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Privacy Notice
Privacy Notice
The information you provide will assist the Consumer Financial Protection Bureau (“CFPB”) in studying
the effects of different disclosure regimes.
At the end of the survey, you will be asked for some demographic information, including age and
gender. Participation is voluntary. You are not required to participate nor share any identifying
information.
Paperwork Reduction Act
According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person
is not required to respond to a collection of information unless it displays a valid OMB control number.
The OMB control number for this collection is 3170-0048. It expires on XX/XX/XXXX. The time
required to complete this information collection is estimated to average approximately 2 hours per
response. Comments regarding this collection of information, including the estimated response time,
suggestions for improving the usefulness of the information, or suggestions for reducing the burden to
respond to this collection should be submitted to Bureau at the Consumer Financial Protection Bureau
(Attention: PRA Office), 1700 G Street NW, Washington, DC 20552, or by email to
PRA_Comments@cfpb.gov
Note: the order in which sections 3 and 4 will be shown will be reversed for a
random half of participants.
Section 1: Introduction to experiment
Page 1
Thank you for participating in this experiment.
During the experiment, we require your complete attention. Please do not speak to other participants
or engage in other distracting activities such as using your cell phone. Please do not use the
computer except as instructed.
You will be paid in cash at the end of the experiment, and the amount you earn depends on your
choices during the experiment. It is therefore important that you follow along carefully and fully
understand the instructions.
1
The experiment will be conducted through the lab computers. Please do not try to speak to other
participants or to look at their screens.
If you have a question at any time, please raise your hand and someone will come to your computer
to assist you.
As advertised, you will be given ( $10.00 ) today regardless of your
performance in the experiment.
In addition, in the experiment you will earn tokens. For every ( 700 ) tokens
you earn, you will be paid $1.00 in cash. You will be paid in private at the
end of the experiment.
Note: Payment rates have not
yet been finalized and are
subject to change.
Throughout these instructions, we will ask you questions about what you read. These are simply
meant to ensure that you understand the instructions, and your responses will not affect the rest of
the experiment or the amount you will earn. Here comes a question now...
[Next]
Page 2
True or False: The more tokens you earn in the experiment, the more cash you will be paid at the
end.
[True/False radio buttons]
[Next]
2
Section 2: Full Information Game
Page 3: Introduction to full information game
In this experiment you will make a series of choices in which you will be asked to choose one from a
small number of “products.”
Each product will be described by a set of abstract “attributes” and the attributes will each have an
intensity.
For example, in the following table, there are two products, each with three attributes (labeled
attribute A, attribute B, and attribute C).
Product 1
Product 2
Attribute A
5
4
Attribute B
2
2
Attribute C
1
3
In this example, product 1 has intensity 5 for attribute A, while product 2 has intensity 4. Both
products have intensity 2 for Attribute B, and product 1 has intensity 1 for attribute C while Product 2
has intensity 3.
Before you choose which product you want, you will be assigned a “profile.”
Your profile will have the same attributes as the products, along with intensities for each attribute.
The quality of your choice (and therefore your payment) will depend on how well your product choice
matches your profile.
The following example profile has intensity 1 for attribute A, intensity 2 for attribute B, and intensity 3
for attribute C.
Your Preference Profile
Attribute A
1
Attribute B
2
Attribute C
3
When you choose a product, you will earn a number of tokens equal to the attributes of your chosen
product multiplied by the like-attributes of your profile, all summed together.
For example, if you chose product 1 from above…
Product 1
Profile
Tokens
Attribute A
5
x
1
=
5
Attribute B
2
x
2
=
4
Attribute C
1
x
3
=
9
In total, you would have earned 18 tokens (5 + 4 + 9).
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18 Tokens
Since 17 (product 2) is less than 18 (product 1), then product 1 is a better choice for this profile.
Preference profiles and product attributes are determined randomly.
[Next]
Now we’ll ask you some comprehension questions. Consider the following product and profile:
Product
Profile
Attribute A
5
Attribute A
1
Attribute B
2
Attribute B
2
Attribute C
3
Attribute C
3
1. If you chose the product above and you were assigned the profile above, how much would
you earn from attribute C?
