题　目：Self-Control and Commitment in Consumer Credit Markets

嘉　宾：石克 助理教授 上海交通大学高级金融学院

主持人：张大可 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年12月17日（周三）13:30-15:00

地　点：上海交通大学 徐汇校区安泰浩然楼306

内容简介:

We analyze the role of commitment devices in mitigating self-control problems in consumer credit markets. Such problems, which we motivate using the classic framework of time-inconsistent preferences, create opportunities for welfare-improving contract design. Using a unique dataset from a large peer-to-peer (P2P) lending platform, we study a policy innovation that introduced a “direct-pay” disbursement option for debt refinancing. This option transfers loan proceeds directly to existing creditors, bypassing the borrower, and functions as both a commitment device to curb impulsive spending and a screening mechanism for creditworthy individuals. Empirically, we find that borrowers who choose the direct-pay option have significantly lower default rates, which is driven by a combination of both the self-selection of more creditworthy borrowers and a reduction in self-control-induced defaults. To quantify these separate channels, we build on the theoretical framework to develop and estimate a dynamic structural model of borrower choice and repayment outcomes. Our estimates imply that self-control problems account for a notable portion of pre-policy defaults. Counterfactual simulations demonstrate that the introduction of the direct-pay option significantly reduces the overall market default rate, highlighting the potential for contract design to alleviate behavioral frictions.

演讲人简介：

Ke Shi is an Assistant Professor of Finance at the Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University (SJTU). He conducts empirical research at the intersection of corporate finance and industrial organization, with a focus on innovation, entrepreneurship, and antitrust policies.

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