کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5100600 1377233 2017 45 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Systematic mistakes in the mortgage market and lack of financial sophistication
ترجمه فارسی عنوان
اشتباهات سیستماتیک در بازار وام مسکن و فقدان پیچیدگی مالی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
Institutions often offer a menu of contracts to consumers in an attempt to create a separating equilibrium that reveals borrower types and provides better pricing. We test the effectiveness of a specific set of contracts in the mortgage market: mortgage points. Points allow borrowers to exchange an upfront amount for a decrease in the mortgage rate. We document that, on average, points takers lose about $700. Also, points takers are less financially savvy (less educated, older), and they make mistakes on other dimensions (e.g., inefficiently refinancing their mortgages). Overall, our results show that borrowers overestimate how long they will stay with the mortgage.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 123, Issue 1, January 2017, Pages 42-58
نویسندگان
, , ,