Cutting edge research on consumer financial decision making by scholars across diverse fields: economics, psychology, sociology, anthropology, marketing, finance, and consumer sciences. Lively discussion of this research by scholars, regulators, consumer advocates, and financial services professionals.
Please save the dates for the Boulder Summer Conference on Consumer Financial Decision Making. The conference will be held at the St Julien Hotel at a great time of year to visit Boulder, Colorado. (This year, our conference will be followed later in the week by the 2012 Behavioral Decision Research in Management conference, Thursday, June 28th and Friday, June 29th, also at the St. Julien. People planning to attend both conferences should book ahead.)
The conference will provide an opportunity for exchange of ideas among researchers in different fields working on problems of consumer financial decision-making.
Consumer welfare is strongly affected by household financial decisions large and small: choosing mortgages; saving to fund college education or retirement; using credit cards to fund current consumption; choosing how to “decumulate” savings in retirement; deciding how to pay for health care and insurance; and investing in the stock market. In all of these domains, consumers are often poorly informed and susceptible to making serious errors that have large personal and societal consequences.
Basic research in judgment and decision making, psychology, consumer research, behavioral finance, and behavioral economics can inform our understanding of how consumers actually make such decisions and how consumers can be helped to make better decisions by innovations in public policy, business, and consumer education.
The conference is co-sponsored by the Center for Research on Consumer Financial Decision Making at the University of Colorado and by the Leeds School of Business.
Submission Deadline and Conference Format
Deadline for extended abstract submissions: December 15, 2011. The conference co-chairs will select papers for presentation at the conference based on extended abstracts (one page, single-spaced), with the commitment by the designated presenting author that selected papers will be complete and available for review by discussants one month prior to the conference. Selections will be based on quality, relevance to consumers' financial decision-making, and contribution to breadth of topics across the conference as a whole.
We begin with one 75-minute "Conversation Starter" session Sunday late afternoon with two concurrent sessions with three papers each. Monday and Tuesday we will have 10 total plenary sessions of 75 minutes each, each with two related papers, a discussant, and plenty of time for audience questions and comments.
Submission Deadlines for Final Papers
Papers to be presented are listed on the program page.
Deadline for completed papers: May 25, 2012. Complete papers to be presented at the conference should be provided to the conference co-chairs and discussants one month in advance of the conference.
Ph.D. Student Travel Grants: Interdisciplinary Buddy System
ALL GRANTS HAVE NOW BEEN AWARDED
The Association for Consumer Research has generously provided travel grants of $500 per person to four “pairs” of PhD students from different disciplines. One member of each applying pair must be a member of the Association for Consumer Research, and the pair members must come from PhD programs in two different fields. The Boulder Summer Conference is a unique opportunity for fruitful interdisciplinary connection, and ACR has in its mission the promotion of such interdisciplinary exchange.
In this spirit, we also will accept applications from individual PhD students wishing to be matched as an interdisciplinary pair. To be matched, a PhD student who is not a member of ACR can join for $20.
Matched participants will be “conference buddies,” and you will plan dinner with your conference buddy on Sunday evening of the conference. Travel grants will be awarded on a first-come basis until four pairs of PhD students have been awarded the grants. To apply for a grant, either as a pair or individual, email Donnie Lichtenstein at by April 1, 2012 with the name(s), address(es), and PhD program affiliation(s) of the applicant(s). Applicants need not be on the program to apply.
Accomodations
The St Julien is the most upscale hotel in Boulder and our conference is right in the middle of tourist season. Therefore, we encourage you to book your rooms as soon as you can. They will sell out of rooms!
For reservations, call toll free 1-877-303-0900, or go online at www.stjulien.com. Enter arrival and departure dates, then type GRPCFD in the "Group Code" field. Contact reservationsmgr@stjulien.com with any questions or problems.
Room Type*
Nightly Rate*
Downtown Boulder View
$199
Flatiron Mountain View
$209
Downtown Boulder View with Balcony
$209
Flatiron Mountain View with Balcony
$219
Flatiron Mountain View with Verandah
$229
Executive Suite
$299
St Julien Suite
$399
*All rooms are available with either a king size or two queen size beds, except for the Executive Suites which all have a single king size bed.
Check-in time is 4:00 p.m. Check-out time is 11:00 a.m.
Alternative / Overflow Hotel Options
Hotel Boulderado
This was the conference hotel in 2010. It is located about five blocks from the St Julien. Map.
Best Western Golden Buff Lodge Best Western Golden Buff Lodge
This is more of an economy hotel. It is probably the closest economy hotel to the St Julien, but it is still 1.4 miles away. Map.
The authors report randomized experiments showing the effectiveness of a new product focusing on reducing expensive debt for households, based on principles from behavioral economics.
