1 Marketing Letters 12:1, 5±12, # 2001 Kluwer Academic Publishers. Manufactured in The Netherlands Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay DRAZEN PRELEC 1 AND DUNCAN SIMESTER * *Sloan School of Management, MIT, 38 Memorial Drive, Cambridge, MA Tel.: ; fax.: ; Received April 25, 2000; Revised June 8, 2000 Abstract In studies involving genuine transactions of potentially high value we show that willingness-to-pay can be increased when customers are instructed to use a credit card rather than cash. The effect may be large (up to 100%) and it appears unlikely that it arises due solely to liquidity constraints. In addition to demonstrating the effect, we provide a methodology for detecting it, and our ndings suggest a source of variance to test alternative explanations. Key words: credit cards, overspending, mental accounting 1. Introduction Since the 1970's there has been growing evidence supporting the frequently heard conjecture that credit cards encourage spending. For example, it is known that people who own more credit cards make larger purchases per department store visit (Hirschman 1979), and that restaurant tips are larger when payment is by card (Feinberg 1986). There is also evidence that credit card users are more likely to underestimate or forget the amount spent on recent purchases (Soman 1999). Perhaps the most compelling evidence, however, is that offered in an experimental analysis of the effect by Feinberg (1986). In that investigation participants were asked how much they would be willing to spend for various consumer products in a setting where credit card paraphernaliaðostensibly unrelated to the taskðwere displayed on the experimental desk. He found that by so decorating the experimental setting, he could boost hypothetical willingness-to-pay estimates by 50± 200%, relative to the estimates of a control group. We refer to this increase as the credit card premium. Feinberg also found that response times were substantially shorter in the presence of the credit card stimuli. In a similar vein, Soman (1999) demonstrated that framing hypothetical purchases as credit card payments may signi cantly increase purchase likelihood and willingness to pay. While these studies offer suggestive evidence supporting a credit-card premium, this evidence is indirect, and the causal mechanism that produced these results has been left uncertain. For example, eld evidence in support of higher spending with credit cards (such as Hirschman 1979), could naturally be explained by differences between credit card
2 6 PRELEC AND SIMESTER owners and non-owners, or differences in the occasions on which cash and credit cards are the preferred methods of payment. While Feinberg's and Soman's results are free of this confound, the generality of their ndings is also limited, but by different factors. For example, only one of these studies (Feinberg, Study 3) involved real money transactions; charitable donations to the United Way. Although the presence of credit card logos in the study did increase donation size, the absolute amounts were small (average donations were 11 and 33 for the cash and credit card conditions). Second, Feinberg's studies only manipulated exposure to credit card stimuli and not the payment method itself. Payment was left ambiguous in the perceived value studies, while the United Way study requested donations in cash. 2. Purpose of Study This empirical note presents new evidence supporting the proposition that consumers are willing to spend more for a product when using a credit card (in at least some purchase contexts). We extend Feinberg's and Soman's experiments in two separate studies. In the rst study, we manipulate the payment method, while using real-money transactions. Recall that only one of the previous studies used real money transactions and in that study the payment method was not manipulated (all respondents paid in cash). Furthermore, we use desirable goods of potentially high value. This allows us to investigate whether the Feinberg result is limited to transactions of very small magnitude or whether it also extends to transactions involving much larger amounts. In the second study we further explore the necessary and suf cient conditions that support the effect. In particular, we separately manipulated payment method and exposure to a credit card logo to investigate which of these factors stimulate purchasing. Moreover, we investigate whether the effect only arises when the market price of the product is uncertain. In the second study we use a product for which the market price is known. Our results reveal a potentially large credit card premium, but the effect is not always present. In the rst study, which uses goods with uncertain market value, we observe a large premium (more than 100%). However, in the second study, using a good with a known market value (a restaurant gift certi cate) the premium does not always arise. 3. Study Prizes The rst study was designed to elicit willingness-to-pay for tickets to sporting events. Two pairs of tickets were separately auctioned off. One pair of tickets was for the last regularseason game, between the Boston Celtics and the Miami Heat. The Celtics needed this win to clinch the division title, and, like all Celtics games at the time, was sold-out well in advance. The game was played on a Sunday afternoon, three days after the Thursday auction. The other pair of tickets was to a regular season baseball game, between the Red
