Xuan S. Tam

TL;DR: In this paper, the authors developed an algorithm for computing equilibria with asymmetric information and individualized pricing, showing that more information is better ex ante, even though better information can rule out pooling outcomes that some groups might find beneficial ex-post.

TL;DR: In this paper, the authors study the extent to which unsecured credit markets have altered the transmission of increased income risk to consumption variability over the past several decades, and they find that UCC markets pass through increased income risks to consumption, irrespective of bankruptcy policy and the information possessed by lenders.

TL;DR: This article found that improvements in information available to lenders on household-level costs of bankruptcy can account for a signifi cant fraction of what has been observed, and that the ex ante welfare gains from better information are positive but small.

TL;DR: This article introduced a model of unsecured consumer credit in the presence of both bankruptcy and delinquency and found that delinquency is readily used by borrowers with the worst labor market outcomes, even those with relatively minor levels of debt.

TL;DR: This article measured the relative roles of bankruptcy reform and labor market risk in accounting for consumer debt and default over the Great Recession, and found that bankruptcy reform likely prevented a substantial increase in formal bankruptcy filings, but had only limited effect on informal default from delinquencies, and that changes in job-finding rates were central to both.