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Present-biased preferences and credit card borrowing

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S Meier… - American Economic Journal: Applied …, 2010 - ingentaconnect.com
Abstract: Some individuals borrow extensively on their credit cards. This paper tests whether
present-biased time preferences correlate with credit card borrowing. In a field study, we
elicit individual time preferences with incentivized choice experiments, and match ...
Cited by 55 - Related articles - All 9 versions

[BOOK] Impatience and credit behavior: evidence from a field experiment

[PDF] from bostonfed.org
S Meier, C Sprenger… - 2007 - papers.ssrn.com
Abstract: This paper tests whether heterogeneity of time preferences can explain individual
credit behavior. In a field experiment targeting individuals from low-to-moderate income
households, we measure individual time preferences through choice experiments, and ...
Cited by 37 - Related articles - Get it from MIT Libraries - Library Search - All 13 versions

Estimating time preferences from convex budgets

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J Andreoni… - 2010 - nber.org
Experimentally elicited discount rates are frequently higher than what one would infer from
market interest rates and seem unreasonable for economic decision-making. Such high
rates have often been attributed to present bias and hyperbolic discounting. A commonly ...
Cited by 33 - Related articles - Library Search - All 22 versions

[BOOK] Discounting financial literacy: Time preferences and participation in financial education programs

[PDF] from chicagofed.org
S Meier… - 2008 - papers.ssrn.com
In personal finance, as in other areas of decision-making, information is thought to be a
good thing. Financially literate individuals make fewer mistakes and are in better financial
condition than financial illiterates (for surveys, see Lusardi and Mitchell, 2007; Bernanke, ...
Cited by 26 - Related articles - Get it from MIT Libraries - Library Search - All 33 versions

Selection into financial literacy programs: evidence from a field study

S Meier… - FRB of Boston Public Policy Discussion …, 2007 - papers.ssrn.com
Abstract: As financial literacy has been shown to correlate with good financial decisions,
policymakers promote educational programs to improve individuals' financial decisions. But
who selects into educational programs and who acquires information about personal ...
Cited by 19 - Related articles - Library Search - All 6 versions

[PDF] Risk preferences are not time preferences

[PDF] from ucsd.edu
J Andreoni… - V De'cember 2009b. manuscript, 2010 - econ.ucsd.edu
Abstract Risk and time are intertwined. The present is known while the future is inherently
risky. This is problematic when studying time preferences since uncontrolled risk can
generate apparently present-biased behavior. We systematically manipulate risk in an ...
Cited by 16 - Related articles - View as HTML - All 19 versions

[BOOK] Credit card debt and payment use

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C Sprenger, J Stavins… - 2008 - papers.ssrn.com
Abstract: Approximately half of credit card holders in the United States regularly carry unpaid
credit card debt. These so-called" revolvers" exhibit payment behavior that differs from that of
those who repay their entire credit card balance every month. Previous literature has ...
Cited by 13 - Related articles - Get it from MIT Libraries - Library Search - All 17 versions

[BOOK] Stability of time preferences

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S Meier… - 2010 - papers.ssrn.com
Abstract: Individuals frequently face intertemporal decisions. For the purposes of economic
analysis, the preference parameters assumed to govern these decisions are generally
considered to be stable economic primitives. However, evidence on the stability of time ...
Cited by 13 - Related articles - Get it from MIT Libraries - Library Search - All 19 versions

[CITATION] Estimating the cost of being unbanked

T Desmond… - Communities and Banking, 2007 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to view
it first. Information about this may be contained in the File-Format links below. In case of further
problems read the IDEAS help page. Note that these files are not on the IDEAS site. ...
Cited by 7 - Related articles - Cached - Get it from MIT Libraries - All 4 versions

[PDF] Charging myopically ahead: Evidence on present-biased preferences and credit card borrowing

[PDF] from ftc.gov
S Meier… - Unpublished manuscript, 2008 - ftc.gov
Abstract Some individuals borrow extensively on their credit cards. This paper tests whether
present-biased preferences, that is a disproportionate preference for immediate
consumption, can explain differences in credit card borrowing. In a field study, we elicit ...
Cited by 6 - Related articles - View as HTML - All 12 versions

[PDF] An Endowment Effect for Risk: Experimental Tests of Stochastic Reference Points

