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Research ArticleArticles

What’s in a Picture?

Evidence of Discrimination from Prosper.com

Devin G. Pope and Justin R. Sydnor
Journal of Human Resources, January 2011, 46 (1) 53-92; DOI: https://doi.org/10.3368/jhr.46.1.53
Devin G. Pope
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Justin R. Sydnor
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Abstract

We find evidence of significant racial disparities in a new type of credit market known as peer-to-peer lending. Loan listings with blacks in the attached picture are 25 to 35 percent less likely to receive funding than those of whites with similar credit profiles. Despite the higher average interest rates charged to blacks, lenders making such loans earn a lower net return compared to loans made to whites with similar credit profiles because blacks have higher relative default rates. These results provide insight into whether the discrimination we find is taste-based or statistical.

  • Received April 2009.
  • Accepted November 2009.
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Journal of Human Resources
Vol. 46, Issue 1
1 Jan 2011
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What’s in a Picture?
Devin G. Pope, Justin R. Sydnor
Journal of Human Resources Jan 2011, 46 (1) 53-92; DOI: 10.3368/jhr.46.1.53

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What’s in a Picture?
Devin G. Pope, Justin R. Sydnor
Journal of Human Resources Jan 2011, 46 (1) 53-92; DOI: 10.3368/jhr.46.1.53
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  • Article
    • Abstract
    • I. Introduction
    • II. Institutional Background of Online Peer-to-Peer Lending
    • III. Data
    • IV. Empirical Results
    • V. Discussion and Conclusions
    • Footnotes
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