Adverse Selection on Maturity: Evidence from On-Line Consumer Credit

2015 ◽  
Author(s):  
Andrew Hertzberg ◽  
Andres Liberman ◽  
Daniel Paravisini
Keyword(s):  
Adverse Selection ◽  
Consumer Credit ◽  
On Line

scholarly journals Information Asymmetries in Consumer Credit Markets: Evidence from Payday Lending

2013 ◽  
Vol 5 (4) ◽  
pp. 256-282 ◽  
Author(s):  
Will Dobbie ◽  
Paige Marta Skiba
Keyword(s):  
Moral Hazard ◽  
Adverse Selection ◽  
Regression Discontinuity ◽  
Credit Markets ◽  
Consumer Credit ◽  
Probability Of Default ◽  
Information Asymmetries ◽  
Payday Lending ◽  
Loan Market ◽  
Payday Loans

Information asymmetries are prominent in theory but difficult to estimate. This paper exploits discontinuities in loan eligibility to test for moral hazard and adverse selection in the payday loan market. Regression discontinuity and regression kink approaches suggest that payday borrowers are less likely to default on larger loans. A $50 larger payday loan leads to a 17 to 33 percent drop in the probability of default. Conversely, there is economically and statistically significant adverse selection into larger payday loans when loan eligibility is held constant. Payday borrowers who choose a $50 larger loan are 16 to 47 percent more likely to default. (JEL D14, D82, G21)

Adverse selection and the market for consumer credit

1995 ◽  
Vol 5 (3) ◽  
pp. 161-167 ◽  
Author(s):  
Leigh M. Drake ◽  
Mark J. Holmes
Keyword(s):  
Adverse Selection ◽  
Consumer Credit

scholarly journals Referrals: Peer Screening and Enforcement in a Consumer Credit Field Experiment

2015 ◽  
Vol 7 (3) ◽  
pp. 174-204 ◽  
Author(s):  
Gharad Bryan ◽  
Dean Karlan ◽  
Jonathan Zinman
Keyword(s):  
South Africa ◽  
Moral Hazard ◽  
Field Experiment ◽  
Empirical Evidence ◽  
Adverse Selection ◽  
Consumer Credit ◽  
Social Pressure ◽  
Theory And Practice ◽  
Ex Post ◽  
Ex Ante

Empirical evidence on peer intermediation lags behind both theory and practice in which lenders use peers to mitigate adverse selection and moral hazard. Using a referral incentive under individual liability, we develop a two-stage field experiment that permits separate identification of peer screening and enforcement. Our key contribution is to allow for borrower heterogeneity in both ex ante repayment type and ex post susceptibility to social pressure. Our method allows identification of selection on repayment likelihood, selection on susceptibility to social pressure, and loan enforcement. Implementing our method in South Africa we find no evidence of screening but large enforcement effects. (JEL D14, D82, G21, O12, O16)

The on-line use of histogram data for high-speed correction and alignment of electron microscope images

1984 ◽  
Vol 42 ◽  
pp. 556-557
Author(s):  
William Krakow
Keyword(s):  
Power Spectrum ◽  
High Speed ◽  
Direct Memory Access ◽  
Digital Television ◽  
Contrast Transfer Function ◽  
The Past ◽  
High Resolution Tem ◽  
On Line ◽  
Correction Of Astigmatism ◽  
The Fourier Transform

In the past few years on-line digital television frame store devices coupled to computers have been employed to attempt to measure the microscope parameters of defocus and astigmatism. The ultimate goal of such tasks is to fully adjust the operating parameters of the microscope and obtain an optimum image for viewing in terms of its information content. The initial approach to this problem, for high resolution TEM imaging, was to obtain the power spectrum from the Fourier transform of an image, find the contrast transfer function oscillation maxima, and subsequently correct the image. This technique requires a fast computer, a direct memory access device and even an array processor to accomplish these tasks on limited size arrays in a few seconds per image. It is not clear that the power spectrum could be used for more than defocus correction since the correction of astigmatism is a formidable problem of pattern recognition.

Image registration with a computer driven S.T.E.M.

1978 ◽  
Vol 36 (1) ◽  
pp. 98-99
Author(s):  
A.M.H. Schepman ◽  
J.A.P. van der Voort ◽  
J.E. Mellema
Keyword(s):  
Spot Size ◽  
Scanning Transmission Electron Microscope ◽  
Small Computer ◽  
Structural Studies ◽  
Area Of Interest ◽  
Transmission Electron ◽  
Scanning Transmission ◽  
Specimen Area ◽  
On Line ◽  
Minimum Distances

A Scanning Transmission Electron Microscope (STEM) was coupled to a small computer. The system (see Fig. 1) has been built using a Philips EM400, equipped with a scanning attachment and a DEC PDP11/34 computer with 34K memory. The gun (Fig. 2) consists of a continuously renewed tip of radius 0.2 to 0.4 μm of a tungsten wire heated just below its melting point by a focussed laser beam (1). On-line operation procedures were developped aiming at the reduction of the amount of radiation of the specimen area of interest, while selecting the various imaging parameters and upon registration of the information content. Whereas the theoretical limiting spot size is 0.75 nm (2), routine resolution checks showed minimum distances in the order 1.2 to 1.5 nm between corresponding intensity maxima in successive scans. This value is sufficient for structural studies of regular biological material to test the performance of STEM over high resolution CTEM.