3 ALWAYS LEAVE HOME 7 Sox and the Toronto Blue Jays. There was also a consolation prize of a pair of banners (one featuring the Celtics and one featuring the Red Sox). We did not provide information about the market values of any of the three prizes. The speci c descriptions were: (1) One pair of 3rd row balcony tickets for Celtics-Miami game, Sunday April 19, 1PM, at the Boston Garden. (2) One pair of bleacher tickets for Red Sox-Toronto game, Sunday April 19, 1PM, at Fenway Park. (3) Consolation prize of one Celtics and one Red Sox banner Respondents and General Procedure The respondents were MBA students, who responded to a poster promising a $2 bill and an opportunity to purchase Celtics tickets. The experiment was held during lunchtime in a classroom. Upon entering the room, students were handed an instruction sheet that described the prizes, the rules for allocating the tickets, and a sheet for indicating their reservation values. They were instructed not to discuss their answers or anything else about the questionnaire. Respondents handed in their completed sheets as they left the room. They were told that the winners would be announced at 5PM that afternoon. We elicited reservation values using a second-price sealed-bid auction. In this procedure, the prize is given to the person who writes down the highest value; however, the prize is sold at a price equal to the second highest stated value. Under these rules, participants have no reason to either overestimate or underestimate their true maximum willingness-to-pay (i.e., it is an ``incentive-compatible'' elicitation mechanism; Vickrey 1961). Respondents wrote down their reservation values for all three prizes. If the same person wrote down the highest value for more than one prize, they would only win the prize that they valued the most The Cash vs. Credit Card Manipulation Unbeknownst to the respondents, two different types of elicitation sheets were handed out, in a random fashion. The rst, cash condition sheet, stipulated that payment was required from winners in cash. Respondents in this condition were also asked to indicate whether they had ``ready access to a local cash-machine.'' The second, credit card condition sheet, stipulated that payment was to be made by credit card. Respondents in this condition were asked to identify the type of card that would be used to purchase the prizes (VISA, Amex, or MasterCard), its expiration date, and to write down the last three digits of the credit card number. Respondents in both conditions were told that they would have to make the payment by 5PM the next day. In a slight deception, we planned to sell the tickets to the winners at no more than their face value, and would accept payment by check in either condition.
4 8 PRELEC AND SIMESTER 3.4. Results We found that respondents in the credit card condition wrote down signi cantly higher values for all three prizes (Table 1). The credit card premium was highest for the Celtics tickets, and smallest for the banners (although these differences were not statistically signi cant). All three premia, and the premium for the Celtics tickets in particular, were more substantial than could be justi ed by the nancial bene ts of credit cards. 4. Study 2 In the rst study, respondents required to pay by credit card offered higher bids on average than their counterparts in the cash condition. In the second study we investigate the necessary and suf cient conditions that support this effect by varying the study in two ways. First, we measure willingness to pay for a product for which the market price is certain. Recall that in the rst condition we measured willingness to pay for tickets to a sold-out sporting event, for which the value was unstated. In this second study we measure willingness to pay for a gift certi cate of a stated value. This allows us to evaluate whether the credit card premium arises because customers adjust their valuations from different anchoring points in the cash and credit card conditions. For example, in the cash condition respondents may anchor their valuations using the amount of cash that they typically carry in their wallets. In the credit card condition they may anchor on their credit limit or the size of their monthly bill. If this is true we would expect the effect to be reduced if the stated value of the gift certi cate provides a common anchor for valuation. The second study also varies from the rst study due to the separate manipulation of payment methods and exposure to credit card logos. Feinberg's results indicate that varying exposure to a credit card logo is suf cient to effect willingness to pay. This suggests an association bias in which respondents have positive associations for credit