Modeling the Revolving Revolution: The Debt Collection Channel
研究了信息技术在催收拖欠消费债务中的作用，认为1990年代催收行业广泛采用信息技术推动了信用卡等无担保风险贷款的扩张。模型强调拖欠和借款人偿付能力的私人信息的重要性。
We investigate the role of information technology (IT) in the collection of delinquent consumer debt. We argue that the widespread adoption of IT by the debt collection industry in the 1990s contributed to the observed expansion of unsecured risky lending such as credit cards. Our model stresses the importance of delinquency and private information about borrower solvency. The prevalence of delinquency implies that the costs of debt collection must be borne by lenders to sustain incentives to repay debt. IT mitigates informational asymmetries, allowing lenders to concentrate collection efforts on delinquent borrowers who are more likely to repay.