Design and calibration of an IVEM for general 3-dimensional imaging of non-diffracting materials

1992 ◽  
Vol 50 (2) ◽  
pp. 1040-1041
Author(s):  
Neil Rowlands ◽  
Jeff Price ◽  
Michael Kersker ◽  
Seichi Suzuki ◽  
Steve Young ◽  
...  
Keyword(s):  
3D Imaging ◽  
Tomographic Reconstruction ◽  
Three Dimensional ◽  
3 Dimensional ◽  
3D Microstructure ◽  
Image Translation ◽  
Digital Correlation ◽  
On Line ◽  
Mechanical Stage ◽  
Projection Angle

Three-dimensional (3D) microstructure visualization on the electron microscope requires that the sample be tilted to different positions to collect a series of projections. This tilting should be performed rapidly for on-line stereo viewing and precisely for off-line tomographic reconstruction. Usually a projection series is collected using mechanical stage tilt alone. The stereo pairs must be viewed off-line and the 60 to 120 tomographic projections must be aligned with fiduciary markers or digital correlation methods. The delay in viewing stereo pairs and the alignment problems in tomographic reconstruction could be eliminated or improved by tilting the beam if such tilt could be accomplished without image translation.A microscope capable of beam tilt with simultaneous image shift to eliminate tilt-induced translation has been investigated for 3D imaging of thick (1 μm) biologic specimens. By tilting the beam above and through the specimen and bringing it back below the specimen, a brightfield image with a projection angle corresponding to the beam tilt angle can be recorded (Fig. 1a).

Software pattern recognition applied to nanodiffraction patterns from a STEM instrument

1986 ◽  
Vol 44 ◽  
pp. 694-695
Author(s):  
G.Y. Fan ◽  
J.M. Cowley
Keyword(s):  
Image Processing ◽  
Pattern Recognition ◽  
Computer Software ◽  
Processing System ◽  
Light Level ◽  
Host Computer ◽  
Low Light ◽  
Image Processing System ◽  
Recent Developments ◽  
On Line

In recent developments, the ASU HB5 has been modified so that the timing, positioning, and scanning of the finely focused electron probe can be entirely controlled by a host computer. This made the asynchronized handshake possible between the HB5 STEM and the image processing system which consists of host computer (PDP 11/34), DeAnza image processor (IP 5000) which is interfaced with a low-light level TV camera, array processor (AP 400) and various peripheral devices. This greatly facilitates the pattern recognition technique initiated by Monosmith and Cowley. Software called NANHB5 is under development which, instead of employing a set of photo-diodes to detect strong spots on a TV screen, uses various software techniques including on-line fast Fourier transform (FFT) to recognize patterns of greater complexity, taking advantage of the sophistication of our image processing system and the flexibility of computer software.

Thickness Measurement in the AEM by Macintosh-Based Analysis of Two-Beam Convergent Beam Patterns

1990 ◽  
Vol 48 (2) ◽  
pp. 504-505
Author(s):  
John F. Mansfield ◽  
Douglas C. Crawford
Keyword(s):  
Electron Microscope ◽  
Video Camera ◽  
Thickness Measurement ◽  
Specimen Thickness ◽  
Crystalline Materials ◽  
Beam Dynamic ◽  
Line Measurement ◽  
On Line ◽  
Image Position ◽  
Convergent Beam

A method has been developed that allows on-line measurement of the thickness of crystalline materials in the analytical electron microscope. Two-beam convergent beam electron diffraction (CBED) patterns are digitized from a JEOL 2000FX electron microscope into an Apple Macintosh II microcomputer via a Gatan #673 CCD Video Camera and an Imaging Systems Technology Video 1000 frame-capture board. It is necessary to know the lattice parameters of the sample since measurements are made of the spacing of the diffraction discs in order to calibrate the pattern. The sample thickness is calculated from measurements of the spacings of the fringes that are seen in the diffraction discs. This technique was pioneered by Kelly et al, who used the two-beam dynamic theory of MacGillavry relate the deviation parameter (Si) of the ith fringe from the exact Bragg condition to the specimen thickness (t) with the equation:Where ξg, is the extinction distance for that reflection and ni is an integer.

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