Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees
利用调查内容作为透支费凸显性的冲击，研究发现面对透支相关问题的消费者在调查当月更少产生透支费，多次调查可形成长达两年的注意力“存量”，尤其对低教育、低金融素养者效果显著。
We explore dynamics of limited attention in the $35 billion market for checking overdrafts, using survey content as shocks to the salience of overdraft fees. Conditional on selection into surveys, individuals who face overdraft-related questions are less likely to incur a fee in the survey month. Taking multiple overdraft surveys builds a “stock” of attention that reduces overdrafts for up to two years. The effects are significant among consumers with lower education and financial literacy. Individuals avoid overdrafts by making fewer low-balance debit transactions and cancelling automatic recurring withdrawals. The results raise new questions about consumer financial protection policy.