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All Journal International Journal of Business and Social Science Research
Margherita Lazzara
Department of Economy and Business, Università degli Studi di Catania
Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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The Economic Effects of the Consumer Over-Indebtedness Legislation in Italy: An Agent-Based Model Luigi Bonaventura; Margherita Lazzara
International Journal of Business and Social Science Research Vol. 3 No. 3 (2022): Vol. 3 No. 3 (2022): March (IJBSSR)
Publisher : The Institute of Academic Research and Publication (IARP)

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (838.805 KB) | DOI: 10.47742/ijbssr.v3n3p1

Abstract

Consumer over-indebtedness is a growing phenomenon in EU countries. Legislation addressing debt solutions for consumers does not have a long tradition in Italy. In 2012 Italy defined debt settlement procedures to reduce the impact of over-indebtedness. We build a disequilibrium agent-based model (abm), populated by heterogeneous consumers who behave according to boundedly rational behavioral rules. Through abm model, it will be possible to test the effects of this regulatory framework on the credit market, wealth distribution, and savings. In particular, the probability by means the local Tribunal accepts the consumer plan has an important role to balance between the need to provide an appropriate solution for enabling over-indebted individuals to start over with their lives, on one hand, and economic efficiency that debts should be paid.
Co-Authors Luigi Bonaventura