[PDF] from ucsb.edu
C Sprenger - Science, 2010 - econ.ucsb.edu
Abstract The endowment effect has been widely documented. Recent models of reference-
dependent preferences indicate that expectations play a prominent role in the presence of
the phenomenon. A subset of such expectations-based models predicts an endowment ...
Cited by 6 - Related articles - View as HTML - Get it from MIT Libraries - All 20 versions

Present-biased preferences and credit card borrowing

[PDF] from econstor.eu
S Meier… - 2009 - papers.ssrn.com
Abstract: Some individuals borrow extensively on their credit cards. This paper tests whether
present-biased time preferences correlate with credit card borrowing. In a field study, we
elicit individual time preferences with incentivized choice experiments, and match ...
Cited by 5 - Related articles - All 12 versions

Risk Preferences are not Time Preferences: Discounted Expected Utility with a Disproportionate Preference for Certainty

J Andreoni… - 2010 - nber.org
Risk and time are intertwined. The present is known while the future is inherently risky.
Discounted expected utility provides a simple, coherent structure for analyzing decisions in
intertemporal, uncertain environments. However, we document robust violations of ...
Cited by 6 - Related articles - Library Search - All 5 versions

[PDF] Certain and Uncertain Utility: The Allais Paradox and Five Decision Theory Phenomena

[PDF] from psu.edu
J Andreoni… - Levine's Working Paper Archive, 2010 - Citeseer
Abstract In the study of decision making under risk, preferences are assumed to be
continuous. We present a model of discontinuous preferences over certain and uncertain
outcomes. Using existing parameter estimates for certain and uncertain utility, five ...
Cited by 5 - Related articles - View as HTML - All 15 versions

[PDF] Overborrowing and undersaving: Lessons and policy implications from research in behavioral economics

[PDF] from frb.org
M Benton, S Meier… - … Reserve Bank of Boston, Public and …, 2007 - bos.frb.org
Abstract: The US household carries over $7,500 in uncollateralized debt and likely saves at
a negative rate. There is a growing body of evidence that this borrowing and saving
behavior may not, as assumed by standard economics, be the product of rational financial ...
Cited by 3 - Related articles - View as HTML - All 14 versions

[PDF] Discounting and Defaulting: Evidence from Time Preference Experiments and Administrative Credit Data

[PDF] from ucsd.edu
S Meier… - 2009 - dss.ucsd.edu
Abstract Prior empirical analyses of credit default demonstrate the importance of policy-
driven differences in costs and benefits. However, little is known about individual
determinants of default within a given institutional setting. Theoretically the defaulting ...
Cited by 5 - Related articles - View as HTML - Get it from MIT Libraries - All 2 versions

[PDF] Uncertainty Equivalents: Linear Tests of the Independence Axiom

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J Andreoni… - 2010 - dss.ucsd.edu
Abstract We re-introduce an experimental device, the uncertainty equivalent, that provides a
direct test of the independence axiom's critical implication of linearityin-probability. In a
within-subject experiment with both uncertainty and certainty equivalents we demonstrate ...
Cited by 3 - Related articles - View as HTML - Get it from MIT Libraries - All 2 versions

[CITATION] Deciding to Walk Away: Time Preferences and Strategic Credit Default

S Meier… - 2008 - Working Paper, 2008. and,“Present- …
Cited by 2 - Related articles

[CITATION] Risk Preferences Are Not Time Preferences: Discounted Expected Utility with a Disproportionate Preference for Certainty

C Sprenger - 2010 - Working Paper 16348, National …
Cited by 2 - Related articles

[CITATION] Deciding to Walk Away: Time Preferences and Strategic Credit Default," Working Paper

S Meier… - 2008
Cited by 1 - Related articles

[PDF] Charging Myopically Ahead: Evidence on the Effect of Present-Biased Preferences on Credit Card Borrowing

[PDF] from frb.org
S Meier… - 2008 - bos.frb.org
Abstract Some individuals borrow extensively on their credit card. In this paper we test
whether present-biased preferences, that is a disproportionate preference for immediate
consumption, can explain part of the credit card borrowing. In a field study among ...
Related articles - View as HTML - All 3 versions

Credit Card Debt Puzzles

C Sprenger… - papers.ssrn.com
Abstract: Most US credit card holders revolve high-interest debt, often combined with
substantial (i) asset accumulation by retirement, and (ii) low-rate liquid assets. Hyperbolic
discounting offers a way to resolve the former puzzle (Laibson et al., 2003). Bertaut and ...
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[PDF] Impatience and Credit Behavior: Using Choice Experiments to Explain Borrowing and Defaulting