The authors show how and why innumerate consumers fail to realize how long it will take to pay down a given debt, how much the balance will be at the end of the year if they pay a certain amount per month, or how much they have to pay per month in order to clear a debt in 3 years.
Mathematical abilities measured early in life predict mistakes in use of credit later in life that result in exceptional interest charges for use of home equity loans or lines of credit.
As we age, “fluid intelligence” declines but “crystallized intelligence” increases to compensate, and the authors relate these changes to changes in financial and debt literacy across the lifespan.
People with positive net worth feel wealthier when they have low debt and low assets rather than high debt and high assets. People with negative net worth are the opposite: they feel wealthier when they have high assets but high debt.
The authors investigate cultural changes in how consumers regard debt and debtors, representing the idea that heavy use of credit and debt is the “American Way.”
Those who start a not-for-profit Debt Management Plan improve credit scores and reduce incidence of bankruptcy over a three-year period compared to observationally equivalent debtors.
The authors explain the landscape of not-for-profit and for-profit debt relief organizations, analyzing misaligned incentives of for-profit firms who take payments before delivering benefits, and the problems of consumers in identifying which organizations will actually deliver benefits.
A national survey shows little evidence that receiving financial advice does not, on average, improve the performance of one’s defined contribution retirement plan. Later experiments show advice helps only when one asks for it, not when it is thrust upon one.
Standard theory says that investors’ stock portfolios should be tailored to their risk preferences, and the authors show that people are willing to pay substantial fees, but enthusiasm dwindles when they see the effect of increased fees on their net returns.
Life annuities are attractive as a way to avoid outliving one’s wealth if one thinks one will live longer than average. People are biased to think they will live much longer if asked to estimate the chance they will live to age 85 than if asked the chance they will die by age 85.
Delaying the age at which one starts claiming Social Security benefits is smart for many consumers. The researchers show how the framing of how Social Security Administration frames the decision has the unintentional effect of making earliest possible claiming seem to be the reference point.
The authors report findings from a remarkable randomized experiment by the state of Oklahoma where some children were given access to a matched college savings program at birth.
The authors show how individuals violate expected utility theory in allocating savings in a defined contribution retirement plan, particularly those low in numeracy.
Investors choose the same fraction of risky versus riskless assets when the risky asset has high return for taking risk as when it has low return for taking risk.
Theory says that historical stock performance doesn’t predict the future, but regret causes investors to shy away from buying stocks they have owned in the past if they lost money or the stock appreciated after they sold it.
Pre-Conference Fun
Saturday Afternoon, June 23rd
Boulder Craft Beer Tour
One thing Boulder is known for is its microbreweries... Boulder is known as the capitol (or Napa Valley) of craft beers. So it would not make any sense whatsoever to have you in Boulder and not make an event out of this! So here is what we’re going to do:
The bus will pick us up in front of the conference hotel (The St Julien) at 3:45 on Saturday, June 25rd for a tour of three of Boulder’s finest microbreweries: Avery Brewing, Asher Brewery, with the third brewery to be determined in the near future.
You and your colleagues, friends, and spouses will get a tour of each of these fantastic breweries while you sample a pint of their fine microbrew. The best thing... you don’t have to drive, the bus will take care of that and provide entertainment too along the way! The tour lasts about 3 hours. The bus will drop you off at the conference hotel about 6:45, just in time for you to take advantage of one of the many great restaurants in the Pearl Street Mall area.
The cost per person is $25. At the point where we meet the bus, I will collect cash or check (made payable to “The University of Colorado”) from each person on the tour.
If you want to reserve a place, just email Donnie (donald.lichtenstein@colorado.edu) telling us how many places you would like to reserve. A bus holds 27 people. We have reserved one bus and they have a second bus we can reserve too. So whattadayasay, come a day early and join the fun!
Sunday Morning, June 24th
Rocky Mountain Morning Hike
At 8am on Sunday, June 24th, a number of local Boulderite conference attendees will pick up hikers outside the St. Julien and take us into the mountains to the spectacular Brainard Lake Recreation Area in the Roosevelt National Forest. There, we will hike the Long Lake-Jean Lunning Loop trail.
The Pawnee Pass Trail joins the Jean Lunning Trail to form a diverting loop around Long Lake. This versatile trail is well-suited for families, Sunday strollers, trail running, fishing and winter activities. Visitors will enjoy lengthy stretches of accessible shoreline, scenic inlet and outlet streams, abundant wildflowers and good views of the upper valley and Niwot Ridge. We are up above 10,500 feet (3200 meters), so there will be some snow even in late June. Bring a sweater or sweatshirt; it will be cool. This 2.8 mile hike is easy, only 241 feet net elevation gain. When we finish, we'll board the bus and return to Boulder in time for a late lunch.
