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About the Author(s)

Brigitte C. Madrian is the Dean of, and Marriott Distinguished Professor at, Brigham Young University's Marriott School of Business. She holds a joint appointment in the Department of Finance and the George W. Romney Institute of Public Service and Ethics. An NBER research associate, she has served as a co-director of the Household Finance Working Group from 2010–18.

Stephen P. Zeldes is the Benjamin M. Rosen Professor of Economics and Finance at Columbia University's Graduate School of Business, an NBER research associate, and co-director of the Household Finance Working Group since 2013.


1. W. Skimmyhorn, "Assessing Financial Education: Evidence from Boot Camp," American Economic Journal: Economic Policy, 8(2), 2016, pp. 322–43.   Go to ⤴︎
2. M. Bruhn, L. de Souza Leão, A. Legovini, R. Marchetti, and B. Zia, "The Impact of High School Financial Education: Evidence from a Large-Scale Evaluation in Brazil," American Economic Journal: Applied Economics, 8(4), 2016, pp. 256–95.   Go to ⤴︎
3. S. Anagol, S. Cole, and S. Sarkar, "Understanding the Advice of Commissions-Motivated Agents: Evidence from the Indian Life Insurance Market," The Review of Economics and Statistics, 99(1), 2017, pp. 1–15.   Go to ⤴︎
4. S. Mullainathan, M. Noeth, and A. Schoar, "The Market for Financial Advice: An Audit Study," NBER Working Paper 17929, March 2012.   Go to ⤴︎
5. M. Egan, G. Matvos, and A. Seru, "The Market for Financial Adviser Misconduct," NBER Working Paper 22050, February 2016, revised September 2017, and forthcoming in the Journal of Political Economy.   Go to ⤴︎
6. J. Agnew, H. Bateman, C. Eckert, F. Ishkhakov, J. Louviere, and S. Thorp, "First Impressions Matter: An Experimental Investigation of Online Financial Advice," Management Science, 64(1), 2018, pp. 288–307. Go to ⤴︎
7. J. Beshears, J. Choi, D. Laibson, and B. Madrian, "The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States," NBER Working Paper 12009, February 2006, revised March 2007.   Go to ⤴︎
8. R. Chetty, J. Friedman, S. Leth-Petersen, T. Nielsen, and T. Olsen, "Active vs. Passive Decisions and Crowd-Out in Retirement Savings Accounts: Evidence from Denmark," NBER Working Paper 18565, November 2012, revised January 2014, and The Quarterly Journal of Economics, 129(3), 2014, pp. 1141–1219.   Go to ⤴︎
9. J. Beshears, J. Choi, D. Laibson, B. Madrian, and W. Skimmyhorn, "Borrowing to Save: The Impact of Automatic Enrollment on Debt," Working Paper, 2018.   Go to ⤴︎
10. B. Keys, T. Piskorski, A. Seru, and V. Yao, "Mortgage Rates, Household Balance Sheets, and the Real Economy," NBER Working Paper 20561, October 2014; M. Di Maggio, A. Kermani, B. Keys, T. Piskorski, R. Ramcharan, A. Seru, and V. Yao, "Interest Rate Pass-Through: Mortgage Rates, Household Consumption, and Voluntary Deleveraging," American Economic Review, 107(11), 2017, pp. 3550–88.   Go to ⤴︎
11. A. Fuster and P. Willen, "Payment Size, Negative Equity, and Mortgage Default," NBER Working Paper 19345, August 2013, and American Economic Journal: Economic Policy, 9(4), 2017, pp. 167–91.   Go to ⤴︎
12. S. Agarwal, S. Chomsisengphet, N. Mahoney, and J. Stroebel, "Regulating Consumer Financial Prod-ucts: Evidence from Credit Cards," NBER Working Paper 19484, September 2013, revised June 2014.   Go to ⤴︎
13. T. Gross and M. Notowidigdo, "Health Insurance and the Consumer Bankruptcy Decision: Evidence from Expansions of Medicaid," Journal of Public Economics, 95(7-8), 2011, pp. 767–78.   Go to ⤴︎
14. K. Brevoort, D. Grodzicki, and M. Hackmann, "Medicaid and Financial Health," NBER Working Paper 24002, November 2017.   Go to ⤴︎
15. J. Hsu, D. Matsa, and B. Melzer, "Positive Externalities of Social Insurance: Unemployment Insurance and Consumer Credit," NBER Working Paper 20353, July 2014, and published as "Unemployment Insurance as a Housing Market Stabilizer," American Economic Review, 108(1), 2018, pp. 49–81.   Go to ⤴︎
16. F. Severino and M. Brown, "Personal Bankruptcy Protection and Household Debt," Working Paper, 2017.   Go to ⤴︎
17. W. Dobbie and J. Song, "Debt Relief and Debtor Outcomes: Measuring the Effects of Consumer Bankruptcy Protection," NBER Working Paper 20520, September 2014, and the American Economic Review, 105(3), 2015, pp. 1272–311.   Go to ⤴︎
18. U. Gurun, G. Matvos, and A. Seru, "Advertising Expensive Mortgages," NBER Working Paper 18910, March 2013, and the Journal of Finance, 71(5), 2016, pp. 2371–416.   Go to ⤴︎
19. S. Agarwal, C. Song, and V. Yao, "Banking Competition and Shrouded Attributes: Evidence from the US Mortgage Market," Georgetown McDonough School of Business Research Paper No. 2900287, January 2017, revised November 2017.   Go to ⤴︎
20. J. Hastings, A. Hortaçsu, and C. Syverson, "Sales Force and Competition in Financial Product Markets: The Case of Mexico's Social Security Privatization," NBER Working Paper 18881, March 2013, revised April 2017, and Econometrica, 85(6), 2017, pp. 1723–61.   Go to ⤴︎
21. S. Anagol and H. Kim, "The Impact of Shrouded Fees: Evidence from a Natural Experiment in the Indian Mutual Funds Market," American Economic Review, 102(1), 2012, pp. 576–93. Go to ⤴︎
22. B. Argyle, T. Nadauld, and C. Palmer, "Real Effects of Search Frictions in Consumer Credit Markets," MIT Sloan Working Paper No. 5242–17, 2017. Go to ⤴︎

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