Measuring Aversion to Debt: An Experiment Among Student Loan Candidates

被引：12

作者：

Caetano, Gregorio ^{[1
]}

Palacios, Miguel ^{[2
]}

Patrinos, Harry A. ^{[3
]}

机构：

[1] Univ Georgia, Econ, Athens, GA 30602 USA

[2] Univ Calgary, Haskayne Sch Business, Finance, Calgary, AB, Canada

[3] World Bank, 1818 H St NW, Washington, DC 20433 USA

来源：

JOURNAL OF FAMILY AND ECONOMIC ISSUES | 2019年 / 40卷 / 01期

关键词：

Debt aversion; Human capital contracts; Income contingent loans; Income share agreements; BORROWING CONSTRAINTS; RETURN; RISK;

D O I：

10.1007/s10834-018-9601-8

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Debt aversion, an unwillingness to enter into a financial contract framed or labeled as debt, distorts household investment and financing decisions. We test through an experiment for the presence of debt aversion among a relevant population. The tests allow us to identify two sources of debt aversion: one due to framing (as debt or as an income-contingent contract) and another due to labeling (as a loan or as a human capital contract). Most of the debt aversion we identified was due to labeling. Labeling a contract as a loan decreased its probability of being chosen over a financially equivalent contract and increased its perceived cost.

引用

页码：117 / 131

页数：15

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