@techreport{NBERw13191,
 title = "The Age of Reason: Financial Decisions Over the Lifecycle",
 author = "Sumit Agarwal and John C. Driscoll and Xavier Gabaix and David Laibson",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "13191",
 year = "2007",
 month = "June",
 URL = "http://www.nber.org/papers/w13191",
 abstract = {In cross-sectional data sets from ten credit markets, we find that middle-aged adults borrow at lower interest rates and pay fewer fees relative to younger and older adults. Fee and interest payments are minimized around age 53.  The measured effects are not explained by observed risk characteristics.  We discuss several leading factors that may contribute to these effects, including age-related changes in experience and cognitive function, selection effects, and cohort effects.},
}