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On December 23, 2003, Agriculture Secretary Ann M. Veneman announced that the United States Department of Agriculture had diagnosed the first U.S. case of bovine spongiform encephalopathy (BSE), commonly known as “mad cow disease.†This study uses supermarket sales data to analyze the...
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This paper reviews the behavioral literature on inter-temporal choice and decision making under uncertainty and assesses the evidence on behavioral influences affecting consumers' credit decisions. The evidence reviewed suggests that consumers often do not consider all information available in...
Persistent link: https://www.econbiz.de/10013128628
This study analyzes whether bankruptcy asset exemptions and state foreclosure laws affect borrowers' decisions to default on their mortgages and the lenders' incentives to settle the default outside the foreclosure. Using a rigorously specified empirical model and accounting for endogenous loan...
Persistent link: https://www.econbiz.de/10013116433
This article provides an introduction to a law review symposium by the Journal of Law, Economics, and Policy on our book (co-authored with Michael E. Staten), Consumer Credit and the American Economy (Oxford 2014). The conference, held November 2014, collects several articles responding to and...
Persistent link: https://www.econbiz.de/10013015769
Credit related insurance and other debt protection are products sold in conjunction with credit that extinguish a consumer's debt or suspends its periodic payments if events like death, disability, or involuntary unemployment occur. High penetration rates observed in the 1950s and 1960s raised...
Persistent link: https://www.econbiz.de/10012943351
“Behavioral Law and Economics” (BLE) is a specialized component of the legal literature that purports to base its conclusions on a branch of economic analysis known as behavioral economics. The central claim of BLE is that by applying findings of behavioral economics to the real world it can...
Persistent link: https://www.econbiz.de/10013005898
In 1968 Congress passed the Truth in Lending Act (TILA) to require written disclosures of key credit terms for consumers, including finance charges, payment sizes, payment totals, and interest rates mathematically calculated as a defined Annual Percentage Rate (APR). Much has changed in the...
Persistent link: https://www.econbiz.de/10013058016
Research conducted many years ago that indicated substantial cost economies of loan size in consumer lending. This finding implies that low interest rate ceilings make small loan sizes unprofitable and will not be available in the marketplace. Furthermore, research indicates that demanders of...
Persistent link: https://www.econbiz.de/10013043149