Families and spouses are welcome. Contact Donnie Lichtenstein at donald.lichtenstein@colorado.edu so we’ll know how many drivers to line up. There is no charge for this hike, other than paying the $9 per person entry fee into the Brainard Lake Recreation Area.
Dining
We will be together for breakfasts, lunches, and receptions and we will be on our own for dinners.
See this Wall Street Journal article reviewing several outstanding Boulder restaurants. Boulder was recently named 'Foodiest Town in America' by Bon Appetit.
Salt, The Kitchen, and the Black Cat are all within an easy walk of the St Julien. Frasca is a slightly longer walk, about 8 blocks.
Please see this map for various locations we will visit together and some to visit on your own right by the St Julien.
If you have a day or two to spend in the area, here are some popular tourist spots:
Peak to Peak Highway from Blackhawk (about 35 minutes from Boulder) to Estes Park. It is easy to spend a day shopping in Estes Park.
Red Rocks: Home of the famous outdoor amphitheater.
Summit County
Summit County is the mountain playground for people from Denver and you can do any possible outdoor activity there in spectacular settings.... hike, bike, sail, horseback ride, golf, etc.
This is due east from Denver on I-70. It's about 1 hour and 40 minutes from Boulder. Spend the day either in the charming towns (Frisco old west, Breckenridge more victorian old west).
Image by Brian Dearth
If you can spend time in this area, there are fabulous hikes -- especially for those who like wildflowers.
One of our favorites is Shrine Mountain Pass. Go from Summit County west on I-70 to Vail Pass, get off and drive on dirt road to Shrine Mountain. Hike (about 2 hours, not too strenuous) to incredible overlook of shrine mountain, spectacular wildflowers that time of year. It is critical to get an early start in the morning. In that part of the state, mornings are always crystal clear blue sky days and afternoons are prone to early thundershowers.
Denver
If you are interested in more civilized stuff rather than all outdoorsy, in Denver itself, the Denver Art Museum and the Denver Museum of Nature and Science are both quite good.
Post-Conference Fun (On Your Own)
If you'd like to do something on your own either before or after the conference, here are some ideas:
White Water Rafting
If you’ve never been white water rafting, it’s a real kick!
Pete McGraw has the inside scoop on where to go, and what rafting company to use. He recommends Echo Canyon/Four Corners Rafting. Echo Canyon is the biggest raft outfitter in Colorado. They raft different parts and levels of the Arkansas River, so they have a variety of options for different group needs. Levels 2/3 like Browns Canyon and Big Horn Sheep are more family friendly, but higher Level 4 like Royal Gorge and Numbers are also available. (Higher numbers are rougher waters!)
Several of us have done Browns Canyon and it is beautiful. It’s probably about a 2.5 hour drive from Boulder, but it is a scenic drive.
If you are interested, here is the contact info:
Echo Canyon River Expeditions/ Four Corners Rafting
45000 US Highway 50 West
Canon City, CO 81212
800.748.2953 www.raftecho.com or www.fourcornersrafting.com.
Bike Trails
Boulder is one of the most bike-friendly communities there is. There is road and off-road biking for all skill levels. For more information on bike rentals and alternate routes:
www.getboulder.com/sports/sports_bicycle.html
Hiking
You say you want to go hiking? We have you covered there too as Boulder has fantastic trails! Check out this website.
Rocky Mountain National Park
Another beautiful drive is from Boulder, through Estes Park, to Rocky Mountain National Park. And when you get there, boy is it beautiful... with some fantastic hikes. Website
Summit County
If you really want the Rocky Mountain experience, drive west on 1-70 to the other side of the Eisenhower Tunnel (about a 90 minute drive) and take in the beautiful mountain towns. Summit County is the mountain playground for people from Denver and you can do any possible outdoor activity there in spectacular settings.... hike, bike, sail, horseback ride, golf, etc.
This is due east from Denver on I-70. It's about 1 hour and 40 minutes from Boulder. Spend the day either in the charming towns (Frisco old west, Breckenridge more victorian old west). If you can spend time in this area, there are fabulous hikes -- especially for those who like wildflowers.
One of our favorites is Shrine Mountain Pass. Go from Summit County west on I-70 to Vail Pass, get off and drive on dirt road to Shrine Mountain. Hike (about 2 hours, not too strenuous) to incredible overlook of shrine mountain, spectacular wildflowers that time of year. It is critical to get an early start in the morning. In that part of the state, mornings are always crystal clear blue sky days and afternoons are prone to early thundershowers.
Gambling
Yep, we have that too in Blackhawk and historic Central City, about an hour away.
City Life
If you prefer what a city has to offer, of course Denver is only 30 miles away.