Tokens from Attribute C: [Numeric entry] [if 9: Correct! / Otherwise: Incorrect. The correct answer is
9].
Remember, the amount you earn from each attribute is determined by multiplying the intensity of
that attribute in your profile by the intensity of that attribute for the product. In this case, the product
has an intensity of 3 for attribute C and your profile has an intensity of 3 for attribute C. Since 3 times
3 is 9, you would earn 9 tokens from attribute C.
2. If you chose the product above and you were assigned the profile above, how many tokens
would you have earned in total?
Total tokens: [Numeric entry] [If 18: Correct! / Otherwise: Incorrect. The correct answer is 18]
Remember, the number of tokens you earn is determined by multiplying the intensity of each
attribute in your profile by the intensity of that attribute for the product and then summing them all
together. In total you would have earned 18 tokens (5 from attribute A, 4 from attribute B, and 9 from
attribute C).
[Next]
Page 4: Practice Rounds for Full Information
There are 3 products in this game.
Each product has 3 total attributes, but only 2 of those attributes are shown to you (one is hidden).
Your preference for each product attribute is:
Your Preference Profile
Attribute A
4
Attribute B
11
4
Your Preference Profile
Attribute C
9
In this game:
•
•
•
Each product has multiple attributes, but not all of them are shown to you.
Your preference for every attribute is shown in your preference profile
The amount of tokens you receive is determined by the interaction of each attribute value
with its preference value, and then adding them together.
Each of the products' (shown) attributes are displayed in the following table.
Please choose what you think the best product is, in terms of maximizing the number of tokens you
will receive, according to your preference profile and the shown attribute values of each product:
Product 1
Product 2
Product 3
Attribute A
6
3
8
Attribute B
9
7
4
Attribute C
2
5
10
[Radio buttons for Product 1, Product 2, and Product 3]
Full Information Practice Round Summary Page
You selected:
Product 1
Attribute A
6
Attribute B
9
Attribute C
2
Based on your preference profile:
Your Preference Profile
Attribute A
4
Attribute B
11
Attribute C
9
5
The total tokens received from your selection of product 1 is:
Product 1
Attribute A
Attribute B
Attribute C
6
9
2
Product 1
Your
Preference
Profile
x
Attribute A
4
Attribute B
11
Attribute C
9
=
(6)(4) + (9)(11) + (2)(9) = 141
Product 1 gave you 141 tokens.
Based on your preference profile in this round, you did not select the product which would have
maximized your tokens.
6
The product which would have maximized your tokens was:
Product 3
Attribute A
8
Attribute B
4
Attribute C
10
Which would have given you:
Product 3
Attribute A
Attribute B
Attribute C
8
4
10
Product 3
Your
Preference
Profile
x
Attribute A
4
Attribute B
11
Attribute C
9
=
(8)(4) + (4)(11) + (10)(9) = 166
Product 3 would have given you 166 tokens.
Here is a table of the full list of attributes for each product that was in this round:
Product 1
Product 2
Product 3
Attribute A
6
3
8
Attribute B
9
7
4
Attribute C
2
5
10
141
134
166
Your Tokens
[Next]
Page 4: Paid Rounds for Full Information
We will now begin the paid rounds for this game.
If you have any questions at this time, please raise your hand.
You will play 5 paid rounds of this game. After this, you will receive additional instructions.
7
If you have any questions during the paid rounds, please raise your hand and someone will assist
you in private.
[Next]
Page 5: Transition
We will now go through 2 practice rounds to help you understand the next part of the game.
You will not be paid for your performance in these rounds.
[Next]
Section 3: Truncation Game
Page 6: Truncation Game Introduction
We will play a similar game but with one important difference: one of the product’s attributes will be
hidden from you. You will still be shown a preference for that hidden attribute.
The interaction of the hidden attribute and your preference for the hidden attribute still matters for
determining the best product for you in each round.
[Next]
Page 7: Truncation Practice Round
There are 3 products in this game.
Each product has 3 total attributes, but only 2 of those attributes are shown to you (one is hidden).
