In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In … students who have private information on their ability to learn and can decide to default on debt. We show that the combination … student risk aversion is high, high ability students are separated and student loan contracts involve a limited amount of …

have increased. We discuss these trends as well as recent evidence on the extent to which students are able to obtain … student credit arrangements that balance three important objectives: (i) providing credit for students to access college and …

have increased. We discuss these trends as well as recent evidence on the extent to which students are able to obtain … student credit arrangements that balance three important objectives: (i) providing credit for students to access college and …

In the education literature, it is generally acknowledged that both credit and insurance for students are rationed. In … students who have private information on their ability to learn and can decide to default on debt. We show that the combination … student risk aversion is high, high ability students are separated and student loan contracts involve a limited amount of …

volatility in future income is transferred from risk-averse students to the risk-neutral state. However, a double moral hazard … problem arises when students' efforts to raise lifetime income and universities' activities to improve teaching quality are …

empirical work that seeks to test the basic coverage - risk prediction of adverse selection theory - that is, that policyholders …

We assume that students can acquire a wage premium, thanks to studies, and form a rational expectation of their future … earnings, which depends on personal ability. Students receive a private, noisy signal of their ability, and universities can … of test scores. Students optimally self-select as a result of pricing only. If capital markets are perfect but …

A new form of secured lending utlitizing ``digital collateral" has recently emerged, most prominently in low and middle … income countries. Digital collateral relies on ``lockout" technology, which allows the lender to temporarily disable the flow … value of the collateral to the borrower without physically repossessing it. We explore this new form of credit both in a …