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来源类型Working Paper
规范类型报告
DOI10.3386/w24161
来源IDWorking Paper 24161
How Do Individuals Repay Their Debt? The Balance-Matching Heuristic
John Gathergood; Neale Mahoney; Neil Stewart; Joerg Weber
发表日期2018
出版年2018
语种英语
摘要We study how individuals repay their debt using linked data on multiple credit cards. Repayments are not allocated to the higher interest rate card, which would minimize the cost of borrowing. Moreover, the degree of misallocation is invariant to the economic stakes, which is inconsistent with optimization frictions. Instead, we show that repayments are consistent with a balance-matching heuristic under which the share of repayments on each card is matched to the share of balances on each card. Balance matching captures more than half of the predictable variation in repayments and is highly persistent within individuals over time.
主题Microeconomics ; Households and Firms ; Financial Economics ; Financial Institutions
URLhttps://www.nber.org/papers/w24161
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581835
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John Gathergood,Neale Mahoney,Neil Stewart,et al. How Do Individuals Repay Their Debt? The Balance-Matching Heuristic. 2018.
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