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UID:a0ace1ea42a5b84e75cb914773c77d8e
CATEGORIES:Seminars
CREATED:20180103T164908
SUMMARY:Antoinette Schoar - Massachusetts Institute of Technology
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Do Credit Card Companies Screen For Behavioral Biases? (joint with Hong Ru)
 \nAbstract:\nWe analyze the supply side of credit card markets, and the pri
 cing and marketing strategies of issuers. First, card issuers target less-e
 ducated customers with more steeply back-loaded and hidden fees (e.g., high
 er late and over-limit fees). Second, issuers use rewards programs to scree
 n for unobservable borrower types. Finally, we use increases in state-level
  unemployment insurance (UI) as positive shocks to consumer creditworthines
 s and show that issuers rely more on back-loaded (hidden) fees when UI incr
 eases, especially for less-educated customers. This result documents a nove
 l trade-off: card issuers weigh short-term fee maximization against increas
 es in credit risk, when using back-loaded fees.\n\n\n \n\n\n\n\n
DTSTAMP:20260405T210921Z
DTSTART:20180419T163000Z
DTEND:20180419T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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