Precommitments for Financial Self-Control? Micro Evidence from the 2003 Korean Credit Crisis

• 成果类型: Article
• 署名作者: Cho, SungJin; Rust, John
• 署名单位: Seoul National University (SNU); Georgetown University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/693037
• 发表日期: 2017
• 页码: 1413-1464
• 关键词: ECONOMETRIC-MODELS; bubbles

摘要

We analyze high-frequency micro panel data on customers of a major Korean credit card company before and after the 2003 Korean credit crisis and find evidence of pervasive precommitment behavior that is difficult to explain using standard economic theories: (1) customers voluntarily reduce their credit card borrowing limits without any compensation, (2) customers turn down interest-free installment loan offers with high probability, and (3) of the small fraction of customers who do accept interest-free loan offers, most precommit to pay off the loan over a shorter term than the maximum allowed term under the offer.