[PDF] from utdallas.edu
S Meier… - 2008 - pipeline.utdallas.edu
Abstract This paper tests whether heterogeneity of time preferences can explain individual
credit behavior. In a field study targeting individuals from low-to-moderate income
households, we elicit individual time preferences through incentivized choice experiments ...
Related articles - View as HTML - All 18 versions

[PDF] A Simple, Robust Technique for Measuring Time Preferences

[PDF] from ucsd.edu
J Andreoni, MA Kuhn… - 2012 - econ.ucsd.edu
Abstract We propose a new procedure for measuring time preference parameters, the
modified Convex Time Budget (mCTB). Its purpose is to be as simple as possible for the
subject, the administrator and the econometrician while delivering robust estimates of ...
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The Choice at the Checkout: Quantifying Demand Across Payment Instruments

C Sprenger… - papers.ssrn.com
Abstract: Dramatic changes have occurred in the US payment system over the past two
decades, most notably an explosion in electronic card-based payments. Not surprisingly,
this shift has been accompanied by a series of policy debates, all of which hinge critically ...

Are Credit Card Late Fees Unconstitutional?

C Sprenger… - William & Mary Bill of Rights Journal, 2006 - papers.ssrn.com
Abstract: State Farm Mutual Automobile Insurance Co. v. Campbell articulated serious and
specific constitutional constraints upon the imposition of punitive damages. Justice
Kennedy's majority opinion announced that, apart from exceptional cases, punitive ...
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[PDF] Discounting Financial Literacy

[PDF] from socionet.org
S Meier… - socionet.org
This paper presents results of a field study linking individual decisions to acquire financial information
to a critical, and normally unobservable, characteristic: time preferences. We offered a short,
free credit counseling and information program to more than 870 individuals. About 55 ...
Related articles - View as HTML - All 5 versions

[PDF] Risk Preferences Are Not Time Preferences: Discounted Expected Utility with

[PDF] from ucsd.edu
J Andreoni… - 2009 - econ.ucsd.edu
Abstract Risk and time are intertwined. The present is known while the future is inherently
risky. Discounted expected utility provides a simple, coherent structure for analyzing
decisions in intertemporal, uncertain environments. However, we document robust ...
Related articles - View as HTML - All 3 versions

Uncertainty Equivalents: Testing the Limits of the Independence Axiom

[PDF] from umich.edu
J Andreoni… - 2011 - nber.org
There is convincing experimental evidence that Expected Utility fails, but when does it fail,
how severely, and for what fraction of subjects? We explore these questions using a novel
measure we call the uncertainty equivalent. We find Expected Utility performs well away ...
Related articles - Library Search - All 15 versions

Time Discounting Predicts Creditworthiness

Full text - MIT Libraries
S Meier… - Psychological Science, 2012 - pss.sagepub.com
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Present-Biased Preferences and Credit Card Borrowing

S Kossmeier… - 2011 - papers.ssrn.com
Abstract: Some individuals borrow extensively on their credit cards. This paper tests whether
present-biased time preferences correlate with credit card borrowing. In a field study, we
elicit individual time preferences with incentivized choice experiments, and match ...
Related articles

Essays in Time and Risk

CD Sprenger - 2012 - gradworks.umi.com
UMI. ProQuest® Dissertations & Theses The world's most comprehensive collection of
dissertations and theses. Learn more... ProQuest. Essays in Time and Risk. by Sprenger, Charles
David, Ph.D., UNIVERSITY OF CALIFORNIA, SAN DIEGO, 2011, 205 pages; 3459843. ...
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[PDF] Violent Trauma and Risk Preference: Artefactual and Experimental Evidence from Afghanistan

[PDF] from ucsd.edu
M Callen, M Isaqzadeh, JD Long… - econ.ucsd.edu
Abstract We investigate the relationship between violent trauma and economic risk
preferences in Afghanistan combining:(i) a two-part experimental procedure identifying risk
preferences, violations of Expected Utility (EU), and specific preferences for certainty;(ii) ...
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[PDF] Measuring Time Preferences with Simple Tasks: The Value of Multinomial Choice

[PDF] from ucsd.edu
J Andreoni, MA Kuhn… - 2012 - econ.ucsd.edu
Abstract We propose a new procedure for measuring time preference parameters, the
modified Convex Time Budget (mCTB). Its purpose is to be as simple as possible for the
subject, the administrator and the econometrician while delivering robust estimates of ...
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