of policies could generate substantial improvements for the average traveler.
The Secret to Better Public Transit? Make Drivers Pay for It
The standard measure of the CPI doesn’t recognize important aspects of how people experience the economy.
Why Inflation Still Looms Large for US Voters
The podcast explores the economics surrounding social-media influencers.
Capitalisn’t: Manufacturing InfluenceYour Privacy
We want to demonstrate our commitment to your privacy. Please review Chicago Booth's privacy notice, which provides information explaining how and why we collect particular information when you visit our website.