The purpose of this paper is to pro

The purpose of this paper is to provide insights into peer-to-peer (P2P) lending which has served as one important tool to mitigate financial exclusion. The main proposition of this research is that P2P platforms, which in many ways resemble auctions, naturally instill competitive mindset among lenders; furthermore, given only limited objective decision criteria, certain borrower personal characteristics fuel interpersonal competition enough to impact lending decisions in suboptimal ways. The two experiments support this proposition. As the result, while P2P lending offers unprecedented financial opportunities to some consumer groups, it may unintentionally exclude others, and even pose threat to the financial well-being of lenders. Design/methodology/approach – Two experiments... were used to collect data and are reported here. Rigorous pretesting of manipulation stimuli preceded a pilot (exploratory) and the main experiment. Findings – The authors generally find a significant age bias, where ceteris paribus, younger borrowers are offered lower loan amounts as lenders most likely infer greater risk and lower likelihood to repay loans on time. However, and perhaps more interestingly, when age is not a strong indicator of experience (as in the case with 30 something), the authors repeatedly find evidence of lending decisions driven by interpersonal competition: more attractive and financially successful loan applicants of the same gender as lenders are most likely perceived as a personal threat, decreasing lenders’ confidence, which subsequently results in lower amounts being invested into loans that are possibly the most promising. Originality/value – To the best knowledge, this research is first to demonstrate the impact of interpersonal competition on decision making in the context of P2P lending. Furthermore, this paper contributes to better understanding of P2P lending as a tool to allay financial exclusion, while raising concerns of possible unintended exclusion of certain consumer segments due to the competitive nature of P2P platforms.

結果 (英文) 3:

本文的目的是提供洞察对等（对等）的贷款，作为一个重要的工具，以减轻金融排斥。本研究的主要论点是，在许多方面类似于拍卖的平台，自然灌输竞争的心态，贷款人之间，而且，只提供有限的客观决策标准，某些借款人个人特点燃料的人际竞争足以影响贷款决策的次优方式。实验支持这一命题。其结果是，虽然对某些消费群体提供了前所未有的金融机会，但它可能无意中排除他人，甚至会威胁到银行的财务健康。设计/方法/方式-实验…用于收集数据，并在这里报告。手法刺激严谨的预测之前，飞行员（探索）和主要实验。结果–作者一般找到一个显着的年龄偏见，在其他条件不变的情况下，较年轻的借款人提供的贷款数额较低，作为贷款人最有可能推断出更大的风险和较低的可能性，以偿还贷款的时间。然而，也许更有趣的是，当年龄不是一个强大的指标（如在30件事的情况下）的经验，作者反复发现的证据的贷款决定驱动的人际竞争：更具吸引力和经济上成功的贷款申请人的相同的性别，贷款人最有可能被认为是个人的威胁，降低了贷款人的信心，随后导致较低的投入到贷款，这可能是最有前途的。独创性/价值-最好的知识，本研究首先论证了人际竞争对对等网络借贷决策的影响。此外，本文的研究有助于更好地理解P2P借贷作为一种工具来消除金融排斥，而提高可能无意中排除特定的消费者由于P2P平台的竞争性问题。