000			01437nab a2200241 c 4500
999			_c149559 _d149559
003			ES-MaIEF
005			20240531115257.0
007			ta
008			240531t2024 us ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_971770 _aMartínez Marquina, Alejandro
245		4	_aThe opportunity cost of debt aversion _c by Alejandro Martínez-Marquina and Mike Shi
500			_aResumen
504			_aBibliografía.
520			_aWe provide evidence of the existence of debt aversion and its negative implications for financial decisions. In a new experimental design where subjects are assigned debt randomly, we quantify the opportunity cost of subjects' debt-biased decisions. One-third of our participants neglect high returns and focus instead on debt repayments. In addition, borrowing to invest is 50 percent less likely when it leads to indebtedness. On average, participants perceive $1 less in debt as equivalent to $1.03 in savings. Hence, a debt-averse agent will undertake a 10 percent guaranteed investment only if the cost of borrowing does not exceed 6.80 percent.
650		4	_956582 _aDEUDORES Y ACREEDORES
650		4	_99340 _aAHORRO
650		4	_948261 _aRENTA FAMILIAR
650		4	_932203 _aASPECTOS PSICOLOGICOS
700	1		_971771 _aShi, Mike
773	0		_9171847 _oOP 234/2024/4 _tThe American Economic Review _w(IEF)103372 _x 0002-8282 _g v. 114, n. 4, April 2024, p. 1140-1172
942			_cART