Can Self-Control Explain Avoiding Free Money? Evidence from Interest-Free Student Loans
研究发现六分之一的大学生拒绝了无息贷款，其中现金形式发放的贷款被拒绝率更高，表明消费者在重要经济决策中会主动限制自身流动性以控制消费冲动。
Abstract This paper uses insights from behavioral economics to explain a particularly surprising borrowing phenomenon: one in six undergraduate students offered interest-free loans turns them down. Models of impulse control predict that students may optimally reject subsidized loans to avoid excessive consumption during school. Using the National Postsecondary Student Aid Study, we investigate students' take-up decisions and identify a group of students for whom the loans create an especially tempting liquidity increase. Students who would receive the loan in cash are significantly more likely to turn it down, suggesting that consumers choose to limit their liquidity in economically meaningful situations.