Boulder
If you want to just hang in Boulder, there are a bunch of things to do here too, both for families during the conference, and for pre and post conference fun! Visitor Information Shopping
Getting to Boulder
Three means of getting to the conference hotel (the St Julien) in Boulder are by renting a car and driving, taking the Boulder SuperShuttle, or taking the public bus service (RTD). Below is information on each.
Rental Car
If you will be renting a car at DIA and driving to the St. Julien Hotel in Boulder, there is a toll route. Use this link for a map that has links for three routes you can take. Use either route 1 (E-470 N, about 47 minutes, $9 toll) or route 2 (US 36-W, about 52 minutes, no toll). In either case, you will enter Boulder by coming south on US-36, whichturns into 28th Street once inside Boulder. It is hard to get lost in Boulder because the mountains are always to the west. 28th street is a major North-South street to the east of the St. Julien. Take 28th Street to Canyon Blvd., take a left (west, toward the mountains) on Canyon Blvd. Continue west on Canyon Blvd. to 9th Street, take a right on 9th Street, then take your first right on Walnut Street. The hotel entrance will be on your right.
Boulder Shuttle
Another way to get to the St. Julien Hotel is by the Boulder Supershuttle. This service will pick you up at DIA and take you to the St Julien Hotel, and take you from the hotel back to the Airport.If you have any questions regarding fares, destinations, service areas, confirmations or any other reservation specific questions, email reservations@supershuttle.net or call 800.BLUE.VAN (800.258.3826).
Town Car
Contact the St. Julien Concierge Desk to set up a town car to pick up hotel guests. The cost is $120 including gratuity each way, with the advantage being that the trip takes 45 minutes instead of the hour and a half (estimated time of Supershuttle).
Taxi
The cost of a taxi is about $100.00 not including gratuity.
RTD Bus
A third way to get between DIA and Boulder is by bus (RTD). Here is the RTD schedule between DIA and Boulder. (Note the pickup locations at DIA.) The "West Bound" link on this website shows the final destination in Boulder at the RTD bus terminal at the intersection of 14th Street and Walnut. This is very close to the St. Julien. If you walk five blocks west on Walnut Street, you are at the St. Julien.
Conference Locations
Please see the map at this link to see where the St. Julien is relative to places we will eat and drink during the conference. You can click on the little icons to see when we will be at each location.
Instructions for Poster Presenters
A poster presentation should be self-explanatory, allowing different viewers to proceed on their own while the author is free to supplement and discuss particular points raised in inquiry. The poster session offers a more intimate forum for information exchange than does the traditional spoken presentation, but discussion becomes difficult if the author is obliged to spend most of the time merely explaining the poster to a succession of visitors.
Dimensions
Each of you will have a space that is 46 inches wide by 48 inches high (116.8 cm. wide x 121.9 cm high). (The brackets on either side of each poster take a little real estate, giving you a rectangle rather than a square.)
Numbering
Each poster will be assigned a number in the program. The boards will be grouped serially in the room to help participants locate specific presentations.
Before the Meeting
Title
Prepare a banner for the top of your poster indicating the title, authors, and affiliations. Lettering in the label should be at least 1 in. (2.5 cm) high.
Illustrations
Figures should be designed to be viewed from a distance, and should use clear, visible graphics. Although each figure should illustrate no more than one or two major points, figures need not be simple. The main points should be clear without extended viewing, but detail can be included for the knowledgeable viewer. Remember that the time spent at each poster figure is determined by the viewer, not by the presenter, as in the case of a slide presentation in a spoken session.
Each figure or table should have a heading of one or two lines in large type stating the “take-home” message. Detailed information should be provided in a legend below in smaller type. Because there is no text accompanying a poster, the figure legend should contain commentary that would normally appear in the body (Results and Discussion) of a manuscript. It should describe concisely not only the content of the figure but also the conclusions derived from it. Details of methodology should be kept brief and should be placed at the end of the legend.
Layout
Materials should be mounted on colored poster paper or board. It is helpful to group logically consistent sections of the presentation on the same background color. Muted colors provide an effective background. Use thin mounting board. Heavy board is difficult to keep positioned properly.
Arrange materials in columns rather than in rows. It is easier for viewers to scan a poster by moving systematically along it rather than by zigzagging back and forth in front of it. An introduction should be placed at the upper left and a conclusion at the lower right, both in large type. The sequence of illustrations should be indicated with numbers or letters at least 1 in. high, preferably in bold print. (Omit “Fig” or “Figure”; it is unnecessary and occupies too much space.)
You may find it convenient to have a separate section describing methods, but it is quite effective to include this information as part of the data presentation, as described above. Carefully chosen photographs of apparatus, or schematic diagrams of procedures, can convey a great deal of information about methods without much text. Most viewers will tend to skim or ignore long textual passages.
