消费者抵押品的成本：来自聚束的证据
The Cost of Consumer Collateral: Evidence From Bunching
Econometrica · 2025 · [{"name": "Benjamin Collier", "affiliation": ["Temple University"]}, {"name": "Cameron Ellis", "affiliation": ["University of Iowa"]}, {"name": "Benjamin J. Keys", "affiliation": ["University of Pennsylvania"]}]
中文摘要
抵押品要求如何影响消费者借贷行为？利用美国联邦灾害贷款计划的行政贷款申请和履约数据，我们利用一个贷款金额阈值：超过该阈值的贷款，借款家庭必须以其住宅作为抵押品。我们的堆积估计表明，中位数借款人愿意放弃贷款金额的40%以避免提供抵押品。利用该阈值随时间的变化，我们估计抵押品使违约率因果性地降低了36%。最后，我们从结构上估计了家庭对其住房的依恋程度（扣除任何权益），发现中位值为11,000美元。依恋在贷款人与借款人对抵押品的估值之间造成了15%的楔子。我们的结果解释了抵押贷款市场中较高的感知违约成本，并记录了抵押品在降低消费信贷市场道德风险方面的重要性。
Abstract
How do collateral requirements impact consumer borrowing behavior? Using administrative loan application and performance data from the U.S. Federal Disaster Loan Program, we exploit a loan amount threshold above which households must post their residence as collateral. Our bunching estimates suggest that the median borrower is willing to give up 40% of their loan amount to avoid posting collateral. Exploiting time variation in the threshold, we estimate collateral causally reduces default rates by 36%. Finally, we structurally estimate households' attachment to their homes, net of any equity, and find a median value of $11,000. Attachment creates a wedge between lender and borrower valuation of collateral of 15%. Our results explain high perceived default costs in the mortgage market, and document the importance of collateral for reducing moral hazard in consumer credit markets.