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Xiao Yin; Ph.D. candidate at UC Berkeley, Haas School of Business



I’m a Ph.D. candidate at UC Berkeley, Haas School of Business. My research seeks to understand how financial and behavioral frictions affect belief formation and decision-making, using a combination of experiments, surveys, and observational data. It focuses on questions including misbeliefs and household behaviors, information asymmetry and consumer and lender decisions, and lender strategies with behavioral borrowers.

My job market paper studies the effects of credit extensions on consumption through changing expectations. Combining an RCT with bank-account and survey data, I show that credit limit extensions significantly increase consumers' expectations about their future income. A one-dollar increase in credit limit raises consumer income expectations over the next six months by around 40 cents. After controlling for the expectation changes, the effects of credit supply on spending and borrowing decrease by around 34%.

My references are Ulrike Malmendier, David Sraer, Yuriy Gorodnichenko, Michael Weber, and Matteo Benetton.

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