What’s in a Face? An Experiment on Facial Information and Loan-Approval Decision

The authors thank Harrison Hong, Conghui Hu, Birendra Rai, Hui Wang, Liang Choon Wang, Xi Weng, Erte Xiao, and Xiaojian Zhao for their helpful comments. The authors thank participants in the Monash Mini-Course for Experimental Economics, the Second China Behavioral and Experimental Economics Forum (Beijing), ESA Global Online Around-the-Clock Meetings, the Guanghua School of Management Economics and Finance Alumni Academic Forum, and the Beijing Normal University Experimental Economics Forum. The authors thank Zehao Dou, Liwen Ai, Yanlei He, Miao Jin, Yifan Wang, Zhenyang Wang, and Ziqing Yan for their assistance for this research. All authors contributes equally to this manuscript.