The Impact of Personal Experience on Behavior: Evidence from Video-Rental Fines
利用视频租赁罚款的纵向现场数据，分离了学习新信息与个人经历的影响，发现经历罚款（尤其是大额罚款）能显著提升后续合规行为，但效果随时间快速衰减。
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. This paper was accepted by Brad Barber, Teck Ho, and Terrance Odean, special issue editors.