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作者：Butler, Alexander W.; Cornaggia, Jess; Gurun, Umit G.
作者单位：Rice University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Texas System; University of Texas Dallas
摘要：This paper uses detailed data from an online peer-to-peer lending intermediary to test whether local access to finance affects consumers' willingness to pay for loans. After controlling for local economic conditions and borrower credit quality, we find that borrowers who reside in areas with good access to bank finance request loans with lower interest rates. This effect is stronger for borrowers with poor credit and those seeking small loans, suggesting that local access to finance is more im...
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作者：Walters, Daniel J.; Fernbach, Philip M.; Fox, Craig R.; Sloman, Steven A.
作者单位：University of California System; University of California Los Angeles; University of Colorado System; University of Colorado Boulder; Brown University
摘要：We propose that an important determinant of judged confidence is the evaluation of evidence that is unknown or missing, and overconfidence is often driven by the neglect of unknowns. We contrast this account with prior research suggesting that overconfidence is due to biased processing of known evidence in favor of a focal hypothesis. In Study 1, we asked participants to list their thoughts as they answered two-alternative forced-choice trivia questions and judged the probability that their an...
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作者：Wei, Zaiyan; Lin, Mingfeng
作者单位：Purdue University System; Purdue University; University of Arizona
摘要：Online peer-to-peer lending (P2P lending) has emerged as an appealing new channel of financing in recent years. A fundamental but largely unanswered question in this nascent industry is the choice of market mechanisms, i.e., how the supply and demand of funds are matched, and the terms (price) at which transactions will occur. Two of the most popular mechanisms are auctions (where the crowd determines the price of the transaction through an auction process) and posted prices (where the platfor...
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作者：Baucells, Manel; Hwang, Woonam
作者单位：University of Virginia; Hautes Etudes Commerciales (HEC) Paris
摘要：Consumers possess a mental account that stores the worth of items purchased and yet to be consumed. Reference prices act as the book values of these items. Movements in the account-the comparison between the reference price and the price paid at entry, and the comparison between the benefit of consumption and the reference price at exit-yield hedonic benefits. The reference price is determined by a psychological process of adaptation to the price evoked by the trade. The model is integrative i...
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作者：Ganguly, Ananda; Tasoff, Joshua
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University; Claremont Colleges; Claremont Graduate University
摘要：We present evidence that intrinsic demand for information about the future is increasing in expected future consumption utility. In the first experiment, subjects may resolve a lottery now or later. The information is useless for decision making, but the larger the reward, the more likely subjects are to pay to resolve the lottery early. In the second experiment, subjects may pay to avoid being tested for herpes simplex virus type 1 (HSV-1) and the more highly feared type 2 (HSV-2). Subjects a...
