Screening in consumer credit markets is often associated with large fixed costs. We present
both theory and evidence that, when lenders use fixed-cost technologies to screen …

We show that search frictions in credit markets affect accepted interest rates and loan sizes
and distort consumption. Using data on car loan applications and originations not …

Fiduciary duty aims to solve principal-agent problems, and the United States is in the middle
of a protracted debate surrounding the merits of extending it to all financial advisers …

Using a randomized experiment in auto lending, we find that algorithmic underwriting
outperforms the human underwriting process, resulting in 10.2% higher loan profits and …

Due to the pandemic, businesses turned to alternatives and took up online marketing. E-
marketing is a versatile tool for streamlining business processes, reducing managerial costs …

This chapter discusses recent developments in the literature involving applications of
industrial organization methods to finance. We structure our discussion around a simple …

Abstract The Law of Diminishing Elasticity of Demand (Harrod 1936) conjectures that price
elasticity declines with income. I provide empirical evidence in support of Harrod's …

This paper provides novel evidence on lenders' mortgage pricing and how central bank
policies affected it. Using the universe of mortgages originated in the UK, we show that …

We study the impact of vertical integration of manufacturing and credit provision on the
propagation of financial shocks in durable good markets. Captive lending enables a …

Defined contribution (DC) plans are a major vehicle for retirement savings in the US, holding
almost $10 trillion in assets under management. In recent years, the quality and availability …