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
收藏
页码：117 / 131
页数：15
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