蚂蚁开放研究实验室：“Quick Response” Economic Stimulus The Effect of Small-Value Digital Coupons on Spending

We study a new consumption stimulus model that leverages mobile payment platforms to dispense massiveamounts of small-value, use-it-this-week-or-lose-it digital coupons. We evaluate the effects of one suchprogram in a large Chinese city using novel data of mobile platform transactions of 1 million programparticipants. Exploiting participants’ rush to the first-come, first-served digital portal, we compare spending among those who won coupons to those who lost because of minor differences in t