Nudge Chapter 7 Flashcards
What is smart disclosure?
how information is collected and is available to customers
What are standardized units of measurement?
Measuring how much of something can do or get another thing
What is an example of standardized units of measurement?
Miles per gallon that measure fuel economy and how many miles are done according to gallon. Also, APR or the annual percentage rate.
Why was APR created?
It forced lenders to report interest rates using the same formula and didn’t allow for flexibility in the way they quoted interest.
What is the fine print?
It is information in small print that is done for it to be harder to process. Also, it is information that is meant to be told but sometimes isn’t.
What are disclosures?
Located in the fine print and is usually additional information that is not told. An example is letting people there is a problem in a house that was not previously mentioned.
What is consumer data usage?
All the activity and data about the consumer’s account.
What are choice engines?
Tools that help consumers search among various options.
What is true about choice engines?
Their ability to function depends on their access to timely information and how accurate it is and available information
What does it mean for something to be machine readable format?
The use of information and data that enables customers to make good decisions my using stuff like spreadsheets.
What is USwitch?
An app that allows to scan energy bills and suggest a list of energy deals tailored to your usage habits
