A Quantitative Theory of Information and Unsecured Credit
研究了近三十年无担保信贷市场的变化，发现贷方获取家庭破产成本信息的改善能解释大部分观察到的现象，但事前福利收益较小。
Important changes have occurred in unsecured credit markets over the past three decades. Most prominently, there have been large increases in aggregate consumer debt, the personal bankruptcy rate, the size of bankruptcies, the dispersion of interest rates paid by borrowers, and the relative discount received by those with good credit ratings. We find that improvements in information available to lenders on household-level costs of bankruptcy can account for a significant fraction of what has been observed. The ex ante welfare gains from better information are positive but small.