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Keyword: present bias;
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Daniel Gottlieb and Xingtan Zhang
We study contracts between naive present-biased consumers and risk-neutral firms. We show that the welfare loss from present bias vanishes as the contracting horizon grows. This is true both when bargaining power is on t...Read more...
1 March 2021
Greg Fischer and Maitreesh Ghatak
This paper analyzes the theoretical underpinnings of high-frequency repayment, a feature in nearly all microfinance contracts that has been largely overlooked by theorists. The pervasive belief among practitioners that f...Read more...