Deniz Aydın

Assistant Professor of Finance

Washington University in St. Louis

PhD, Stanford University, 2016



Consumption Response to Credit Expansions: Evidence From Experimental Assignment of 45,307 Credit Lines

I design a randomized trial at a European retail bank, where credit lines are deliberately varied to consumers. I find that credit availability has a precisely measured and economically large effect on spending, and this effect is not confined to a small set of constrained consumers who are up against their limits. Novel findings rule out complete markets, PIH, spender-saver, buffer-stock, and a range of myopic models.

When Fair Isn't Fair: Sophisticated Time Inconsistency in Social Preferences

with J. Andreoni, B. Barton, D. Bernheim and J. Naecker

Revise and resubmit, Journal of Political Economy

People exhibit a preference for equality of opportunity ex ante, and a preference for equality of outcomes ex post. Time inconsistent subjects are aware of this proclivity, and avoid precommitments to retain the flexibility to manifest time inconsistency. Behavior is best explained by a theory of nominal fairness.

We Aim to Please: Work Effort and the Desire to Meet Stated Expectations

with B. Barton, D. Bernheim and C. Exley

Consumption and Debt Response to IRA Contributions

with J. Beshears

RCT Registry

FIN 340: Capital Markets and Financial Management
(314) 935-3563

Simon Hall 213
1 Olympian Way
St. Louis, MO 63130


Lenda Massie
(314) 935-4566
Simon Hall 242