Time to Repay or Time to Delay? The Effect of Having More Time before a Payday Loan Is Due
研究州法律规定的发薪日贷款最低期限（即宽限期）对借款人还款行为的影响，发现宽限期并未减少昂贵的贷款展期，反而只是推迟了还款，对短视借款人的帮助远小于理性借款人。
We examine the effect of state laws on minimum payday loan durations that give some borrowers an additional pay cycle to repay their initial loan with no other changes to contract terms. Neoclassical models predict this “grace period” would reduce borrowers’ need for costly loan rollovers. However, in reality, borrowers’ repayment behavior with grace periods is very similar to borrowers with shorter loans, merely pushed out a few weeks. Potential explanations include heuristic repayment decisions and naïve present focus. A calibrated model suggests that present-focused borrowers get less than one-half of the benefit from a grace period that time-consistent borrowers would.