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- May 2022
- Article
Can Gambling Increase Savings? Empirical Evidence on Prize-Linked Savings Accounts
By: Shawn A. Cole, Benjamin Iverson and Peter Tufano
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... View Details
Keywords: Household Finance; Banking; Savings; Prize-linked Savings; Lottery; Household; Personal Finance; Saving; Banks and Banking
Cole, Shawn A., Benjamin Iverson, and Peter Tufano. "Can Gambling Increase Savings? Empirical Evidence on Prize-Linked Savings Accounts." Management Science 68, no. 5 (May 2022): 3282–3308.
- Research Summary
Can Gambling Increase Savings? Empirical Evidence on Prize-linked Savings Accounts
This paper studies whether prize-linked savings (PLS) accounts, which offer random, lottery-like payouts to account holders in lieu of risk-free interest, can aid individuals in increasing savings levels by adding the chance to “win big.” Using micro-level data from... View Details
- 2008
- Working Paper
Consumer Demand for Prize-Linked Savings: A Preliminary Analysis
By: P. Tufano, Nick Maynard and Jan-Emmanuel De Neve
This paper reports on a small-scale survey of the potential American demand for prize-linked savings accounts, an account that awards prizes as part of the saving product's return. In October 2006, Centra Credit Union launched a prize-linked savings pilot. As part of... View Details
Keywords: Saving; Income; Consumer Behavior; Personal Finance; Investment Return; Banks and Banking; Clarksville
Tufano, P., Nick Maynard, and Jan-Emmanuel De Neve. "Consumer Demand for Prize-Linked Savings: A Preliminary Analysis." Harvard Business School Working Paper, No. 08-061, February 2008.
- 22 Feb 2008
- Working Paper Summaries
Consumer Demand for Prize-Linked Savings: A Preliminary Analysis
- 23 Jun 2008
- Research & Ideas
Innovative Ways to Encourage Personal Savings
support every low- to moderate-income family, says Tufano. Beyond valuable programs like Social Security, tax breaks for savers, or auto-enrollment initiatives, there are more innovative and exciting projects: Prize-linked View Details
- 20 Feb 2008
- First Look
First Look: February 20, 2008
potential American demand for prize-linked savings accounts, an account that awards prizes as part of the saving product's return. In October 2006, Centra Credit Union launched... View Details
Keywords: Martha Lagace
- 26 Oct 2010
- First Look
First Look: October 26, 2010
at the end of the course being leaders and effectively exercising leadership as their natural self-expression. Download the paper: http://ssrn.com/abstract=1640302 Making Savers Winners: An Overview of Prize-Linked View Details
Keywords: Sean Silverthorne