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Essays on Multidimensional Private I...

Kim, MeeRoo.

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Essays on Multidimensional Private Information in the Consumer Credit Market.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on Multidimensional Private Information in the Consumer Credit Market./
Author:	Kim, MeeRoo.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
Description:	181 p.
Notes:	Source: Dissertations Abstracts International, Volume: 79-10, Section: A.
Contained By:	Dissertations Abstracts International79-10A.
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10787162
ISBN:	9780355846928

Essays on Multidimensional Private Information in the Consumer Credit Market.
Kim, MeeRoo.

Essays on Multidimensional Private Information in the Consumer Credit Market. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 181 p.

Source: Dissertations Abstracts International, Volume: 79-10, Section: A.

Thesis (Ph.D.)--Columbia University, 2018.

This item must not be added to any third party search indexes.

In these essays, I study how multidimensional private information causes advantageous selection in a highly concentrated consumer credit market. All three chapters are tightly correlated with each other. I first carefully investigate conditional correlations between choices of a loan type, private default risks, and an additional private information on consumption smoothing motives. I find that their conditional correlations appear consistent with advantageous selection being driven by unobserved heterogeneity in consumption smoothing motives. Then I document how moral hazard links two dimensions of private information: consumption smoothing motives and default risks. By separately identifying moral hazard from adverse selection, I show that consumers with stronger consumption smoothing motives exert more effort to prevent default, generating an endogenous negative association between consumption smoothing motives and default risks. Finally, using a dynamic model of loan type choices and following outcome of default, I recover the joint distribution of bi-dimensional unobserved heterogeneity. This structural estimation also suggests a new way to estimate the inter-temporal elasticity of substitution that represents heterogeneous consumption smoothing motives. As well as being consistent with the results of previous chapters, the results of the structural estimation reveal a strong and positive correlation between inter-temporal elasticity of substitution and default risks.

ISBN: 9780355846928Subjects--Topical Terms:

517137
Economics.

Essays on Multidimensional Private Information in the Consumer Credit Market.
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035 $a (MiAaPQ)columbia:14526
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100 1 $a Kim, MeeRoo. $3 3436351
245 1 0 $a Essays on Multidimensional Private Information in the Consumer Credit Market.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2018
300 $a 181 p.
500 $a Source: Dissertations Abstracts International, Volume: 79-10, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Salanie, Bernard.
502 $a Thesis (Ph.D.)--Columbia University, 2018.
506 $a This item must not be added to any third party search indexes.
506 $a This item must not be sold to any third party vendors.
520 $a In these essays, I study how multidimensional private information causes advantageous selection in a highly concentrated consumer credit market. All three chapters are tightly correlated with each other. I first carefully investigate conditional correlations between choices of a loan type, private default risks, and an additional private information on consumption smoothing motives. I find that their conditional correlations appear consistent with advantageous selection being driven by unobserved heterogeneity in consumption smoothing motives. Then I document how moral hazard links two dimensions of private information: consumption smoothing motives and default risks. By separately identifying moral hazard from adverse selection, I show that consumers with stronger consumption smoothing motives exert more effort to prevent default, generating an endogenous negative association between consumption smoothing motives and default risks. Finally, using a dynamic model of loan type choices and following outcome of default, I recover the joint distribution of bi-dimensional unobserved heterogeneity. This structural estimation also suggests a new way to estimate the inter-temporal elasticity of substitution that represents heterogeneous consumption smoothing motives. As well as being consistent with the results of previous chapters, the results of the structural estimation reveal a strong and positive correlation between inter-temporal elasticity of substitution and default risks.
590 $a School code: 0054.
650 4 $a Economics. $3 517137
650 4 $a Economic theory. $3 1556984
690 $a 0501
690 $a 0511
710 2 $a Columbia University. $b Economics. $3 1673919
773 0 $t Dissertations Abstracts International $g 79-10A.
790 $a 0054
791 $a Ph.D.
792 $a 2018
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10787162