タイトル(掲載誌)Institute of Social and Economic Research Discussion Papers
一般注記October 2011, Revised October 2011
Analysis of an original, broad, internet-based survey reveals that debt holding is related to three aspects oftime discounting: (i) present bias, measured by the degree of declining impatience in the generalizedhyperbolic discount function; (ii) borrowing aversion, captured by a sign effect - discounting future lossesat a lower rate than future gains; and (iii) impatience, measured by the overall discount rate. Present-biasedrespondents are classified as naïve if their answers reveal them to be time-inconsistent procrastinators, andclassified as sophisticated otherwise. Naïve respondents with more steeply declining impatience are morelikely to be debtors, and are likely to have larger amounts of debt, whereas sophisticates display onlyinsignificant positive association between declining impatience and debt holding. Responses indicative of asign effect are negatively associated with debt holding. The marginal effect on debt of such a sign effect islarger in magnitude than the effect of one standard deviation increases both in declining impatience and inimpatience. Survey responses indicative of high or declining impatience are associated with highdebt-to-income ratios, borrowing on credit cards, and the experiences of having borrowed unsecuredconsumer loans, of having engaged in debt-restructuring, or of having declared personal bankruptcy.
連携機関・データベース国立情報学研究所 : 学術機関リポジトリデータベース(IRDB)(機関リポジトリ)