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This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that "non-repayment of debts by someone who is able to repay is an injustice." This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally, the paper finds that removing religious aspects from the quote does not change its effectiveness, suggesting that the moral appeal of the message does not necessarily rely on its religious connotation.

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"An invaluable primer on the role economic reasoning plays in campus debate and decision making. Campus Economics provides college and university administrators, trustees, and faculty with an essential understanding of how college finances actually work. Sandy Baum and Michael McPherson explain the concepts needed to analyze the pros, the cons, and the trade-offs of difficult decisions, and offer a common language for discussing the many challenges confronting institutions of higher learning today, from COVID-19 to funding cuts and declining enrollments. Emphasizing the unique characteristics of the academic enterprise and the primacy of the institutional mission, Baum and McPherson use economic concepts such as opportunity cost and decisions at the margin to facilitate conversations about how best to ensure an institution's ongoing success. The problems facing higher education are more urgent than ever before, but the underlying issues are the same in good times and bad. Baum and McPherson give nontechnical, user-friendly guidance for navigating all kinds of economic conditions and draw on real-world examples of campus issues to illustrate both institutional constraints and untapped opportunities. Campus Economics helps faculty, administrators, trustees, and government policymakers engage in constructive dialogue that can lead to decisions that align finite resources with the pursuit of the institutional mission"-- "An invaluable primer on the role economic reasoning plays in campus debate and decision making"--

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