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Pawnshops, Behavioral Economics, and Self-Regulation

dc.contributor.authorSkiba, Paige Marta
dc.contributor.authorCarter, Susan Payne
dc.identifier.citationReview of Banking & Financial Law 193 (2012)en_US
dc.descriptionarticle published in a review of banking and financial lawen_US
dc.description.abstractPawnbroking is the oldest source of credit. There is growing public interest in day-to-day pawnbroking operations, as evidenced by the popularity of reality shows such as “Pawn Stars” and “Hardcore Pawn.” Television viewers’ curiosity about an old credit institution may be due to the fact that 7% of all U.S. households have used pawn credit. Although pawnshops predate biblical times, researchers know surprisingly little about this ancient form of banking and its customers. We fill this gap by documenting detailed information on pawnshop loan repayment and default, and by discussing how pawnshop borrowers’ behavior is consistent with various behavioral economics phenomena.en_US
dc.format.extent1 PDF (28 pages)en_US
dc.publisherReview of Banking & Financial Lawen_US
dc.subjectpawnshop loansen_US
dc.subjectcollateralized loansen_US
dc.subjectrational model of economic decision-makingen_US
dc.subject.lcshbanking and finance lawen_US
dc.titlePawnshops, Behavioral Economics, and Self-Regulationen_US

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