| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w22360
|
| 来源ID | Working Paper 22360
|
| Do Credit Card Companies Screen for Behavioral Biases? |
| Hong Ru; Antoinette Schoar
|
| 发表日期 | 2016-06-20
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| 出版年 | 2016
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| 语种 | 英语
|
| 摘要 | We look at the supply side of the credit card market to analyze the pricing and marketing strategies of credit card offers. First, we show that card issuers target less-educated customers with more steeply back-loaded fees (e.g., lower introductory APRs but higher late and over-limit fees) compared offers made to educated customers. Second, issuers use rewards programs to screen for unobservable borrower types. Conditional on the same borrower type, cards with rewards, such as low introductory APR programs, also have more steeply backloaded fees. In contrast, cards with mileage programs, which are offered mainly to the most-educated consumers, rely much less on back-loaded fees. Finally, using shocks to the credit risk of customers via increases in state-level unemployment insurance, we show that card issuers rely more heavily on back-loaded and hidden fees when customers are less exposed to negative cash flow shocks. These findings are in line with the recent behavioral contract theory literature. |
| 主题 | Financial Economics
; Financial Markets
; Financial Institutions
|
| URL | https://www.nber.org/papers/w22360
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580034
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推荐引用方式
GB/T 7714 |
Hong Ru,Antoinette Schoar. Do Credit Card Companies Screen for Behavioral Biases?. 2016.
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文件名：
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w22360.pdf
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格式：
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Adobe PDF
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