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SUMMARY:Data and Welfare in Credit Markets - Constantine Yannelis (Univers
 ity of Chicago Booth School of Business)
DTSTART:20220616T120000Z
DTEND:20220616T130000Z
UID:TALK161956@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We show how to measure the welfare effects arising from increa
 sed data availability.\nWhen lenders have more data on prospective borrowe
 r costs\, they can charge prices that\nare more aligned with these costs. 
 This increases total social welfare\, and transfers surplus\nfrom borrower
 s to lenders. We show that the magnitudes of the welfare changes can be\ne
 stimated using only quantity data and variation in prices. We apply the me
 thodology on\nbankruptcy flag removals\, and find that removing prior bank
 ruptcy information increases\nthe surplus of previously bankrupt consumers
  substantially\, at the cost of decreasing total\nsocial welfare modestly\
 , suggesting that flag removals are a reasonably efficient tool for\nredis
 tributing surplus to previously bankrupt borrowers.\n
LOCATION:In-person at JBS (room W201)\, and online (Zoom)
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