Econ Papers Daily / 期刊论文
债务厌恶：理论与测度
Debt Aversion: Theory and Measurement
摘要
We propose a model of debt aversion and conduct an experiment with real debt and saving contracts to jointly elicit debt aversion and preferences over time, risk, and intertemporal losses. We find that 89% of participants are debt averse, which strongly influences their choices. The estimated “borrowing premium,” the compensation an average person requires to accept debt, is around 16% of the principal. Applying a validated survey module to a representative sample of German households, we find that debt aversion is both statistically and economically significantly associated with actual debt‐taking and financial health.
中文摘要
我们提出一个债务厌恶模型，并开展一项包含真实债务与储蓄合约的实验，以联合揭示债务厌恶以及关于时间、风险和跨期损失的偏好。我们发现89%的参与者具有债务厌恶，这强烈影响其选择。估计的“借款溢价”，即普通人接受债务所需的补偿，约为本金的16%。将经过验证的调查模块应用于德国代表性家庭样本，我们发现债务厌恶与实际举债行为和财务健康在统计和经济上均显著相关。