Sensitivity to Market Incentives: The Case of Policy Loans
通过实证检验发现，传统新古典理论无法解释多数终身寿险持有人不愿以优惠利率借款的现象，支持基于心理学的自我约束规则或债务伦理解释。
The standard neoclassical theory is rejected as an explanation for the observed reluctance of most holders of whole life insurance to borrow against the cash value of their policies at favorable rates of interest. Even when the neoclassical theory is augmented with transactions costs and short awareness lags, several empirical tests using survey and time-series data reject the standard theory in favor of an explanation invoking self-imposed rules against borrowing or the debt ethic. This evidence lends support to the psychology-based theories of Thaler and Shefrin (1981). Copyright 1987 by MIT Press.