cards that in ate their willingness to pay regardless of the actual payment method. If the credit card premium is due to this effect alone, we would not expect a large effect when varying payment method without varying exposure to the logo. However, varying exposure to the logo, while holding payment method constant should be suf cient to produce the effect. Table 1. Study 1: Mean values for Celtics tickets, Red Sox tickets, and Banners, by payment method Celtics Red Sox Banners Cash mean (N ˆ 31) $28.51 $9.02 $3.32 (std err) (3.25) (1.10) (1.61) Credit card mean (N ˆ 33) $60.64 $15.92 $5.29 (std err) (11.09) (2.66) (1.66) Credit card premium 113% 76% 59% t-test t ˆ 2.71, p <.01 t ˆ 2.35, p <.05 t ˆ.85, ns Cash median $25.00 $8.00 $1.00 Credit card median $41.00 $12.00 $2.00 Wilcoxson rank-sum test z ˆ 2.64, p <.01 z ˆ 1.42, ns z ˆ 1.98, p <.05
5 ALWAYS LEAVE HOME Respondents and Procedure The respondents were rst-year MBA students, who were participating in a daylong orientation program. Students were seated at separate tables in a large meeting room. As a break between the orientation activities, they were invited to purchase a dinner certi cate at a nearby restaurant. The restaurant is a local landmark and is within 3±4 minutes walking distance of the school campus. The certi cate was described as follows: The certi cate is good for up to $175, and can be used on a single occasion within the next three months. The certi cate may be used to purchase any food or beverages on the menu, and may include payment for taxes and a gratuity. We elicited reservation values for the certi cate with the Becker-DeGroot procedure (Becker, DeGroot, and Marschak, 1964). Like the second-price auction in Study 1, this mechanism is also ``incentive-compatible,'' i.e., it provides no incentives for overstating or understating true maximum willingness-to-pay. The mechanism was explained as follows: Step 1: The price of the certi cate will be determined by drawing a number at random, from zero up to the face value of the certi cate (each number is equally likely). Step 2: A winner will be selected at random from the respondents. Step 3: If the value stated by the winner is greater than the price randomly selected in Step 1 then the dinner certi cate will be sold at that randomly selected price. If the value stated by the winner is lower than the price, then alternative winners will be selected until the dinner is sold to someone. Although the second-price auction and Becker-DeGroot procedure are strategically equivalent (in both cases respondents should simply write down their reservation values), the latter procedure tends to provide more surplus to the winner, which was important in the context of the student orientation setting. The study divided the respondents into four groups, according to anticipated method of payment and two types of personal identi cation methods. The two payment methods were unchanged from the rst study (credit card versus cash payment). The two identi cation methods were either a sequence of any four characters (letters or digits), or type and digits 5±8 of a major credit card owned by the respondent (Visa, Amex, MasterCard). This identi cation manipulation was designed to vary customers' exposure to credit card logos by prompting respondents in the latter condition to pull out and examine their credit cards. Note that while in Study 1, the method of identi cation was congruent with the method of payment, in this study, we created a 2 2 design, varying identi cation independently of payment method.
6 10 PRELEC AND SIMESTER Table 2. Study 2: Mean values for the $175 dinner certi cate, by payment method and identi cation method Payment method Any 4 characters Credit card digits Cash mean $77.08 $52.80 (N ˆ 43, std. err ˆ 5.90) (N ˆ 45, std. err ˆ 4.83) Credit card mean $67.12 $71.78 (N ˆ 46, std. err ˆ 5.71) (N ˆ 34, std. err ˆ 5.56) Credit card premium 713% 36% t-test t ˆ 1.21, ns t ˆ 2.58, p <.05 Cash median $80.00 $50.00 Credit card median $62.50 $69.00 Wilcoxson rank-sum z ˆ 1.42, ns z ˆ 2.45, p < Results The mean values by condition are presented in Table 2. There are several interesting comparisons. First, the two diagonal cells, where payment method is congruent with identi cation method, are a replication of Study 1. However, this time we nd no signi cant difference between the credit card and cash conditions (t ˆ.66, ns; Wilcoxson Rank Sum: z ˆ.69, ns). Second, payment method has a signi cant effect, but only when analysis is restricted to students who supplied the credit card digits (t ˆ 2.58, p <.05; Wilcoxson Rank Sum: z ˆ 2.45, p <.05). Within these groups, respondents who anticipated paying by card wrote down values 36% greater than those who did not. For students who did not provide their credit card digits as identi cation, actual payment method made no signi cant difference (t ˆ 1.2l, ns; Wilcoxson Rank Sum: z ˆ 1.42, ns). Third, values in the two congruent conditions are signi cantly greater than the values in the non-congruent conditions (diagonal cells versus non-diagonal cells; t ˆ 2.63, p <.01; Wilcoxson