Voter Response to Peak and End Transfers: Evidence from a Conditional Cash Transfer Experiment
通过洪都拉斯实地实验，发现现金转移支付的峰值和末期金额越大，越能提高选民投票率和执政党得票率，且独立于累计转移额，表明选民受峰值-末期启发式认知偏差影响。
In a Honduran field experiment, sequences of cash transfers to poor households varied in amount of the largest (peak) and last (end) transfers. Larger peak-end transfers increased voter turnout and the incumbent party’s vote share in the 2013 presidential election, independently of cumulative transfers. A plausible explanation is that voters succumbed to a common cognitive bias by applying peak-end heuristics. Another is that voters deliberately used peak-end transfers to update beliefs about the incumbent party. In either case, the results provide experimental evidence on the classic non-experimental finding that voters are especially sensitive to recent economic activity.