Bi Project Policy Area: Finance
SIMPLESMENTE is an acronym formed by the initials of 12 mechanisms studied by the behavioral sciences. SIMPLESMENTE is an application to simplify and support the use of behavioral sciences in public policy designs. Based on a guided script, users define a problem of interest in public policies and are encouraged to assume the user's perspective. They are invited to apply a series of references, based on evidence and international practice, to improve their understanding of the situation and…
The general objective of this project was to test the effectiveness of presented information to retail investors. The overall aim is that the information provided should be well understood by retail investors and allow them to compare and select among different investment products.
Regulators require lenders to display a subset of credit card features in summary tables before customers finalize a credit card choice. Some jurisdictions require some features to be displayed more prominently than others to help ensure that consumers are made aware of them. This approach could lead to untoward effects on choice, such that relevant but nonprominent product features do not factor in as significantly. To test this possibility, we instructed a random sample of 1615 adults to…
BI Project
Car Insurance Quote Sheet: Experimental Evidence of Its Impact on Financial Consumer Decisions
SERNAC designed and tested Key Fact Sheets to help consumer decision-making on quoting car insurance.
The study evaluated options to standardize the car insurance quotation sheet's design through a randomized online experiment with 3,008 consumers. Three prototypes were designed and tested in contrast to a representative quotation sheet currently provided by insurance companies in Chile to achieve this objective. Each prototype considered simplifying the language and standardization of the…