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Sumit Agarwal, J. Driscoll, X. Gabaix, David Laibson (2008)
Learning in the Credit Card MarketBehavioral & Experimental Finance
David Gross, Nicholas Souleles (2000)
Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card DataHousehold Finance eJournal
Jonathan Zinman (2006)
Household Borrowing High and Lending Low Under No-Arbitrage
D. Champernowne, M. Friedman (1958)
A Theory of the Consumption Function, 121
Journal of Economic Perspectives—Volume 15, Number 3—Summer 2001—Pages 23–45 A Theory of the Consumption Function, With and Without Liquidity Constraints
Sumit Agarwal, S. Chomsisengphet, Chunlin Liu, Nicholas Souleles (2006)
Do Consumers Choose the Right Credit Contracts?LSN: Issues in Debtor-Creditor Relations (Topic)
Victor Stango, Jonathan Zinman (2009)
Fuzzy Math, Disclosure Regulation and Credit Market Outcomes: Evidence from Truth in Lending ReformBehavioral & Experimental Finance
(2009)
Consumer Choice in Household Finance, Transaction-by-Transaction.
Jonathan Zinman (2007)
Where is the Missing Credit Card Debt? Clues and ImplicationsBehavioral & Experimental Finance eJournal
X. Gabaix, David Laibson (2005)
Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive MarketsBehavioral & Experimental Economics
Stefano DellaVigna, Ulrike Malmendier (2004)
Contract Design and Self-Control: Theory and EvidenceQuarterly Journal of Economics, 119
American Economic Review: Papers & Proceedings 2009, 99:2, 424â429 http://www.aeaweb.org/articles.php?doi=10.1257/aer.99.2.424 By Victor Stango and Jonathan Zinman* Consumers in the United States make billions of transactions each year using cash, checks, debit cards, and credit cards. Bank and credit card accounts provide consumers with liquidity to clear and settle these transactions. In return, consumers pay a variety of fees, and both explicit and implicit interest charges. The importance of retail banking and credit markets to economic activity drives interest in many open policy and research questions. Do households borrow too much relative to a neoclassical benchmark (Christopher D. Carroll 2001)? Why do many households leave a substantial amount of money on the table in managing their accounts (Sumit Agarwal et al. 2006; David Gross and Nicholas Souleles 2002)? Do firms structure pricing to exploit consumer cognitive biases or limitations (Stefano DellaVigna and Ulrike Malmendier 2004; Xavier Gabaix and David Laibson 2006)? How do learning (Sumit Agarwal, John Driscoll, and Gabaix 2008) and disclosure regulation (Stango and Zinman 2009b) interact with consumer decision making and firm strategy to determine market outcomes? This paper examines some threshold questions that should inform the questions above: what do people really pay to use
American Economic Review – American Economic Association
Published: May 1, 2009
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