Measuring Aversion to Debt (Record no. 24235)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 02495cam a22003854a 4500 |
| 001 - CONTROL NUMBER | |
| control field | 5737 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | The World Bank |
| 006 - FIXED-LENGTH DATA ELEMENTS--ADDITIONAL MATERIAL CHARACTERISTICS--GENERAL INFORMATION | |
| fixed length control field | m d |
| 007 - PHYSICAL DESCRIPTION FIXED FIELD--GENERAL INFORMATION | |
| fixed length control field | cr cn||||||||| |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 020129s2011 dcu i001 0 eng |
| 024 8# - OTHER STANDARD IDENTIFIER | |
| Standard number or code | 10.1596/1813-9450-5737 |
| 035 ## - SYSTEM CONTROL NUMBER | |
| System control number | (The World Bank)5737 |
| 100 1# - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Caetano, Gregorio |
| 245 10 - TITLE STATEMENT | |
| Title | Measuring Aversion to Debt |
| Medium | [electronic resource] : |
| Remainder of title | An Experiment Among Student Loan Candidates / |
| Statement of responsibility, etc | Gregorio Caetano |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Place of publication, distribution, etc | Washington, D.C., |
| Name of publisher, distributor, etc | The World Bank, |
| Date of publication, distribution, etc | 2011 |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 1 online resource (31 p.) |
| 520 3# - SUMMARY, ETC. | |
| Summary, etc | This paper reports the results of an experiment designed to test for the presence of debt aversion. The population who participated in the experiment were recent financial aid candidates and the experiment focused on student loans. The goal is to shed new light on different aspects of the perceptions with respect to debt. These perceptions can prevent agents from choosing an optimal portfolio or from undertaking attractive investment opportunities, such as in education. The study design disentangles two types of debt aversion: one that is studied in the previous literature, which encompasses both framing and labeling effects, and another that controls for framing effects and identifies only what we denote labeling debt aversion. The results suggest that participants in the experiment exhibit debt aversion, and most of the debt aversion is due to labeling effects. Labeling a contract as a "loan" decreases its probability of being chosen over a financially equivalent contract by more than 8 percent. The analysis also provides evidence that students are willing to pay a premium of about 4 percent of the financed value to avoid a contract labeled as debt. |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Access to Finance |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Bankruptcy and Resolution of Financial Distress |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Debt Aversion |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Debt Markets |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Economic Theory & Research |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Education |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Educational Finance |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Human Capital |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Investment Decisions |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Student Loans |
| 650 #4 - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | Tertiary Education |
| 700 1# - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Caetano, Gregorio |
| 700 1# - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Palacios, Miguel |
| 700 1# - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Patrinos, Harry Anthony |
| 776 18 - ADDITIONAL PHYSICAL FORM ENTRY | |
| Main entry heading | Print version: |
| Display text | Caetano, Gregorio. |
| Title | Measuring Aversion to Debt. |
| Place, publisher, and date of publication | Washington, D.C., The World Bank, 2011 |
| 830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE | |
| Uniform title | Policy research working papers. |
| 830 #0 - SERIES ADDED ENTRY--UNIFORM TITLE | |
| Uniform title | World Bank e-Library. |
| 856 40 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-5737">http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-5737</a> |
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