The Age of Reason : Financial Decisions Over the Lifecycle

Sumit Agarwal, John C. Driscoll, Xavier Gabaix, David Laibson

In cross-sectional data sets from ten credit markets, we find that middle-aged adults borrow at lower interest rates and pay fewer fees relative to younger and older adults. Fee and interest payments are minimized around age 53. The measured effects are not explained by observed risk characteristics. We discuss several leading factors that may contribute to these effects, including age-related changes in experience and cognitive function, selection effects, and cohort effects

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Year of publication:	June 2007
Authors:	Agarwal, Sumit
Other Persons:	Laibson, David (contributor) ; Driscoll, John C. (contributor) ; Gabaix, Xavier (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	Zins \| Interest rate \| Lebensverlauf \| Life course \| Altersgruppe \| Age group \| Risikopräferenz \| Risk attitude \| Verbraucherkredit \| Consumer credit

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Extent:	1 Online-Ressource
Series:	NBER working paper series ; no. w13191
Type of publication:	Book / Working Paper
Language:	English
Notes:	Mode of access: World Wide Web System requirements: Adobe [Acrobat] Reader required for PDF files Hardcopy version available to institutional subscribers.
Other identifiers:	10.3386/w13191 [DOI]
Source:	ECONIS - Online Catalogue of the ZBW

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