large treatment effects and confirms the central roles of guilt and shame. Under private repayment, a JL contract increases … shame-aversion hypothesis. Under JL, a comparison of private and public repayment shows that shame trumps guilt in … either privately, or publicly in front of one’s social group. Our theoretical model identifies guilt from letting down the …

large treatment effects and confirms the central roles of guilt and shame. Under private repayment, a JL contract increases … shame-aversion hypothesis. Under JL, a comparison of private and public repayment shows that shame trumps guilt in … either privately, or publicly in front of one's social group. Our theoretical model identifies guilt from letting down the …