Your preference for each product attribute is:
Your Preference Profile
Attribute A
4
Attribute B
11
Attribute C
9
In this game:
•
•
•
Each product has multiple attributes, but not all of them are shown to you.
Your preference for every attribute is shown in your preference profile
The amount of tokens you receive is determined by the interaction of each attribute value
with its preference value, and then adding them together.
Each of the products' (shown) attributes are displayed in the following table.
Please choose what you think the best product is, in terms of maximizing the number of tokens you
will receive, according to your preference profile and the shown attribute values of each product:
8
Product 1
Product 2
Product 3
Attribute A
6
3
8
Attribute B
9
7
4
Attribute C
Hidden
Hidden
Hidden
[Radio buttons for Product 1, Product 2, or Product 3]
[Next]
Page 8: Truncation Summary Page
You selected:
Product 1
Attribute A
6
Attribute B
9
Attribute C
2
Based on your preference profile:
Your Preference Profile
Attribute A
4
Attribute B
11
Attribute C
9
The total tokens received from your selection of product 1 is:
Product 1
Attribute A
Attribute B
Attribute C
6
9
2
Product 1
Your
Preference
Profile
x
Attribute A
4
Attribute B
11
Attribute C
9
(6)(4) + (9)(11) + (2)(9) = 141
9
=
Product 1 gave you 141 tokens.
Based on your preference profile in this round, you did not select the product which would have
maximized your tokens.
The product which would have maximized your tokens was:
Product 3
Attribute A
8
Attribute B
4
Attribute C
10
Which would have given you:
Product 3
Attribute A
Attribute B
Attribute C
8
4
10
Product 3
Your
Preference
Profile
x
Attribute A
4
Attribute B
11
Attribute C
9
(8)(4) + (4)(11) + (10)(9) = 166
Product 3 would have given you 166 tokens.
Here is a table of the full list of attributes for each product that was in this round:
Product 1
Product 2
Product 3
Attribute A
6
3
8
Attribute B
9
7
4
Attribute C
2
5
10
141
134
166
[Next]
Page 9: Paid Truncation Rounds
We will now begin the paid rounds for this game.
If you have any questions at this time, please raise your hand.
10
Your Tokens
=
You will play 20 paid rounds of this game. After this, you will receive additional instructions.
If you have any questions during the paid rounds, please raise your hand and someone will assist
you in private.
[Next]
Page 10: Transition
We will now go through 2 practice rounds to help you understand the next part of the game. You will
not be paid for your performance in these rounds.
[Next]
Section 4: ASL Game
Page 11: ASL game introduction
We will now play a similar game but with one important difference: all of the product’s attributes will
be hidden from you. You will still be shown a preference for the hidden attributes.
For comparison, you will also be shown how other individuals (called “representatives”) value each
product.
[Next]
Page 12: Practice Rounds of ASL
In this round, none of the product attributes are shown to you (all of them are hidden), but you
instead see how two other representatives value each product.
There are 3 products in this round.
Each product has 3 attributes. Your preference for each product attribute is:
Your Preference Profile
Attribute A
6
Attribute B
1
Attribute C
2
The preference profiles of 2 representatives for the same product attributes are:
Representative 1
Representative 2
Attribute A
11
1
Attribute B
2
5
Attribute C
8
10
11
Based on their preference profile, how these 2 representatives value these products is shown in the
following table:
Product 1
Product 2
Product 3
Representative 1
23
50
6
Representative 2
21
12
42
In this game:
•
•
•
•
•
There are 3 products in this round.
Each product has 3 attributes, none of which are shown to you.
Your preference for these attributes are shown in your preference profile.
For comparison, the preference profiles of 2 other individuals are also shown.
How much each of the 2 representatives value each product is determined by their
preference profile, in the same manner that each product's value was calculated for you in
the previous round.
