STUDY | 
Finance
 BEHAVIOR CHANGE

What’S Advertising Content Worth? Evidence from a Consumer Credit Marketing Field Experiment’.

Bertrand et al. (2010)
Summary by 
Mark Egan

A direct mail field experiment in South Africa randomized advertising content concerning bank loans to measure the effects of different framing on demand. The results showed that including a photo of a pretty girl increased loan demand by as much as if interest rate had been reduced by 25%.