Suppose you're carrying thousands of dollars of debt on your credit card, which charges high interest, but you have slightly more than that sum in your checking account, which pays low interest. No brainer, right? Pay off the credit card debt in one fell swoop and you will save money. But few people actually do that, and this year's winner of the so-called Nobel Prize in economics explained why.

Continue reading this article by Adrian Cho in Science Magazine (October 2017) which features contributions by NIBS Professors, Chris Starmer and Amelia Fletcher.