Money Walks: Implicit Mobility Behavior and Financial Well-Being
Traditional financial decision systems (e.g. credit) had to rely on explicit individual traits like age, gender, job type, and marital status, while being oblivious to spatio-temporal mobility or the habits of the individual involved. Emerging trends in geo-aware and mobile payment systems, and the...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
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Public Library of Science
2015
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| Online Access: | http://hdl.handle.net/1721.1/99882 https://orcid.org/0000-0002-8053-9983 |
| _version_ | 1811084655700475904 |
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| author | Singh, Vivek Kumar Bozkaya, Burcin Pentland, Alex Paul |
| author2 | Massachusetts Institute of Technology. Media Laboratory |
| author_facet | Massachusetts Institute of Technology. Media Laboratory Singh, Vivek Kumar Bozkaya, Burcin Pentland, Alex Paul |
| author_sort | Singh, Vivek Kumar |
| collection | MIT |
| description | Traditional financial decision systems (e.g. credit) had to rely on explicit individual traits like age, gender, job type, and marital status, while being oblivious to spatio-temporal mobility or the habits of the individual involved. Emerging trends in geo-aware and mobile payment systems, and the resulting “big data,” present an opportunity to study human consumption patterns across space and time. Taking inspiration from animal behavior studies that have reported significant interconnections between animal spatio-temporal “foraging” behavior and their life outcomes, we analyzed a corpus of hundreds of thousands of human economic transactions and found that financial outcomes for individuals are intricately linked with their spatio-temporal traits like exploration, engagement, and elasticity. Such features yield models that are 30% to 49% better at predicting future financial difficulties than the comparable demographic models. |
| first_indexed | 2024-09-23T12:55:00Z |
| format | Article |
| id | mit-1721.1/99882 |
| institution | Massachusetts Institute of Technology |
| language | en_US |
| last_indexed | 2024-09-23T12:55:00Z |
| publishDate | 2015 |
| publisher | Public Library of Science |
| record_format | dspace |
| spelling | mit-1721.1/998822022-10-01T11:52:36Z Money Walks: Implicit Mobility Behavior and Financial Well-Being Singh, Vivek Kumar Bozkaya, Burcin Pentland, Alex Paul Massachusetts Institute of Technology. Media Laboratory Program in Media Arts and Sciences (Massachusetts Institute of Technology) Singh, Vivek Kumar Pentland, Alex Paul Traditional financial decision systems (e.g. credit) had to rely on explicit individual traits like age, gender, job type, and marital status, while being oblivious to spatio-temporal mobility or the habits of the individual involved. Emerging trends in geo-aware and mobile payment systems, and the resulting “big data,” present an opportunity to study human consumption patterns across space and time. Taking inspiration from animal behavior studies that have reported significant interconnections between animal spatio-temporal “foraging” behavior and their life outcomes, we analyzed a corpus of hundreds of thousands of human economic transactions and found that financial outcomes for individuals are intricately linked with their spatio-temporal traits like exploration, engagement, and elasticity. Such features yield models that are 30% to 49% better at predicting future financial difficulties than the comparable demographic models. 2015-11-10T16:34:39Z 2015-11-10T16:34:39Z 2015-08 2015-05 Article http://purl.org/eprint/type/JournalArticle 1932-6203 http://hdl.handle.net/1721.1/99882 Singh, Vivek Kumar, Burcin Bozkaya, and Alex Pentland. “Money Walks: Implicit Mobility Behavior and Financial Well-Being.” Edited by Renaud Lambiotte. PLOS ONE 10, no. 8 (August 28, 2015): e0136628. https://orcid.org/0000-0002-8053-9983 en_US http://dx.doi.org/10.1371/journal.pone.0136628 PLOS ONE Creative Commons Attribution http://creativecommons.org/licenses/by/4.0/ application/pdf Public Library of Science Public Library of Science |
| spellingShingle | Singh, Vivek Kumar Bozkaya, Burcin Pentland, Alex Paul Money Walks: Implicit Mobility Behavior and Financial Well-Being |
| title | Money Walks: Implicit Mobility Behavior and Financial Well-Being |
| title_full | Money Walks: Implicit Mobility Behavior and Financial Well-Being |
| title_fullStr | Money Walks: Implicit Mobility Behavior and Financial Well-Being |
| title_full_unstemmed | Money Walks: Implicit Mobility Behavior and Financial Well-Being |
| title_short | Money Walks: Implicit Mobility Behavior and Financial Well-Being |
| title_sort | money walks implicit mobility behavior and financial well being |
| url | http://hdl.handle.net/1721.1/99882 https://orcid.org/0000-0002-8053-9983 |
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