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Essays on Debt Aversion- [electronic resource]
Essays on Debt Aversion- [electronic resource]
상세정보
- 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
- 로그인을 한후 보실 수 있는 자료입니다.
- Control Number
- joongbu:640314
MARC
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■1001 ▼aShi, Mike.
■24510▼aEssays on Debt Aversion▼h[electronic resource]
■260 ▼a[S.l.]▼bStanford University. ▼c2021
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2021
■300 ▼a1 online resource(113 p.)
■500 ▼aSource: Dissertations Abstracts International, Volume: 85-01, Section: B.
■500 ▼aAdvisor: Pistaferri, Luigi.
■5021 ▼aThesis (Ph.D.)--Stanford University, 2021.
■506 ▼aThis item must not be sold to any third party vendors.
■520 ▼aWe 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.
■590 ▼aSchool code: 0212.
■650 4▼aEnrollments.
■650 4▼aStudent loans.
■650 4▼aDecision making.
■650 4▼aTuition.
■650 4▼aHouseholds.
■650 4▼aFees & charges.
■650 4▼aBehavioral psychology.
■650 4▼aEducation finance.
■650 4▼aFinance.
■650 4▼aPsychology.
■690 ▼a0501
■690 ▼a0384
■690 ▼a0277
■690 ▼a0508
■690 ▼a0629
■690 ▼a0621
■71020▼aStanford University.
■7730 ▼tDissertations Abstracts International▼g85-01B.
■773 ▼tDissertation Abstract International
■790 ▼a0212
■791 ▼aPh.D.
■792 ▼a2021
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T16933571▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
■980 ▼a202402▼f2024
