时 间：2021年11月15日（周一）10：00-11：30
地 点：线上，腾讯ID: 662 023 056
题 目：The Sunshine Effects on Solar Loan Repayments
主讲人：秦雨 新加坡国立大学商学院房地产系副教授
主持人：李莉 助理教授
主 办：宏观经济学团队
摘 要：
Solar loans are increasingly used to promote residential solar photovoltaic expansion. However, a critical problem with financing residential solar energy is the high default rate. This paper studies the psychological effects of sunshine on borrowers’ repayment behaviors. Using administrative datasets from China, we show that borrowers are 20.8 percent less likely to be delinquent if the sunshine duration is one standard deviation longer in the week of repayment deadline. The evidence is most consistent with behavioral bias that borrowers mispredict future revenue based on the current weather conditions. Other explanations such as intertemporal substitution, liquidity constraints, strategic default, or moods are less consistent with the evidence. Furthermore, borrowers partially learn from past experiences. We highlight the importance of psychological factors in loan design, particularly in the renewable energy sector.
报告人简介：
秦雨现任新加坡国立大学商学院房地产系长聘副教授，2014年在康奈尔大学获应用经济学博士学位。担任 China Economic Review的共同主编和Journal Economic Geography的编委会委员。研究领域主要包括交通经济学、环境经济学、住房和土地市场等。其学术成果发表在Nature Climate Change、Journal of Public Economics、Journal of Environmental Economics and Management等学术期刊。