자료유형  

 학위논문

Control Number  

0016933571

International Standard Book Number  

9798379876647

Dewey Decimal Classification Number  

370

Main Entry-Personal Name  

Shi, Mike.

Publication, Distribution, etc. (Imprint  

[S.l.] : Stanford University., 2021

Publication, Distribution, etc. (Imprint  

Ann Arbor : ProQuest Dissertations & Theses, 2021

Physical Description  

1 online resource(113 p.)

General Note  

Source: Dissertations Abstracts International, Volume: 85-01, Section: B.

General Note  

Advisor: Pistaferri, Luigi.

Dissertation Note  

Thesis (Ph.D.)--Stanford University, 2021.

Restrictions on Access Note  

This item must not be sold to any third party vendors.

Summary, Etc.  

요약We propose that holding debt causes worse financial decisions using two novel experimental designs where we randomly assign debt. Our designs isolate the consequences of holding debt while controlling for potential confounding factors such as initial wealth levels, selection, risk, and time preferences. Our first set of findings show that debt causes behavioral biases detrimental to subjects' financial payoffs. However, subjects' strategies are not random but instead debt-biased, consistent with a model of debt aversion. Furthermore, we show in additional treatments how these debt-biased behaviors can also deter subjects from borrowing and miss arbitrage opportunities. We then expand on these findings by running an alternate, income-focused debt experiment. We decouple the relationship between income generation and debt repayment, and we also reduce and even remove the role of compounding debt. These adjustments give mixed evidence of debt aversion. When debt is more salient we find qualitatively similar causal effects of debt on financial decision-making. These effects are not present in our less salient debt treatment, but instead we find suggestive evidence of a desire to reduce debt balances at the expense of actual earnings. Overall, we find experimental evidence of debt aversion in line with empirical findings in the literature. Our findings go above and beyond traditional concepts in behavioral economics, and we can also show the opportunity cost of debt aversion at the extensive margin in addition to the intensive margin.

Subject Added Entry-Topical Term  

Enrollments.

Subject Added Entry-Topical Term  

Student loans.

Subject Added Entry-Topical Term  

Decision making.

Subject Added Entry-Topical Term  

Tuition.

Subject Added Entry-Topical Term  

Households.

Subject Added Entry-Topical Term  

Fees & charges.

Subject Added Entry-Topical Term  

Behavioral psychology.

Subject Added Entry-Topical Term  

Education finance.

Subject Added Entry-Topical Term  

Finance.

Subject Added Entry-Topical Term  

Psychology.

Added Entry-Corporate Name  

Stanford University.

Host Item Entry  

Dissertations Abstracts International. 85-01B.

Host Item Entry  

Dissertation Abstract International

Electronic Location and Access  

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Control Number  

joongbu:640314