Prosocial Compliance in P2P Lending: A Natural Field Experiment

• 成果类型: Article
• 署名作者: Du, Ninghua; Li, Lingfang; Lu, Tian; Lu, Xianghua
• 署名单位: Shanghai University of Finance & Economics; Shanghai University of Finance & Economics; Fudan University; Carnegie Mellon University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2018.3216
• 发表日期: 2020
• 页码: 315-333
• 关键词: Natural field experiment; P2P lending; prosocial compliance

摘要

We implement behavioral mechanisms in a natural field experiment to increase loan repayment rates on a peer-to-peer (P2P) lending website. The results show that text message reminders that convey lenders' positive expectations considerably increase the likelihood that borrowers will repay their loans, whereas reminders emphasizing the adverse consequences of failure to repay loans do not have enduring effects. Our experiment results in an increase in loan repayments in the sample period. In addition, our reminders are cost-free to implement, showing the potential importance of such interventions in enhancing prosocial compliance in P2P lending.