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Improving College Performance and Retention the Easy Way: Unpacking the Act Exam
In: NBER Working Paper No. w17119
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Heuristic Thinking and Limited Attention in the Car Market
In: American economic review, Band 102, Heft 5, S. 2206-2236
ISSN: 1944-7981
Can heuristic information processing affect important product markets? Analyzing over 22 million wholesale used-car transactions, we find evidence of left-digit bias in the processing of odometer values, whereby individuals focus on the number's leftmost digits. The bias leads to discontinuous drops in sale prices at 10,000-mile odometer thresholds, along with smaller drops at 1,000-mile thresholds. These findings reveal that information-processing heuristics matter even in markets with large stakes and easily observed information. We model left-digit bias in an inattention framework and structurally estimate the inattention parameter. Empirical patterns suggest the results are driven by final customers rather than professional agents. (JEL D12, D44, D83, L81)
Heuristic Thinking and Limited Attention in the Car Market
In: NBER Working Paper No. w17030
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Inaccurate Statistical Discrimination: An Identification Problem
In: PIER Working Paper No. 19-010, May 2019
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Working paper
Inaccurate Statistical Discrimination: An Identification Problem
In: University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2019-86
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Inaccurate Statistical Discrimination: An Identification Problem
In: NBER Working Paper No. w25935
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Racial Disparities in Voting Wait Times: Evidence from Smartphone Data
In: NBER Working Paper No. w26487
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Inaccurate Statistical Discrimination: An Identification Problem
In: CEPR Discussion Paper No. DP13790
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Working paper
Reference-Dependent Preferences: Evidence from Marathon Runners
In: NBER Working Paper No. w20343
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Bid Takers or Market Makers? The Effect of Auctioneers on Auction Outcomes
In: NBER Working Paper No. w19731
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Projection Bias in the Car and Housing Markets
In: NBER Working Paper No. w18212
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Estimating the Effect of Salience in Wholesale and Retail Car Markets
In: American economic review, Band 103, Heft 3, S. 575-579
ISSN: 1944-7981
We investigate whether the first digit of an odometer reading is more salient to consumers than subsequent digits. We find that retail transaction prices and volumes of used vehicles drop discontinuously at 10,000-mile odometer thresholds, echoing effects found in the wholesale market by Lacetera, Pope and Sydnor (2012). Our results reveal that retail consumers devote limited attention to evaluating vehicle mileage, and that this drives effects in the wholesale market. We estimate the inattention parameter implied by the price discontinuities. In addition, our results suggest that estimating consumer-level structural parameters using data from an intermediate market can give misleading results.