Rank Sum: z ˆ 2.78, p <.01). We conjecture that this effect might be due to the rather unusual nature of the request for credit card digits in the cash payment condition. The cover story for the upper-right cell is the least plausible, and this may have depressed these bids. Finally, the main effects of payment method and identi cation method were not signi cant. 5. Conclusions We offer no theory explaining the presence or size of the credit card premium observed in Study 1. However, we do believe that, taken together, the studies offer some insight as to the cause of the effect. First, the two studies appear to exclude liquidity constraints as a complete explanation. If the premium is due solely to liquidity constraints, then it should increase with the size of the loan, and should have been greater in Study 2 than for any of the prizes in Study 1. The failure to observe any credit card premium between the two congruent conditions in Study 2 is not consistent with this prediction. Furthermore, given the random assignment across
7 ALWAYS LEAVE HOME 11 conditions, we can presume that the ``credit card'' and ``cash'' populations in Study 1 are approximately equivalent, both in terms of their interest in the prizes and in their nancial characteristics. This means that the ``median respondent'' who was willing to pay up to $25 for the Celtics tickets under the cash condition would have been willing to pay up to $41 in the credit card condition. If the lower value in the cash condition is truly due to a hard liquidity constraint, then this ``median student'' would have been willing to pay a lender up to $16 ($41±$25) for the ability to increase their value by any amount (up to $41). Even if we entertain more complex nancial explanations (e.g., maintaining some precautionary cash balances, and so forth), it seems implausible that our respondents would accept loans at the high exchange rates that the ratio of credit card to cash values implies. It is dif cult to believe that an MBA student would accept a 64% surcharge in exchange for the privilege of paying by credit card instead of cash! Second, the information provided about the market value of the products offered in the two studies varied. In the rst study we used tickets to a sold-out sporting event, for which the value was unstated, and in the second study we used a gift certi cate of explicit value. This difference was designed to investigate whether the credit card premium arises because customers adjust their valuations from different anchoring points in the cash and credit card conditions. The stronger evidence of the effect in the rst study is consistent with this theory. However, the effect did not disappear entirely in the second study. Payment method had a signi cant effect amongst respondents exposed to the credit card logo. Third, payment method and exposure to credit card logos were separately manipulated in the second study. The possibility that the credit card premium is due to an association bias with the logo predicts that the premium depends upon exposure to the logo rather than the payment method. The ndings in the second study are not consistent with this prediction. Although there was some evidence of a payment effect, there was no evidence that exposure to the logos increased willingness to pay. In summary, this is the rst study that demonstrates that willingness-to-pay is increased when customers are instructed to use a credit card rather than cash. The results are surprising both due to the size of the premium and the ubiquity of credit card use. The variance we observe in the premium provides a hurdle to other explanations and a means of validating alternative hypotheses. Notes 1. The paper was completed while Prelec was a Fellow at the Center for Advanced Study in the Behavioral Sciences, and supported in part by NSF Grant # SBR to the Center. Acknowledgements We thank George Loewenstein, Robert Meyer, Dilip Soman and Nader Tavassoli for their many helpful comments.
8 12 PRELEC AND SIMESTER References Ausubel, Lawrence M. (1991). ``The Failure of Competition in the Credit Card Market,'' American Economic Review 81, 50±81. Becker, Gary M., Morris H. DeGroot, and Marschak, Jacob. (1964). ``Measuring Utility by a Single-response Sequential Method,'' Behavioral Science 9, 226±232. Feinberg, Richard A. (1986). ``Credit Cards as Spending Facilitating Stimuli: A Conditioning Interpretation,'' Journal of Consumer Research 12, 384±356. Hirschman, Elizabeth C. (1979). ``Differences in Consumer Purchase Behavior by Credit Card Payment System,'' Journal of Consumer Research 6, 58±66. Soman, Dilip. (1999). Effects of Payment Mechanism on Spending Behavior: The Illusion of Liquidity. Working Paper, Hong Kong University of Science and Technology, Hong Kong. Vickrey, William. (1961). ``Counterspeculation, Auctions, and Competitive Sealed Tenders,'' Journal of Finance 16, 8±37.
Do Consumers Pay More Using Debit Cards than Cash? Emma Runnemark, Jonas Hedman, Xiao Xiao Copenhagen Business School. Panel n, Titel 1 Panel n, Titel 2 Do Consumers Pay More Using Debit Cards than Cash?
