论文标题
债务厌恶：理论与测量
Debt Aversion: Theory and Measurement
论文作者
论文摘要
债务厌恶会对财务决策产生严重的不利影响。我们提出了一种债务厌恶模型，并设计了一个涉及实际债务和保存合同的实验，以引起并共同估计债务厌恶，而偏好是随着时间的推移，风险和损失。结构性估计表明，绝大多数参与者（89％）是债务的，这对选择有很大的影响。我们估计“借贷保费” - 债务人接受债务所需的赔偿 - 约占我们普通参与者本金的16％。
Debt aversion can have severe adverse effects on financial decision-making. We propose a model of debt aversion, and design an experiment involving real debt and saving contracts, to elicit and jointly estimate debt aversion with preferences over time, risk and losses. Structural estimations reveal that the vast majority of participants (89%) are debt averse, and that this has a strong impact on choice. We estimate the "borrowing premium" - the compensation a debt averse person would require to accept getting into debt - to be around 16% of the principal for our average participant.
