| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28799 |
| 来源ID | Working Paper 28799 |
| Are High-Interest Loans Predatory? Theory and Evidence from Payday Lending | |
| Hunt Allcott; Joshua J. Kim; Dmitry Taubinsky; Jonathan Zinman | |
| 发表日期 | 2021-05-17 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | It is often argued that people might take on too much high-cost debt because they are present focused and/or overoptimistic about how soon they will repay. We measure borrowers' present focus and overoptimism using an experiment with a large payday lender. Although the most inexperienced quartile of borrowers underestimate their likelihood of future borrowing, the more experienced three quartiles predict correctly on average. This finding contrasts sharply with priors we elicited from 103 payday lending and behavioral economics experts, who believed that the average borrower would be highly overoptimistic about getting out of debt. Borrowers are willing to pay a significant premium for an experimental incentive to avoid future borrowing, which we show implies that they perceive themselves to be time inconsistent. We use borrowers' predicted behavior and valuation of the experimental incentive to estimate a model of present focus and naivete. We then use the model to study common payday lending regulations. In our model, banning payday loans reduces welfare relative to existing regulation, while limits on repeat borrowing might increase welfare by inducing faster repayment that is more consistent with long-run preferences. |
| 主题 | Microeconomics ; Households and Firms ; Welfare and Collective Choice ; Behavioral Economics ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w28799 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586471 |
| 推荐引用方式 GB/T 7714 | Hunt Allcott,Joshua J. Kim,Dmitry Taubinsky,et al. Are High-Interest Loans Predatory? Theory and Evidence from Payday Lending. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28799.pdf（991KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
