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The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation
Laboratory and field studies of time preference find that discount rates are much greater in the short run than in the long run. Hyperbolic discount functions capture this property. This paperExpand
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Barriers to Household Risk Management: Evidence from India.
Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price andExpand
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Barriers to Household Risk Management : Evidence from India
Why do many households remain exposed to large exogenous sources of non-systematic income risk? We use a series of randomized field experiments in rural India to test the importance of price andExpand
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Estimating Discount Functions with Consumption Choices Over the Lifecycle
Intertemporal preferences are difficult to measure. We estimate time preferences using a structural buffer stock consumption model and the Method of Simulated Moments. The model includes stochasticExpand
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Self-Control and Saving for Retirement
Some experts have called for easing penalties on early withdrawals from savings plans, believing people will invest more if they know they can get their money if they need it. But most AmericansExpand
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Marketing Complex Financial Products in Emerging Markets: Evidence from Rainfall Insurance in India
Recent financial liberalization in emerging economies has led to the rapid introduction of new financial products. Lack of experience with financial products, low levels of education, and lowExpand
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Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?
Using a unique dataset matched at the individual level from two administrative sources, we examine household choices between liabilities and assess the informational content of prime and subprimeExpand
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A Debt Puzzle
Over 60% of US households with credit cards are currently borrowing |i.e., paying interest |on those cards (Gross and Souleles 2000). We attempt to reconcile the high rate of credit card borrowingExpand
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Payday Loan Choices and Consequences
High‐cost consumer credit has proliferated in the past two decades, raising regulatory scrutiny. We match administrative data from a payday lender with nationally representative credit bureau filesExpand
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Payday Loans, Uncertainty and Discounting: Explaining Patterns of Borrowing, Repayment, and Default
Ten million American households borrowed on payday loans in 2002. Typically, to receive two weeks of liquidity from these loans households paid annualized (compounded) interest rates over 7000%.Expand
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