Working Paper 2014:21 Department of Economics School of Economics and Management Do Consumers Pay More Using Debit Cards than Cash? An Experiment Emma Runnemark Jonas Hedman Xiao Xiao May 2014 Do Consumers
SHORT-SELLING AND THE WTA- WTP GAP Shosh Shahrabani, Tal Shavit and Uri Ben-Zion Discussion Paper No. 07-06 July 2007 Monaster Center for Economic Research Ben-Gurion University of the Negev P.O. Box 653
Chapter 7 Sealed-bid Auctions An auction is a procedure used for selling and buying items by offering them up for bid. Auctions are often used to sell objects that have a variable price (for example oil)
Internet Appendix to Momentum, Reversal, and Uninformed Traders in Laboratory Markets * 1 I. Instructions for Experiment One Overview During this session, you will trade shares in 12 different securities
COMMUNITY FUNDRAISERS IN THE WORKPLACE A Workplace Community Fundraiser is aimed at employees and organized and managed by staff, e.g., casual days and office luncheons. Larger corporate events open to
Exam #2 cheat sheet The space provided below each question should be sufficient for your answer. If you need additional space, use additional paper. You are allowed to use a calculator, but only the basic
Thank You and GOOD LUCK! Front Thank You portion kept by donor Enter to win a 3, 4 or 5 night cruise aboard Royal Caribbean Cruise Lines! You are now entered to win the Grand Prize of a 3, 4 or 5 night
ON24 2010 Webcasting Report Webcast Benchmarks and Best Practices for Lead Generation Key Webcasting Findings 2010 Published by ON24, January 2011 1. Executive Summary...................................................................
The Willingness to Pay Willingness to Accept Gap, the Endowment Effect, Subject Misconceptions, and Experimental Procedures for Eliciting Valuations By CHARLES R. PLOTT AND KATHRYN ZEILER* We conduct experiments
Pairings Party Sunday, March 22, 2015 At Moore s Mill Club Auburn, AL Golf Tournament Monday, March 23, 2015 A Letter From Jason & Amanda Dear Friends, Please accept our invitation to join us at the 2015
Welcome Aboard! Thank you for your interest in registering a school team for the 2015 Chevron City to Surf for Activ! We would be thrilled to have you on board as we celebrate the event s 41st birthday!
Page 1 of 17 INDEX Index Before The Event... The Big Event How A Race Night Works How Much Will We Make? Good Ideas For Additional Games Other Money Making Ideas Legislation And Your Race Night Our Products
237 Taylor Street ~ Port Townsend ~ WA ~ 98368 (360) 385-6448 ~ www.silverwatercafe.com FREQUENT DINER REWARDS AND PAY IT FORWARD CHARITABLE DONATION PROGRAMS Programs are good for food and beverage purchased
. Bayesian Nash Equilibrium . In the final two weeks: Goals Understand what a game of incomplete information (Bayesian game) is Understand how to model static Bayesian games Be able to apply Bayes Nash
TEA & Tiaras ND 2 Annual Presenting Sponsor Sunday, October 25 th, 2015 1:00 PM 4:00 PM The Royal York Hotel Concert Hall, Toronto ABOUT Starlight Starlight Children s Foundation Canada has been transforming
Go Red for Women: Fundraising Guide Thank you for volunteering your time to help raise vital funds for the Heart Foundation. Did you know heart disease is the No. 1 killer of Australian women? Together,
Effects of Payment Mechanism on Spending Behavior: The Role of Rehearsal and Immediacy of Payments DILIP SOMAN* Past expenses have been shown to influence future spending behavior by depleting available
Fundraising Toolkit Success is in your hands Dear Women s Team Captain, Thank you for your involvement and support of the Canadian Breast Cancer Foundation CIBC Run for the Cure. Your fundraising directly
Cournot s model of oligopoly Single good produced by n firms Cost to firm i of producing q i units: C i (q i ), where C i is nonnegative and increasing If firms total output is Q then market price is P(Q),
BEST PRACTICES TO LEVERAGE STORED VALUE TICKETS Stored ValueTickets: They re a Game Changer Stored value tickets allow teams, venues, or stadiums to load money directly onto a fan s ticket, which can then
Introduction People affected by breast cancer need a safe place to go for relevant, timely, and understandable medical information so they can prepare themselves for conversations with their doctors and
Chapter 11: probs #1, #3, and #4, p. 298 Problem set 4: due week of Feb 20-24 Chapter 12: probs #1 a-b-c-d, #2, #3, pp. 320-321 Future problem sets Chapter 13: probs #1, #2 a-b-c-d, #3, #5, pp. 347-348
Paul Povel and Raj Singh Bauer College of Business, Univ. of Houston Carlson School of Management, Univ. of Minnesota What Is? What is? From the Business Press Explanations Acquisition financing, pre-arranged
Celebration of Support Agreement Please read thorough all pages & complete pages 4,5 & 6 of this agreement and mail it to: Community Benefit Tree, Inc., W3494 Dundas Road, Kaukauna WI 54130 or fax to (920)766-4387
1.1504 1 (iii) Not in-the-money option. (iv) Exercise price. (v) Time of exercise. (vi) Related or sequential options. (vii) Stockholder rights. (viii) Restrictive covenants. (ix) Intention to alter value.
