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Paying Attention to Inattention: Evidence from Libraries

Author

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  • Matheus Albergaria
  • Gilberto Tadeu Lima

Abstract

This paper measures inattention in a novel setting, an information commons. Employing a dataset that contains more than 300,000 daily transactions in libraries during a 10-year period, we compare the compliance behavior of library users over weekdays. Since library users get periodic reminders to return books checked out from the library, delays can be arguably interpreted as a form of inattention. If inattention affects rule compliance, then one would expect greater return delays in periods of potentially higher inattention, such as the day before weekends, holidays, and exam weeks, for example. We report the occurrence of a “Friday effect†: inattention, as measured by delays in returning checked out books, is consistently higher on Fridays, when compared to the other days of the week. There is no evidence of inattention in dates near holidays, or exam weeks. Taken together, the results reported in this paper represent new empirical evidence related to an important behavioral bias in a real-world setting.

Suggested Citation

  • Matheus Albergaria & Gilberto Tadeu Lima, 2019. "Paying Attention to Inattention: Evidence from Libraries," Working Papers, Department of Economics 2019_51, University of São Paulo (FEA-USP).
    • Handle: RePEc:spa:wpaper:2019wpecon51
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    References listed on IDEAS

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    1. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2013. "The Determinants of Attitudes toward Strategic Default on Mortgages," Journal of Finance, American Finance Association, vol. 68(4), pages 1473-1515, August.
    2. Apesteguia, Jose & Funk, Patricia & Iriberri, Nagore, 2013. "Promoting rule compliance in daily-life: Evidence from a randomized field experiment in the public libraries of Barcelona," European Economic Review, Elsevier, vol. 64(C), pages 266-284.
    3. Stefano Dellavigna & Joshua M. Pollet, 2009. "Investor Inattention and Friday Earnings Announcements," Journal of Finance, American Finance Association, vol. 64(2), pages 709-749, April.
    4. Brad M. Barber & Terrance Odean, 2008. "All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors," The Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 785-818, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Behavioral economics; inattention; information commons; reminders;
    All these keywords.

    JEL classification:

    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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