Being Self-interested or Altruistic:Research on Farmers'Choice Preference for Informal Lending
By constructing a model of utility interdependence,this paper first analyzes the preferences of farmers'informal lending choices and then designs a discrete choice experiment from loan contract,bor-rower farmers and lender farmers.By using the experimental data of 289 farmers in Shaanxi and Shandong Provinces,this paper employed Mixed Logit model to empirically explore the informal lending choice pref-erences and sources of preferences heterogeneity.The results show that farmers'informal lending choices coexist specific economic rationality and moral rationality preferences.Economic rationality is reflected in the fact that farmers prefer to lend a small amount of funds to relatives or borrowers with good credit levels.Farmers'willingness to lend will weaken when the funds at hand are tight.Moral rationality is reflected in the fact that farmers prefer lending to borrowers who have previous experience of borrowing interactions,who borrow money for emergency,and whose economic conditions are worse.Farmers'willingness to lend will increase when they have pressure from public opinion.There is heterogeneity in farmers lending choices,which is manifested in the fact that education strengthens lenders economic rationality preference,household income strengthens lenders moral rationality preference and moral rationality preference of risk-preferring lenders is weaker.The regional heterogeneity analysis shows that economic rationality and moral rationality preferences of lenders in Shandong Province are higher than those in Shaanxi Province.
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