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We analyze how retail investors price the credit risk of online P"P consumerloans in a reverse auction framework where personal interaction is absent. Theexplained interest rate variance is considerably larger than in comparablestudies using bank loan data. This is unexpected, given the difference inexperience and the limited set of information provided to the investor. Factorsrepresenting economic status significantly influence lender evaluations of theborrower's credit risk. Previous studies on gender discrimination found mixedresults. We show that this is likely due to simplified specifications and findsurprising results: male borrowers are charged a higher interest rates,conditional on being married and having children. Overall, our results indicatethat retail investors exhibit a strong degree of predictability in this weaklyregulated market for online P2P consumer loans.

What Matters to Individual Investors: Price Setting in Online Auctions of P2P Consumer Loans