Essays on consumer credit markets
Abstract/Contents
- Abstract
- This dissertation studies the organization of consumer credit markets using a rich and novel dataset from a large subprime auto lender. Its primary goal is to develop empirical methods for analyzing markets with asymmetric information and to use these methods to better understand the behavior of subprime borrowers and lenders. The first chapter quantifies the importance of adverse selection and moral hazard in the subprime auto loan market and shows how different loan contract terms serve to mitigate these distinct information problems. The second chapter examines the impact of centralized credit scoring on lending outcomes, including the distribution of performance across dealerships within the firm. The third chapter studies borrower repayment behavior and quantifies the impact of ex post moral hazard on interest rates and the costs of default. Collectively, the three chapters provide a better understanding of the functioning of markets for subprime credit in the U.S. They also provide unique empirical evidence on the importance of asymmetric information and the value of screening, monitoring, and contract design in consumer credit markets in general.
Description
| Type of resource | text |
|---|---|
| Form | electronic; electronic resource; remote |
| Extent | 1 online resource. |
| Copyright date | 2010 |
| Publication date | 2009, c2010; 2009 |
| Issuance | monographic |
| Language | English |
Creators/Contributors
| Associated with | Jenkins, Mark William | |
|---|---|---|
| Associated with | Stanford University, Department of Economics. | |
| Primary advisor | Einav, Liran | |
| Primary advisor | Levin, Jonathan D. (Jonathan David), 1972- | |
| Thesis advisor | Einav, Liran | |
| Thesis advisor | Levin, Jonathan D. (Jonathan David), 1972- | |
| Thesis advisor | Bresnahan, Timothy F | |
| Advisor | Bresnahan, Timothy F |
Subjects
| Genre | Theses |
|---|
Bibliographic information
| Statement of responsibility | Mark William Jenkins. |
|---|---|
| Note | Submitted to the Department of Economics. |
| Thesis | Ph.D. Stanford University 2010 |
| Location | electronic resource |
Access conditions
- Copyright
- © 2010 by Mark William Jenkins
- License
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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