Tax Refunds and Savings Behavior: Developing Soft-Commitment Opportunities

描述(由申请人提供)：劳动收入抵免和子女税收抵免是至关重要的收入支持计划，相当于许多中低收入家庭三个月以上的正常工资。这些抵免通常是通过每年的退税获得的。届时，受助人将面临一系列选择，其中包括将退款存入国债或匹配储蓄账户等储蓄工具。该项目旨在阐明这一储蓄决定，并改善中低收入家庭的福利。特别是，我们将测试报税人是否有兴趣提前做出节省退税的承诺。这项软承诺研究将允许对自我控制问题、不耐烦和夸张的贴现行为进行正式测试。首先，通过提供不同数量的即时和延迟储蓄激励，我们将衡量即时和延迟满足的相对价值，进而衡量目标人群中存在的不耐烦程度。其次，通过允许报税人有机会预先承诺，我们将估计个人对未来不耐烦和遏制自我控制问题的渴望的程度。这一结果可能会为那些利用承诺手段克服储蓄障碍的基于所得税退税的产品提供参考。 公共卫生相关性：这项研究旨在阐明家庭储蓄的决定因素，特别关注中低收入家庭。我们将测试行为经济学领域的关键理论，我们的结果将为未来旨在增加这一人群储蓄的政策干预提供依据。更充足的储蓄可以让这些家庭更好地抵御不可预见的经济冲击，并为退休后过上体面的生活做好准备。

DESCRIPTION (provided by applicant): The Earned Income Credit and Child Tax Credit are vital income support programs, amounting to over three months of regular pay for many low and moderate-income families. These credits are generally received through the annual tax refund. At that time, recipients are faced with a menu of options that include placing the refund in a savings vehicle such as a Treasury bond or matched savings account. This project aims to cast light on this savings decision and improve the welfare of low and moderate- income families. In particular, we will test whether tax filers are interested in making a commitment ahead of time to saving the refund. This soft-commitment study will allow formal tests for self-control problems, impatience, and hyperbolic discounting behavior. First, by offering varying amounts of instant and delayed savings incentives, we will measure the relative value placed on immediate versus delayed gratification, and by extension, the degree of impatience present in the target population. Second, by allowing tax filers the opportunity to pre-commit, we will estimate the degree to which individuals are aware of their future impatience and desire to curb self-control problems. The results may inform income tax refund-based products that leverage commitment devices to overcome barriers to saving. PUBLIC HEALTH RELEVANCE: This research aims to shed light on the determinants of household savings, with a specific focus on middle- and low-income households. We will test key theories from the field of behavioral economics and our results will inform future policy interventions aimed at increasing savings among this population. More adequate savings can allow these households to better withstand unforeseen economic shocks and also prepare for a decent standard of living during retirement.