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SUMMARY:A Better Tomorrow: Community Trust Can Protect Low-Income Groups F
 rom Myopic Decisions - Jon Michael Jachimowicz\, Columbia Business School
DTSTART:20160318T120000Z
DTEND:20160318T133000Z
UID:TALK65203@talks.cam.ac.uk
CONTACT:Luke Slater
DESCRIPTION:Why do poor people make poor decisions\, in particular those t
 hat require delayed payoffs? Are there interventions that correct or mitig
 ate such behavior? Temporal discounting requires individuals believe futur
 e payoffs will occur. Because low-income individuals have lower levels of 
 generalized trust\, they may be less likely to accurately forecast the val
 ue of future payoffs. We propose that the nature of generalized trust – 
 that it expands to other domains of life – can be reversed by highlighti
 ng a relatively independent aspect of trust: that present in the local com
 munity. In lab and field studies conducted in the US and Bangladesh\, we f
 ind that higher levels of community trust amongst low-income individuals c
 an compensate for lower levels of generalized trust\, and lead to a higher
  likelihood of delayed consumption. We discuss the implications of this ap
 proach as an intervention to help poor people make better decisions. The l
 ess poor individuals discount the future\, the more likely they are to inv
 est into activities that may alleviate their impoverished situation.
LOCATION:  KH107\, Keynes House\, Judge Business School
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