ARE STOCK PRICES PREDICTABLE? by Peter Tryfos York University For some years now, the question of whether the history of a stock's price is relevant, useful or pro table in forecasting the future price
Abstract Usefulness of expected values in liability valuation: the role of portfolio size Gary Colbert University of Colorado Denver Dennis Murray University of Colorado Denver Robert Nieschwietz Seattle
The Role of Money Illusion in Nominal Price Adjustment LUBA PETERSEN AND ABEL WINN Online Appendices 1 Appendix A. Adaptive Best Responding in FT s Experiments and Our Revised Experiments Section 1. Statistical
Non-cash Donations & Sales Accounting and IRS Reporting Contact Information Julie L. Sokolowski, CPA Shareholder Wall, Einhorn & Chernitzer, PC CPAs & Advisors 555 East Main Street, Suite 1600 Norfolk,
Gift and Estate Tax Valuation Insights Voting Stock and Nonvoting Stock: Allocating Equity Value Aaron M. Rotkowski Business valuations performed for gift tax or estate tax purposes often involve the valuation
1 Nicholas Dorsey Applied Econometrics 4/30/2015 An Exploration into the Relationship of MLB Player Salary and Performance Statement of the Problem: When considering professionals sports leagues, the common
EXTRAPOLATION BIAS: INSIDER TRADING IMPROVEMENT SIGNAL HIGHLIGHTS Consistent with previous studies, we find that knowledge of insider trading is valuable to non-insider investors. We find that the change
Decision Making by Individuals and Firms chapter: 9 1. Hiro owns and operates a small business that provides economic consulting services. During the year he spends $57,000 on travel to clients and other
February 16-19, 2012 Birmingham Jefferson Convention Complex A Complete Guide to GET YOUR SALES TEAM SHOW READY! Marketing Kit BirminghamHomeAndGardenShow.com Your Free Promotional Tools As an exhibitor
ARTICLE 45-05 PROPERTY AND CASUALTY INSURANCE Chapter 45-05-01 Self-Insurance Used as Security Required by the North Dakota Auto Accident Reparations Act 45-05-02 Crop Hail Insurance 45-05-03 Automobile
STEPS TO PLAN A VOLUNTEER FUNDRAISING EVENT An event, very simply, is something that happens at a given time and place. However, creating an event for an organization such as the American Brain Tumor Association
The Russia Microfinance Project Document No.54 A U.S. Department of State/NISCUP Funded Partnership among the University of Washington-Evans School of Public Affairs, The Siberian Academy of Public Administration,
2015 Dr. Branch Leukemia Cup Regatta July 4 & 5, 2015 Lake Canyon Yacht Club Sponsor Packet 2nd Annual Dr. BRANCH LEUKEMIA CUP REGATTA Lake Canyon Yacht Club Canyon Lake, TX July 4 & 5, 2015 Welcome to
Compare and Contrast of Option Decay Functions Nick Rettig and Carl Zulauf *,** * Undergraduate Student (email@example.com) and Professor (firstname.lastname@example.org) Department of Agricultural, Environmental, and
Fundraising Toolkit Success is in your hands Dear Multi-Site Team Captain, Thank you for your involvement and support of the Canadian Breast Cancer Foundation CIBC Run for the Cure. Your fundraising directly
CHICAGO WHITE SOX ALLERGY GENERAL RELEASE AND INDEMNIFICATION The undersigned on behalf of himself/herself and as the parent or legal guardian of: (Insert Minor s name, if any, and use separate Release
Results Ticker: Dutch Auctions With A Money-Back Guarantee Sandeep Baliga and Jeff Ely 2 Concept The Problem A venue like a stadium, a theatre, or an orchestra has a fixed capacity of seats in different
Page 1 of 11 Thank you Thank you for becoming a host for the Leukaemia Foundation s World s Greatest Shave, one of Australia s biggest fundraising events that is also loads of fun for everyone! This guide
Tee off for Rotary... Canadian Tire Brockville Rotary Golf Classic Wednesday, July 8th, 2015 Brockville Country Club Sponsorship Opportunities Canadian Tire Brockville Rotary Golf Classic BROCKVILLE Wednesday,
Can Annuity Purchase Intentions Be Influenced? Jodi DiCenzo, CFA, CPA Behavioral Research Associates, LLC Suzanne Shu, Ph.D. UCLA Anderson School of Management Liat Hadar, Ph.D. The Arison School of Business,
