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Can Gambling Increase Savings? Empirical Evidence on Prize-Linked Savings Accounts

This paper studies the adoption and impact of prize-linked savings (PLS) accounts, which offer lottery-like payouts to individual account holders in lieu of interest. Using microlevel data from a bank in South Africa, we show that PLS is attractive to a broad group of individuals, with financially constrained individuals and those with no other deposit accounts particularly likely to participate. Individuals who choose to use PLS increase their total savings on average by 1% of annual income. Exploiting the random assignment of prizes, we present causal evidence that PLS substitutes for lottery gambling but is a complement to standard savings.

Ketersediaan

Informasi Detail

Judul Seri

MANAGEMENT SCIENCE; Vol.68 No.5 May 2022

No. Panggil

-

Penerbit

: .,

Deskripsi Fisik

p. 3282-3308

Bahasa

English

ISBN/ISSN

-

Klasifikasi

NONE

Tipe Isi

-

Tipe Media

-

Tipe Pembawa

-

Edisi

-

Subjek

BANKING
LOTTERY
SAVINGS
HOUSEHOLD FINANCE
PRIZE-LINKED SAVINGS

Info Detail Spesifik

https://doi.org/10.1287/mnsc.2021.4047

Pernyataan Tanggungjawab

Shawn Cole, Benjamin Iverson, Peter Tufano

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