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SUMMARY:Misfortune and Mistake: The Financial Conditions and Decision-Maki
 ng Ability of High-Cost Loan Borrowers - Arna Olafsson (Copenhagen Busines
 s School)
DTSTART:20230309T130000Z
DTEND:20230309T140000Z
UID:TALK175193@talks.cam.ac.uk
CONTACT:Daniel Simmons
DESCRIPTION:The appropriateness of many high-cost loan regulations depends
  on whether demand is driven by financial conditions (“misfortunes”) o
 r imperfect decisions (“mistakes”). Bank records from Iceland show bor
 rowers have especially low liquidity just before getting a loan. Borrowers
  exhibit lower decision-making ability (DMA) in linked choice experiments:
  45% of loan dollars go to the bottom 20% of the DMA distribution. Standar
 d determinants of demand do not explain this relationship\, which is also 
 mirrored by the relationship between DMA and an unambiguous “mistake.”
  Both “misfortune” and “mistake” thus appear to drive demand.
LOCATION:Zoom only
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