2010-11 Season Renewal Incentives Price Savings Renew on or before the March 12 deadline and be eligible for the special 2010-11 Renewal Price. Accounts that renew after the deadline will pay the 2010-11
The Impact of Credit Cards on Spending: A Field Experiment Elif Incekara Hafalir George Loewenstein Carnegie Mellon University Abstract: In a field experiment, we measure the impact of payment with credit
mycash RETAIL MANAGEMENT A modern style of retail sales A COMPREHENSIVE SOFTWARE SOLUTION FOR ALL RETAIL SALES PROCESSES, SUITABLE FOR MEDIUM AND LARGER SALES NETWORKS, INCLUDING FRANCHISING SUPPORT CENTRAL
TICKETMASTER SINGLE EVENT TICKETING AGREEMENT between Ticketmaster NZ Limited ( Ticketmaster ) and ( Client ) Event Venues THIS AGREEMENT is made the 2011. BETWEEN TICKETMASTER NZ LIMITED, Level 1, Citibank
Event Guidelines 1. Review the event guidelines: We appreciate your desire to support Piedmont Healthcare and want your event to be a success! Based on best practice ideas, we have prepared event guidelines
January 23, 2001 Issues in Comparing Capitalization Rates for Leased Fee and Fee Simple Estates Jeffrey D. Fisher, Ph.D. A. Scruggs Love, Jr., MAI, CRE There are three traditional approaches used by appraisers
Select and secure a date: The Tournament Coordinator at The Royal Ashburn Golf Club can help arrange a date for your event. Once a date is chosen, we will forward a copy of our contract. Please sign the
ORGANIZING AN EVENT Events that are run to raise money need to be very carefully planned; for every successfully run event, there is one that has lost money. Be clear on the purpose of the event: is it
2014 Taste of the Town Restaurant Sign Up Welcome back to our returning restaurants and for you first timers, Taste of the Town 2014 will be a day filled with fun, food and lots of entertainment! Thank
Event Games and Fun Activities Games and activities will make your trivia event even more fun! Many of your trivia participants will be happy to provide extra support by joining in a raffle, game, or contributing
INTOSAI 2001 Auditing IT Service Management RISK ASSESSMENT Preface The IT Infrastructure Management Project was initiated by INTOSAI Standing Committee on IT Audit at its 8 th meeting in October 1999.
Competition Rules and Procedures CME Group with assistance from CQG and the University of Houston, is sponsoring a commodities trading competition among colleges and universities. Students will compete
Market efficiency in greyhound racing: empirical evidence of absence of favorite-longshot bias Anil Gulati, Western New England College, email@example.com Shekar Shetty, Western New England College, firstname.lastname@example.org
CELTIcS COURTSIDE Opportunity to access the Lincoln Courtside Club (Row AA Only) Complimentary Legends membership (Rows BB, CC) Exclusive VIP Event featuring members of Celtics ownership and basketball
Mark Six A legal lottery game in Hong Kong What is the winning probability of each prize in Mark Six? Actually how small is the winning probability? Describe non-certain proposition In terms of a numerical
1 1 1 1 1 1 1 0 1 0.00. General Restrictions on the Conduct of Bingo. (a) A bingo occasion that is fairly conducted by a licensed authorized organization is one that is impartial, honest, and free from
STARTing LINE 4th Quarter 2011 Volume 4-4 START deposit deadline approaching The deadline for receipt of START Saving account deposits to be eligible for exclusion from income reported on 2011 Louisiana
OPTIONS EDUCATION GLOBAL TABLE OF CONTENTS Introduction What are FX Options? Trading 101 ITM, ATM and OTM Options Trading Strategies Glossary Contact Information 3 5 6 8 9 10 16 HIGH RISK WARNING: Before
Fundraising Toolkit Success is in your hands Dear School Team Captain, Thank you for your involvement and support of the Canadian Breast Cancer Foundation CIBC Run for the Cure. Your fundraising directly
Branding and Search Engine Marketing Abstract The paper investigates the role of paid search advertising in delivering optimal conversion rates in brand-related search engine marketing (SEM) strategies.
