| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29270 |
| 来源ID | Working Paper 29270 |
| Measuring the Welfare Cost of Asymmetric Information in Consumer Credit Markets | |
| Anthony A. DeFusco; Huan Tang; Constantine Yannelis | |
| 发表日期 | 2021-09-20 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Information asymmetries are known in theory to lead to inefficiently low credit provision, yet empirical estimates of the resulting welfare losses are scarce. This paper leverages a randomized experiment conducted by a large fintech lender to estimate welfare losses arising from asymmetric information in the market for online consumer credit. Building on methods from the insurance literature, we show how exogenous variation in interest rates can be used to estimate borrower demand and lender cost curves and recover implied welfare losses. While asymmetric information generates large equilibrium price distortions, we find only small overall welfare losses, particularly for high-credit-score borrowers. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w29270 |
| 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/586944 |
| 推荐引用方式 GB/T 7714 | Anthony A. DeFusco,Huan Tang,Constantine Yannelis. Measuring the Welfare Cost of Asymmetric Information in Consumer Credit Markets. 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 | ||
| w29270.pdf（934KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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