| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13822 |
| 来源ID | Working Paper 13822 |
| Learning in the Credit Card Market | |
| Sumit Agarwal; John C. Driscoll; Xavier Gabaix; David Laibson | |
| 发表日期 | 2008-02-14 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Agents with more experience make better choices. We measure learning dynamics using a panel with four million monthly credit card statements. We study add-on fees, specifically cash advance, late payment, and overlimit fees. New credit card accounts generate fee payments of $15 per month. Through negative feedback -- i.e. paying a fee -- consumers learn to avoid triggering future fees. Paying a fee last month reduces the likelihood of paying a fee in the current month by about 40%. Controlling for account fixed effects, monthly fee payments fall by 75% during the first three years of account life. We find that learning is not monotonic. Knowledge effectively depreciates about 10% per month, implying that learning displays a strong recency effect. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Economics of Information ; Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w13822 |
| 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/571496 |
| 推荐引用方式 GB/T 7714 | Sumit Agarwal,John C. Driscoll,Xavier Gabaix,et al. Learning in the Credit Card Market. 2008. |
| 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 | ||
| w13822.pdf（340KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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