Debt aversion experiment: A replication with student participants

Kazunori Yakushiji, Jieyi Duan and Nobuyuki Hanaki

ISER Discussion Paper from Institute of Social and Economic Research, The University of Osaka

Abstract: We conduct a replication experiment of the three main treatments of the debt aversion experiment by Mart´ınez-Marquina and Shi (2024) with student participants. While participants in our experiment choose returnmaximizing strategies much more frequently than those in Mart´ınez-Marquina and Shi (2024), our findings corroborate their observations that participants burdened with debt tend to forego the “certain and maximum profit investment opportunity” in favor of prioritizing debt repayment.

Date: 2024-12, Revised 2025-06
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