Rawley Heimer
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View article: Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field
Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field Open
We document a robust dynamic inconsistency in risky choice.Using a unique brokerage dataset and a series of experiments, we compare people's initial risk-taking plans to their subsequent decisions.Across settings, people accept risk as par…
View article: Using High-Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers
Using High-Frequency Evaluations to Estimate Discrimination: Evidence from Mortgage Loan Officers Open
We develop empirical tests for discrimination that use high-frequency evaluations to address the problem of unobserved heterogeneity in a conventional benchmarking test.Our approach to identifying discrimination requires two conditions: (1…
View article: Shale Shocked: Cash Windfalls and Household Debt Repayment
Shale Shocked: Cash Windfalls and Household Debt Repayment Open
How do persistent cash flow shocks affect debt repayment across the distribution of households?Using individual data on natural gas shale royalty payments matched with credit bureau data for 215,639 consumers, we estimate that individuals …
View article: Intergenerational Homeownership and Mortgage Distress
Intergenerational Homeownership and Mortgage Distress Open
Rates of US homeownership have declined in the past two decades, and the decline has been especially pronounced for young adults. Motivated by recent research that explores the ways in which personal experiences can affect financial attitu…
View article: Personal Wealth and Self-Employment
Personal Wealth and Self-Employment Open
We examine how wealth windfalls affect self-employment decisions using data on cash payments from claims on Texas shale drilling to people throughout the United States. Individuals who receive large wealth shocks (greater than $50,000) hav…
View article: Personal Wealth and Self-Employment
Personal Wealth and Self-Employment Open
We examine how wealth windfalls affect self-employment decisions using data on cash payments from claims on Texas shale drilling to people throughout the United States.Individuals who receive large wealth shocks (greater than $50,000) have…
View article: Should Retail Investors' Leverage Be Limited?
Should Retail Investors' Leverage Be Limited? Open
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View article: Politicizing Consumer Credit
Politicizing Consumer Credit Open
Using proprietary credit bureau data, we find that consumers’ access to credit decreases by 4.5 percent–8 percent when the borrower’s home-state U.S. senator becomes the chair of a powerful Senate committee. The reduction in credit access …
View article: Growing Up without Finance
Growing Up without Finance Open
Early-life exposure to local financial institutions increases household financial inclusion and leads to long-term improvements in consumer credit outcomes. We identify the effect of local financial markets using congressional legislation …
View article: Geographic Mobility and Consumer Financial Health: Evidence from Oil Production Boom Towns
Geographic Mobility and Consumer Financial Health: Evidence from Oil Production Boom Towns Open
One way a household might handle financial distress is to relocate to another area that offers greater income opportunities. This article examines the impact of geographic mobility on consumer finances by focusing on the residents of "boom…
View article: Peer Pressure: Social Interaction and the Disposition Effect
Peer Pressure: Social Interaction and the Disposition Effect Open
Social interaction contributes to some traders' disposition effect. New data from an investment-specific social network linked to individual-level trading records builds evidence of this connection. To credibly estimate causal peer effects…