Private Information and Price Regulation in the US Credit Card Market

IF 7.1 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2025-07-30 DOI:10.3982/ECTA18063

Scott T. Nelson

引用次数: 0

Abstract

The 2009 CARD Act limited credit card lenders' ability to raise borrowers' interest rates on the basis of new information. Pricing became less responsive to public and private signals of borrowers' risk and demand characteristics, and price dispersion fell by one-third. I estimate the efficiency and distributional effects of this shift toward more pooled pricing. Prices fell for high-risk and price-inelastic consumers, but prices rose elsewhere in the market and newly exceeded willingness to pay for over 30% of the safest subprime borrowers. On net, average traded prices fell and consumer surplus rose at all credit scores. Higher consumer surplus was partly driven by a fall in lender profits, and partly by the Act's insurance value to borrowers who could retain favorable pricing after adverse changes to their default risk. The relatively high level of pre-CARD-Act markups was crucial for realizing these surplus gains.

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美国信用卡市场的私人信息和价格调控

2009年《信用卡法案》限制了信用卡放款人根据新信息提高借款人利率的能力。定价对借款人风险和需求特征的公共和私人信号的反应减弱，价格差异缩小了三分之一。我估计了这种向更集中的定价转变的效率和分配效应。高风险和价格无弹性的消费者的价格下跌，但市场其他地方的价格上涨，最近超过了30%最安全的次级借款人的支付意愿。总体而言，平均交易价格下降，所有信用评分的消费者剩余均上升。消费者剩余增加的部分原因是贷款人利润下降，部分原因是该法案对借款人的保险价值，这些借款人在违约风险发生不利变化后仍能保持有利的定价。在card - act之前，相对较高的加价水平对于实现这些盈余收益至关重要。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

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