消费信贷市场中信息不对称的福利成本测算

A. DeFusco, Huan Tang, Constantine Yannelis
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引用次数: 18

摘要

理论上,人们知道信息不对称会导致信贷供应效率低下,但对由此造成的福利损失的实证估计却很少。本文利用一家大型金融科技贷款机构进行的随机实验来估计在线消费信贷市场中信息不对称造成的福利损失。基于保险文献的方法,我们展示了如何使用利率的外生变化来估计借款人需求和贷款人成本曲线,并收回隐含的福利损失。虽然信息不对称造成了严重的均衡价格扭曲,但我们发现,总体福利损失很小,尤其是对信用评分高的借款人而言。
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Measuring the Welfare Cost of Asymmetric Information in Consumer Credit Markets
Information asymmetries are known in theory to lead to inefficiently low credit provision, yet empirical estimates of the resulting welfare losses are scarce. This paper leverages a randomized experiment conducted by a large fintech lender to estimate welfare losses arising from asymmetric information in the market for online consumer credit. Building on methods from the insurance literature, we show how exogenous variation in interest rates can be used to estimate borrower demand and lender cost curves and recover implied welfare losses. While asymmetric information generates large equilibrium price distortions, we find only small overall welfare losses, particularly for high-credit-score borrowers.
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