Impulsive Consumption and Financial Well-Being: Evidence from an Increase in the Availability of Alcohol
利用瑞典酒类商店周六营业时间延长的全国性实验，研究发现该政策导致低收入家庭信贷需求增加、违约率上升、福利依赖加重和犯罪增多，对年轻人影响尤为显著，且债务增加幅度是酒精支出的4.5倍。
Abstract The increased availability of alcohol may harm individuals who have present-focused preferences and consume more than initially planned. Using a nationwide experiment in Sweden, we study the credit behavior of low-income households around the expansion of liquor stores’ operating hours on Saturdays. Consistent with store closures serving as commitment devices, the policy led to higher credit demand, more default, increased dependence on welfare, and higher crime on Saturdays. The effects are concentrated on the young population due to higher alcohol consumption combined with tight liquidity constraints. The policy’s impact on indebtedness is estimated at 4.5 times the expenditure on alcohol.