Securitisation and Private Equity slaughter and may October 2004 contents Securitisation and Private Equity 1 1. Refi nancing an Acquisition 2 2. Providing Debt Financing for an Acquisition 4 3. Realising
When Intuition Chapter 18 Differs from Relative Frequency Copyright 2005 Brooks/Cole, a division of Thomson Learning, Inc. Thought Question 1: Do you think it likely that anyone will ever win a state lottery
EXECUTIVE SUMMARY The majority of Virginians believe you should obey the law without question but also suggest that right and wrong are ultimately determined by the individual. Nearly three out of five
SHARE THE LOVE. CHARITY HANDBOOK October 20 26, 2014 SEA ISLAND GOLF CLUB ST. SIMONS ISLAND, GA WHAT IS BIRDIES FOR LOVE? Established in 2012 by the Davis Love Foundation, Birdies Fore Love is a program
ONE IT Organization, Staffing, and Planning The first section of the core data survey included questions that can be clustered into three areas: campus information technology (IT) leadership and organization,
What is Bingo? Conventional 75 number bingo is played with bingo cards that have a grid of five horizontal rows and five vertical columns. The columns are lettered B I N G O from left to right across the
Financial incentives, personal information and dropout rate in online studies A. Frick 1, M. T. Bächtiger & U.-D. Reips Whereas in a classical laboratory setting participants often feel compelled to stay
CASH FLOW STATEMENT & BALANCE SHEET GUIDE The Agriculture Development Council requires the submission of a cash flow statement and balance sheet that provide annual financial projections for the business
Financial Management: A Course for School Nutrition Directors National Food Service Management Institute 1 Importance of Financial Management Objective: Know the importance of financial management to nutritional
mycash RETAIL MANAGEMENT A modern style of retail sales A COMPREHENSIVE SOFTWARE SOLUTION FOR ALL RETAIL SALES PROCESSES, SUITABLE FOR MEDIUM AND LARGER SALES NETWORKS, INCLUDING FRANCHISING SUPPORT MORE
2015 RANCH LADIES LEAGUE APPLICATION PLEASE PRINT NAME: Returning Member (contact information same as last season) Returning Member (new contact information below) New Member (contact information below)
2nd Annual West American Truck Show Sept 26th -27th, 2015 Welcome to WATS West American Truck Show 2015 promises its attendees another phenomenal show at the Fresno Convention Center, with even more exhibitors
7 th Annual KidSport Charity Golf Classic Sponsorship Package The Event On August 30th, 2012 KidSport will host the 7th Annual KidSport Charity Golf Classic in support of the KidSport program in Ontario.
2015 SCHOOL FUNDRAISING PROGRAM PRESENTED BY TABLE OF CONTENTS GAME INFORMATION... 3... 4 HONOR ROLL TICKET INFORMATION... 4 ATTACHMENTS: REGISTRATION FORM... 5 WAIVER... 6 WEEKLY UPDATE FORM... 8 STUDENT
Testing Scientific Explanations (In words slides page 7) Most people are curious about the causes for certain things. For example, people wonder whether exercise improves memory and, if so, why? Or, we
Make-A-Wish Campaign Fundraising Ideas Potential Fundraising Ideas Disclaimer: Student-athletes should check with the campus compliance officer for final approval and compliance with NCAA rules and regulations
Lecture 8: Stock market reaction to accounting data In this lecture we will focus on how the market appears to evaluate accounting disclosures. For most of the time, we shall be examining the results of
SCOTIABANK CHARITY CHALLENGE 2016 PROGRAM INFORMATION Contact: Sue Tregunno, Scotiabank Charity Challenge Coordinator email@example.com (902) 456-2177 Every Step Helps Build Our Community
Paying with Plastic Analyzing the Results of the Tuition Payment by Credit Card Survey August 2004 Analyzing the Results of the 2003 NACUBO Tuition Payment by Credit Card Survey Copyright 2004 by the National
8 th Annual KidSport Charity Golf Classic Sponsorship Package The Event On August 29, 2013 KidSport will host the 8th Annual KidSport Charity Golf Classic in support of the KidSport program in Ontario.
Applying Data to Boost Your Merchant Services Program David Reed brings 10 years of financial management experience and a deep understanding of interchange to Security Card Services bank partners. David
The Benefits of Systematically Selling Volatility July 2014 By Jeremy Berman Justin Frankel Co-Portfolio Managers of the RiverPark Structural Alpha Fund Abstract: A strategy of systematically selling volatility