Abstract:
We use expected utility theory to explore the rational sense of P2P investors with the transaction data from a P2P loan website. We find that there exists an optimal interest rate that investors prefer most when they face the benefit and risk simultaneously. Moreover, the optimal interest rate will be affected by other information provided on the P2P loan subject. These results show that investors in P2P loan have rational sense to balance the benefit and risk from a loan subject, which means they are not irrational and is a precondition for P2P loan to play a role in infomediary and promote the efficiency of supply matching.
胡金焱, 宋唯实. P2P借贷中投资者的理性意识与权衡行为——基于“人人贷”数据的实证分析[J]. 金融研究, 2017, 445(7): 86-104.
HU Jinyan, SONG Weishi. The Rational Sense and Balanced Behavior of P2P Investors:Empirical Analysis Based on Transaction Data from Renrendai.com. Journal of Financial Research, 2017, 445(7): 86-104.
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