Generalized Hyperbolic Discounting, Borrowing Aversion, and Debt Holding

Ikeda, Shinsuke; Kang, Myong-Il

Generalized Hyperbolic Discounting, Borrowing Aversion, and Debt Holding

Ikeda, Shinsuke; Kang, Myong-Il

Institute of Social and Economic Research Discussion Papers, 2011, 817

アクセス数:241件（2025-05-20 06:10 集計）

固定URL: https://hdl.handle.net/11094/13267

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タイトル	Generalized Hyperbolic Discounting, Borrowing Aversion, and Debt Holding
著者	NRID 1000070184421 1000070184421 著者名 Ikeda, Shinsuke
著者	著者名 Kang, Myong-Il
キーワード等	Debt
	hyperbolic discounting
	sign effect
	naive
	internet survey
内容	October 2011, Revised October 2011
抄録	Analysis of an original, broad, internet-based survey reveals that debt holding is related to three aspects oftime discounting: (i) present bias, measured by the degree of declining impatience in the generalizedhyperbolic discount function; (ii) borrowing aversion, captured by a sign effect - discounting future lossesat a lower rate than future gains; and (iii) impatience, measured by the overall discount rate. Present-biasedrespondents are classified as naïve if their answers reveal them to be time-inconsistent procrastinators, andclassified as sophisticated otherwise. Naïve respondents with more steeply declining impatience are morelikely to be debtors, and are likely to have larger amounts of debt, whereas sophisticates display onlyinsignificant positive association between declining impatience and debt holding. Responses indicative of asign effect are negatively associated with debt holding. The marginal effect on debt of such a sign effect islarger in magnitude than the effect of one standard deviation increases both in declining impatience and inimpatience. Survey responses indicative of high or declining impatience are associated with highdebt-to-income ratios, borrowing on credit cards, and the experiences of having borrowed unsecuredconsumer loans, of having engaged in debt-restructuring, or of having declared personal bankruptcy.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	817
刊行年月	2011-10
言語	英語
ハンドルURL	https://hdl.handle.net/11094/13267
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2011/DP0817R.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers
最終更新日	2011-10

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2011, 817
DC.title	Generalized Hyperbolic Discounting, Borrowing Aversion, and Debt Holding
DC.creator	Ikeda, Shinsuke
DC.creator	Kang, Myong-Il
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2011-10
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2011/DP0817R.pdf
DC.subject	Debt
	hyperbolic discounting
	sign effect
	naive
	internet survey
DC.description	October 2011, Revised October 2011
DCTERMS.abstract	Analysis of an original, broad, internet-based survey reveals that debt holding is related to three aspects oftime discounting: (i) present bias, measured by the degree of declining impatience in the generalizedhyperbolic discount function; (ii) borrowing aversion, captured by a sign effect - discounting future lossesat a lower rate than future gains; and (iii) impatience, measured by the overall discount rate. Present-biasedrespondents are classified as naïve if their answers reveal them to be time-inconsistent procrastinators, andclassified as sophisticated otherwise. Naïve respondents with more steeply declining impatience are morelikely to be debtors, and are likely to have larger amounts of debt, whereas sophisticates display onlyinsignificant positive association between declining impatience and debt holding. Responses indicative of asign effect are negatively associated with debt holding. The marginal effect on debt of such a sign effect islarger in magnitude than the effect of one standard deviation increases both in declining impatience and inimpatience. Survey responses indicative of high or declining impatience are associated with highdebt-to-income ratios, borrowing on credit cards, and the experiences of having borrowed unsecuredconsumer loans, of having engaged in debt-restructuring, or of having declared personal bankruptcy.
DC.format	13267
citation_title	Generalized Hyperbolic Discounting, Borrowing Aversion, and Debt Holding
citation_author	Ikeda, Shinsuke
citation_author	Kang, Myong-Il
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2011-10
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	817
citation_public_url	https://hdl.handle.net/11094/13267
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2011/DP0817R.pdf

Generalized Hyperbolic Discounting, Borrowing Aversion, and Debt Holding

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