Making Sense of Oil Stamp Saving Schemes
An increasing number of households in Northern Ireland has started to collect oil stamps in recent years - i.e. small pieces of paper which can be purchased at specified outlets, collected on an oil stamps savings card, and used to pay in full or part for one's oil bill. In this paper, we explore why this is. After ruling out high costs associated with more conventional savings vehicles (such as bank accounts) and the notion that oil stamps serve some purpose other than saving for heating oil as possible explanations, we test two main hypotheses: i) oil stamps as 'self-control' mechanism and ii) oil stamps as 'other-control' mechanism. While we find little evidence for the first hypothesis, we do find evidence for the second one. More specifically, we find that collecting oil stamps is strongly correlated with differences in views among household members with regard to how much priority to give to saving for heating oil. To rule out 'salience effects' as an alternative explanation, we test whether oil stamps increase households' savings performance. We find that they do.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- John Ameriks & Andrew Caplin & John Leahy & Tom Tyler, 2004. "Measuring Self-Control," NBER Working Papers 10514, National Bureau of Economic Research, Inc.
- Dubin, Jeffrey A & McFadden, Daniel L, 1984. "An Econometric Analysis of Residential Electric Appliance Holdings and Consumption," Econometrica, Econometric Society, vol. 52(2), pages 345-62, March.
- Meier, Helena & Rehdanz, Katrin, 2010.
"Determinants of residential space heating expenditures in Great Britain,"
Elsevier, vol. 32(5), pages 949-959, September.
- Helena Meier & Katrin Rehdanz, 2008. "Determinants of residential space heating expenditures in Great Britain," Kiel Working Papers 1439, Kiel Institute for the World Economy.
- Helena Meier & Katrin Rehdanz, 2008. "Determinants of Residential Space Heating Expenditures in Great Britain," Working Papers FNU-166, Research unit Sustainability and Global Change, Hamburg University, revised Jul 2008.
- Rehdanz, Katrin, 2007.
"Determinants of residential space heating expenditures in Germany,"
Elsevier, vol. 29(2), pages 167-182, March.
- Katrin Rehdanz, 2005. "Determinants Of Residential Space Heating Expenditures In Germany," Working Papers FNU-66, Research unit Sustainability and Global Change, Hamburg University, revised Dec 2005.
- Gharad Bryan & Dean Karlan & Scott Nelson, 2010. "Commitment Devices," Annual Review of Economics, Annual Reviews, vol. 2(1), pages 671-698, 09.
- Matthew Rabin & Ted O'Donoghue, 1999.
"Doing It Now or Later,"
American Economic Review,
American Economic Association, vol. 89(1), pages 103-124, March.
- Ted O'Donoghue & Matthew Rabin, 1996. "Doing It Now or Later," Discussion Papers 1172, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Ted O'Donoghue and Matthew Rabin ., 1997. "Doing It Now or Later," Economics Working Papers 97-253, University of California at Berkeley.
- O'Donoghue, Ted & Rabin, Matthew, 1997. "Doing It Now or Later," Department of Economics, Working Paper Series qt7t44m5b0, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Imbens, Guido W & Rubin, Donald B, 1997. "Estimating Outcome Distributions for Compliers in Instrumental Variables Models," Review of Economic Studies, Wiley Blackwell, vol. 64(4), pages 555-74, October.
- Siwan Anderson & Jean-Marie Baland, 2002.
"The Economics Of Roscas And Intrahousehold Resource Allocation,"
The Quarterly Journal of Economics,
MIT Press, vol. 117(3), pages 963-995, August.
- Anderson, K.S. & Baland, J-M., 2000. "The Economics of Roscas and Intra-Household Resource Allocation," Discussion Paper 2000-83, Tilburg University, Center for Economic Research.
- Siwan Anderson, 2000. "The Economics of Roscas and Intra-Household Resource Allocation," Econometric Society World Congress 2000 Contributed Papers 1323, Econometric Society.
- Abadie, Alberto, 2003. "Semiparametric instrumental variable estimation of treatment response models," Journal of Econometrics, Elsevier, vol. 113(2), pages 231-263, April.
- Frölich, Markus, 2002.
"Nonparametric IV Estimation of Local Average Treatment Effects with Covariates,"
IZA Discussion Papers
588, Institute for the Study of Labor (IZA).
- Frolich, Markus, 2007. "Nonparametric IV estimation of local average treatment effects with covariates," Journal of Econometrics, Elsevier, vol. 139(1), pages 35-75, July.
- Markus Froelich, 2002. "Nonparametric IV estimation of local average treatment effects with covariates," University of St. Gallen Department of Economics working paper series 2002 2002-19, Department of Economics, University of St. Gallen.
- Joshua Angrist & Ivan Fernandez-Val, 2010. "ExtrapoLATE-ing: External Validity and Overidentification in the LATE Framework," NBER Working Papers 16566, National Bureau of Economic Research, Inc.
- Waldfogel, Joel, 1993. "The Deadweight Loss of Christmas," American Economic Review, American Economic Association, vol. 83(5), pages 1328-36, December.
- David Card, 1993.
"Using Geographic Variation in College Proximity to Estimate the Return to Schooling,"
NBER Working Papers
4483, National Bureau of Economic Research, Inc.
- David Card, 1993. "Using Geographic Variation in College Proximity to Estimate the Return to Schooling," Working Papers 696, Princeton University, Department of Economics, Industrial Relations Section..
- anonymous, 1999. "Banking relationships of lower-income families and the governmental trend toward electronic payment," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jul, pages 459-473.
- Hoddinott, John & Haddad, Lawrence, 1995. "Does Female Income Share Influence Household Expenditures? Evidence from Cote d'Ivoire," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(1), pages 77-96, February.
When requesting a correction, please mention this item's handle: RePEc:cam:camdae:1203. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Howard Cobb)
If references are entirely missing, you can add them using this form.