Replication data for: A Quantitative Theory of Information and Unsecured Credit

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Project Citation:

Athreya, Kartik, Tam, Xuan S., and Young, Eric R. Replication data for: A Quantitative Theory of Information and Unsecured Credit. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116427V1

Project Description

Summary: Important changes have occurred in unsecured credit markets over the past three decades. Most prominently, there have been large increases in aggregate consumer debt, the personal bankruptcy rate, the size of bankruptcies, the dispersion of interest rates paid by borrowers, and the relative discount received by those with good credit ratings. We find that improvements in information available to lenders on household-level costs of bankruptcy can account for a significant fraction of what has been observed. The ex ante welfare gains from better information are positive but small. (JEL D14, D82, G21)

Scope of Project

JEL Classification:
      D14 Household Saving; Personal Finance
      D82 Asymmetric and Private Information; Mechanism Design
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages

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V1 [2019-12-07]

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