Credit card debt puzzles

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• dc.contributor.author Haliassos, Michaelca
• dc.contributor.author Reiter, Michaelca
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2017-07-26T10:50:07Z
• dc.date.available 2017-07-26T10:50:07Z
• dc.date.issued 2005-11-01
• dc.date.modified 2017-07-23T02:09:59Z
• dc.description.abstract Most US credit card holders revolve high-interest debt, often combined with substantial (i) asset accumulation by retirement, and (ii) low-rate liquid assets. Hyperbolic discounting can resolve only the former puzzle (Laibson et al., 2003). Bertaut and Haliassos (2002) proposed an 'accountant-shopper'framework for the latter. The current paper builds, solves, and simulates a fully-specified accountant-shopper model, to show that this framework can actually generate both types of co-existence, as well as target credit card utilization rates consistent with Gross and Souleles (2002). The benchmark model is compared to setups without self-control problems, with alternative mechanisms, and with impatient but fully rational shoppers.
• dc.format.mimetype application/pdfca
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=901
• dc.identifier.uri http://hdl.handle.net/10230/1226
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 901
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword credit cards
• dc.subject.keyword debt
• dc.subject.keyword self control
• dc.subject.keyword household portfolios
• dc.subject.keyword Microeconomics
• dc.title Credit card debt puzzlesca
• dc.type info:eu-repo/semantics/workingPaper