Policymakers often require disclosures to help consumers make informed decisions, despite considerable debate over disclosures' effectiveness. Traditional accounts argue that consumers with stable preferences use disclosures to become informed. In contrast, behavioral research suggests that consumers may be inattentive or construct preferences in the moment. We contrast these accounts in the context of overdraft, where consumers can "opt in" to coverage and fees. In Study 1, we use conjoint analysis to assess perceptions of whether consumers in varying circumstances should opt in. Both overdraft program characteristics (including fees) and consumers' personal financial characteristics (e.g., having a financial buffer) matter. In Study 2, we compare three overdraft disclosures, finding variation in the proportion of consumers who make an active choice (15%-65%) and limited effects on comprehension and opt-in rates. In Study 3, we augment overdraft disclosures with text about personal financial characteristics. These disclosures increase active choice without detrimental effects on comprehension. Together, our studies support a constructed preferences account and highlight specific benefits of reminding consumers about the match between financial products and their personal situations. We discuss implications for financial disclosures and overdraft policy. (PsycInfo Database Record (c) 2023 APA, all rights reserved).

中文翻译：

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关于透支范围的决定：披露设计和个人财务。

政策制定者经常要求信息披露以帮助消费者做出明智的决定，尽管对信息披露的有效性存在相当大的争论。传统观点认为，具有稳定偏好的消费者使用信息披露来获取信息。相比之下，行为研究表明，消费者可能会注意力不集中或在当下建立偏好。我们在透支情况下对比这些账户，消费者可以“选择加入”承保范围和费用。在研究 1 中，我们使用联合分析来评估消费者在不同情况下是否应该选择加入的看法。透支计划的特征（包括费用）和消费者的个人财务特征（例如，有财务缓冲）都很重要。在研究 2 中，我们比较了三种透支披露，发现做出主动选择的消费者比例存在差异 (15%-65%)，并且对理解率和选择加入率的影响有限。在研究 3 中，我们使用有关个人财务特征的文本来增加透支披露。这些披露增加了积极的选择，而不会对理解产生不利影响。总之，我们的研究支持构建偏好账户，并强调提醒消费者金融产品与其个人情况相匹配的具体好处。我们讨论了对财务披露和透支政策的影响。（PsycInfo 数据库记录 (c) 2023 APA，保留所有权利）。这些披露增加了积极的选择，而不会对理解产生不利影响。总之，我们的研究支持构建偏好账户，并强调提醒消费者金融产品与其个人情况相匹配的具体好处。我们讨论了对财务披露和透支政策的影响。（PsycInfo 数据库记录 (c) 2023 APA，保留所有权利）。这些披露增加了积极的选择，而不会对理解产生不利影响。总之，我们的研究支持构建偏好账户，并强调提醒消费者金融产品与其个人情况相匹配的具体好处。我们讨论了对财务披露和透支政策的影响。（PsycInfo 数据库记录 (c) 2023 APA，保留所有权利）。