Payday loans, uncertainty and discounting: Explaining patterns of borrowing, repayment, and default
PM Skiba, J Tobacman - Vanderbilt Law and Economics Research …, 2008 - papers.ssrn.com
… by high (exponential or hyperbolic) discount rates or by large, … borrowing repeatedly on
payday loans. The median number of loans taken in the year after an individualis first loan (…
payday loans. The median number of loans taken in the year after an individualis first loan (…
[PDF][PDF] Payday Loans, Uncertainty, and Discounting: Explaining Patterns of Borrowing, Repayment, and Default job market paper
PM Skiba, J Tobacman - 2007 - economics.sas.upenn.edu
… by high (exponential or hyperbolic) discount rates or by large, … borrowing repeatedly on
payday loans. The median number of loans taken in the year after an individualis first loan (…
payday loans. The median number of loans taken in the year after an individualis first loan (…
Let the borrower beware: towards a framework for debiasing rollover behavior in the payday loan industry
TR Harmon-Kizer - Journal of Consumer Policy, 2019 - Springer
… payments, many consumers default of their loans, forcing them … discounting are discussed
in the context of payday loan … to evaluate uncertainty better, and providing minimum payment …
in the context of payday loan … to evaluate uncertainty better, and providing minimum payment …
A Bayesian analysis of payday loans and their regulation
M Li, KJ Mumford, JL Tobias - Journal of Econometrics, 2012 - Elsevier
… They find that quasi-hyperbolic discounting models perform … If a borrower defaults on the
loan, the payday lender makes … monotonic pattern, 15 and indicate that those renewing the loan …
loan, the payday lender makes … monotonic pattern, 15 and indicate that those renewing the loan …
Poor Consumer (s) Law: The Case of High-Cost Credit and Payday Loans
… practices, we begin by pointing to the main behavioral patterns … The terms “myopia” and
“time/hyperbolic discounting” also … In payday loans, it is worth considering making the default of …
“time/hyperbolic discounting” also … In payday loans, it is worth considering making the default of …
Balancing act: New evidence and a discussion of the theory on the rationality and behavioral anomalies of choice in credit markets
… a payday loan are less likely to use pawnshop loans within … person, if one examines
discounting at the daily level (which … follow these time-consistent patterns, and that people exhibit …
discounting at the daily level (which … follow these time-consistent patterns, and that people exhibit …
An experimental analysis of the demand for payday loans
BJ Wilson, DW Findlay, JW Meehan Jr… - The BE Journal of …, 2010 - degruyter.com
… and survive financial setbacks with uncertain and unforeseeable … A similar pattern of results
occurs when subjects were … not capture the discounting behavior that payday loan customers …
occurs when subjects were … not capture the discounting behavior that payday loan customers …
Time to repay or time to delay? the effect of having more time before a payday loan is due
… , even exponential discounting with extreme discount rates … and principal must be repaid so
that default is not an option. … how initial loan durations affect the patterns of debt repayment. …
that default is not an option. … how initial loan durations affect the patterns of debt repayment. …
Regulation of payday loans: Misguided
PM Skiba - Wash. & Lee L. Rev., 2012 - HeinOnline
… Hyperbolic discounting suggests that consumers mispredict their time … 5 5 We examined
patterns of … terms are clear, borrowers' future behavior is murky and uncertain. Few borrowers …
patterns of … terms are clear, borrowers' future behavior is murky and uncertain. Few borrowers …