Social Insurance, Commitment, and the Origin of Law: Interest Bans in Early Christianity
研究了早期基督教禁止收取利息这一经济抑制性法律的起源，通过博弈论和历史证据表明，教会为穷人提供社会保险的承诺导致高风险借贷，进而通过禁令来限制风险。
Despite the historical importance of ideology‐based, economically inhibitive laws, we know little about the economic factors underlying their origin. This paper accounts for the historical emergence of one such law: the Christian ban on taking interest—a doctrine that shaped the evolution of numerous financial contracts and related organizational forms. A game‐theoretic analysis and historical evidence suggest that the Church’s commitment to providing social insurance for its poorest constituents encouraged risky borrowing, which the Church attempted to limit by banning interest. The analysis highlights the applicability of the rational choice framework to seemingly irrational actions and laws, the role of nonmonetary sanctions in circumventing commitment problems, and the importance of economic forces vis‐à‐vis ideology.