“Quick Response” Economic Stimulus: The Effect of Small-Value Digital Coupons on Spending
研究中国某大城市通过移动支付平台发放大量小额数字优惠券的消费刺激项目，发现每1元政府补贴能增加3美元周消费，且消费者会提前未来四个月的购买。
We study a new consumption stimulus program implemented by a large Chinese city that leverages mobile payment platforms to dispense massive amounts of small-value digital coupons. Exploiting a “rush” design of the dispensing process in which over 1 million program participants compete for coupons on a first-come, first-served basis through a digital portal, we estimate that winning coupons increases weekly out-of-pocket spending by US$3 for every US$1 in government subsidy. Coupon-winning consumers practice inter-temporal substitution by moving up purchases that would have been made four months in the future. Customer flow analysis suggests that coupons distort consumption toward pricier options.