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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w24161 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w24161 |
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/581835 |
推荐引用方式 GB/T 7714 | John Gathergood,Neale Mahoney,Neil Stewart,et al. How Do Individuals Repay Their Debt? The Balance-Matching Heuristic. 2018. |
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 | ||
w24161.pdf(970KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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