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UID:20251103T003330EST-6606hVLtug@132.216.98.100
DTSTAMP:20251103T053330Z
DESCRIPTION:Brett Green\n\nWashington University in St. Louis \n\nThe Welfa
 re Benefits of Pay-As-You-Go Financing\n\nDate: Friday\, October 24\, 2025
 \n	Time: 10:30-11:45 am\n	Location: Bronfman Bldg. (1001 Sherbrooke St. West
 )\, Room 410\n\nAll are cordially invited to attend.\n\nAbstract:\n\nThe r
 apid expansion of digital financial products in low- and middle-income cou
 ntries has increased access to credit but raises important questions about
  their welfare effects. Pay-as-you-go (PAYGo) financing is one such produc
 t\, relying on lockout technology that allows lenders to remotely disable 
 the collateral’s flow benefits when borrowers miss payments. This paper qu
 antifies the welfare effects of PAYGo financing. We build a dynamic struct
 ural model of consumer behavior and estimate it using a large-scale\, mult
 i-arm pricing experiment conducted by a fintech lender that offers PAYGo f
 inancing for smartphones. We find that the welfare gains from access to PA
 YGo financing are equivalent to a 3.4% increase in income while remaining 
 highly profitable for the lender. The welfare gains are larger for low-ris
 k borrowers and those in the middle of the income distribution. Under plau
 sible assumptions\, PAYGo dominates traditional secured loans for all but 
 the riskiest consumers. We explore contract design and show that variation
 s of PAYGo contracts can deliver further welfare improvements.\n
DTSTART:20251024T143000Z
DTEND:20251024T154500Z
LOCATION:Room 410\, Bronfman Building\, CA\, QC\, Montreal\, H3A 1G5\, 1001
  rue Sherbrooke Ouest
SUMMARY:Desmarais Global Finance Research Centre (DGFRC) Seminar: Brett Gre
 en 
URL:/desautels/channels/event/desmarais-global-finance
 -research-centre-dgfrc-seminar-brett-green-368540
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