The Endowment Effect and Collateralized Loans
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Collateral requirements play an important role in credit markets. This paper shows that the endowment effectthe phenomenon where owing a good increases one's valuation of itinhibits demand for loans which use a borrower's existing assets as collateral. Using a field experiment in Kenya, we show that
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美国国家经济研究局创建时间：
2022-05-01