Please choose what you think the best product is, in terms of maximizing the number of tokens you
will receive, according to your preference profile and how much the 2 representatives value each
product:
Product 1
Product 2
Product 3
Attribute A
4
12
8
Attribute B
2
6
15
Attribute C
5
5
11
[Radio buttons for Product 1, Product 2, or Product 3]
[Next]
Page 13: ASL Summary Page
You selected:
Product 2
Attribute A
12
Attribute B
6
12
Product 2
Attribute C
5
Based on your preference profile:
Your Preference Profile
Attribute A
6
Attribute B
1
Attribute C
2
The total tokens received from you selection of product 2 is:
Product 2
Attribute A
Attribute B
Attribute C
12
6
5
Product 2
Your
Preference
Profile
x
Attribute A
6
Attribute B
1
Attribute C
2
(12)(6) + (6)(1) + (5)(2) = 88
=
Product 2 gave you 88 tokens.
Based on your preference profile in this round, you selected the product which maximized your
tokens in this round.
Here is a table of the full list of attributes for each product from this round:
Product 1
Product 2
Product 3
Attribute 1
4
12
8
Attribute 2
2
6
15
Attribute 3
5
5
11
36
88
85
[Next]
13
Your Tokens
Page 14: Paid rounds for ASL.
We will now begin the paid rounds for this game.
If you have any questions at this time, please raise your hand.
You will play 20 paid rounds of this game. After this, you will receive additional instructions.
If you have any questions during the paid rounds, please raise your hand and someone will assist
you in private.
[Next]
Section 5: Survey
Page 15: Survey introduction page
This concludes the main portion of the experiment. Thank you. We will now administer a short 5minute survey. Your participation is completely voluntary. As a reminder, your responses are
anonymous and are not associated with your name.
[Next]
Survey Page 1
[Each survey response is presented to the participant as a radio button]
Hypothetically, which would you prefer: a 50% chance of getting $35 or a 100% chance of
getting $15?
Option 1: A 50% chance of $35
Option 2: A 100% chance of $15
[Participant selects an option and selects “Next”]
Survey Page 2
Hypothetically, which would you prefer: a 50% chance of getting $35 or a 100% chance of getting
$17.50?
Option 1: A 50% chance of $35
Option 2: A 100% chance of $17.50
[Participant selects an option and selects “Next”]
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Survey Page 3
Scale (6 items) from: Lins de Holanda Coelho, G., H. P. Hanel, P., & J. Wolf, L. (2018). The Very
Efficient Assessment of Need for Cognition: Developing a Six-Item
Version. Assessment. https://doi.org/10.1177/1073191118793208.
[Next]
Survey Page 4
Next we’d like to learn more about your comfort with numbers and math. Please answer the
following questions.
Scale (8 items) from: Fagerlin, A., Zikmund-Fisher, B.J., Ubel, P.A., Jankovic, A., Derry, H.A., &
Smith, D.M. 2007. “Measuring numeracy without a math test: Development of the Subjective
Numeracy Scale (SNS).” Medical Decision Making 27: 672-680.
[Next]
Survey Page 6
Three items drawn from: Fernandes, Daniel, Lynch, John and Richard G. Netemeyer. 2014.
"Financial literacy, financial education, and downstream financial behaviors." Management Science
60(8): 1861-1883.
[Next]
Survey Page 7
Please answer the following questions.
Approximately how many in-person, laboratory experiments have you completed before today? If
you’re not sure, please make your best guess.
[“0”/“1 to 3”/“4 to 6”/“7 to 9”/“10 or more” radio buttons]
What is your gender? [“Male”/”Female”/”Other” radio buttons]
How old are you, in years? [Numerical entry text box]
Is English your primary language? [“Yes”/”No”/”Prefer not to answer” radio buttons]
Please indicate if you have taken college-level coursework in any of the following fields. (Mark all
that apply)
Microeconomics or game theory (“Yes”/”No” radio buttons)
Marketing or business (“Yes”/”No” radio buttons)
Law (“Yes”/”No” radio buttons)
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[Next]
Participant Payment (final page)
Thank you for your participation today. Please wait patiently for the experimenter to call
your participant number. When your number is called, gather all of your belongings, and
walk to where you will be paid.
Your participant number is P3.
Please remember that this research is only valuable if all participants have the same
experience. Therefore, please do not discuss this experiment with others outside of the
lab.
[Done].
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| File Type | application/pdf |
| Author | Banko-Ferran, Daniel (CFPB) |
| File Modified | 2019-06-05 |
| File Created | 2019-06-05 |