Bertaut, Carol C.; Haliassos, Michael; Reiter, Michael - In: Review of Finance 13 (2009) 4, pp. 657-692
Most US credit card holders revolve high-interest debt, often with substantial liquid and retirement assets. We model separation of accounting from shopping allowed by credit cards, in a rational, dynamic game. When the shopper is more impatient than the accountant, selling assets to repay debt...