摘要
信用卡作为带有无担保小额信用贷款及滚动合约性质的支付结算工具,越来越受到使用者偏爱,利率市场化背景下的信用卡定价也成为一个值得讨论的问题。本文基于均值-方差框架构建了一个持卡人跨期用卡行为理论模型,通过引入持卡人行为差异与学习机制考虑不同持卡人认知与认知改进下的信用卡定价问题。本文发现:信用卡实际价格本质上是单位定价与风险补偿的和,银行将定价的风险补偿摊薄到每个合约;持卡人认为信用卡价格较高的原因是银行在市场中的有效用卡规模与风险补偿使持卡人对信用卡单位定价认知低于实际价格认知而产生的持续价格幻觉;一定条件下,持卡人可由行为学习机制减轻价格幻觉。最后尝试分析信用卡行为定价策略及可能的风险管理优化方向。
This paper builds an intertemporal behavior model of credit card pricing based on the mean-variance framework.The model introduces the cardholder behavioral differences and behavioral learning mechanism to analyze card pricing based on cardholder's cognition and cognitive improvement.Analysis shows that the actual price of a credit card equals the sum of unit pricing and risk compensation.Banks dilute pricing risk compensation to each contract.The fact that the cardholder's cognition of unit pricing is lower than the actual price brings about the price illusion which is mainly related to effective market size and risk compensation mechanism.Cardholders can reduce the price illusion by means of the behavioral learning mechanism under certain conditions.This paper also gives a brief introduction to card pricing strategy and risk management optimization.
出处
《金融评论》
2012年第6期63-72,122-123,共10页
Chinese Review of Financial Studies
关键词
价格幻觉
信用卡定价
风险补偿
Price Illusion
Credit Card Pricing
Risk Compensation
