How Much Are Borrowers Willing to Pay to Remove Uncertainty Surrounding Mortgage Defaults?

被引：0

作者：

Anderson, Jackson T. ^{[1
]}

Gibson, Scott ^{[2
]}

Luchtenberg, Kimberly F. ^{[3
]}

Seiler, Michael J. ^{[4
]}

机构：

[1] Claremont McKenna Coll, Claremont, CA 91711 USA

[2] Coll William & Mary, Raymond A Mason Coll Business, Williamsburg, VA 23187 USA

[3] Amer Univ, Kogod Sch Business, Washington, DC 20016 USA

[4] Coll William & Mary, Williamsburg, VA 23187 USA

来源：

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2022年 / 64卷 / 04期

关键词：

Ambiguity aversion; Risk aversion; Prospect theory; Experiment; Mortgage default; RISK-AVERSION; FINANCIAL LITERACY; HOUSE MONEY; AMBIGUITY; PERSONALITY; PSYCHOLOGY; DECISION; PROSPECT; MARKETS; LESS;

D O I：

10.1007/s11146-020-09810-4

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a large, non-student sample, we assess and differentiate between borrowers' Risk Aversion and Ambiguity Aversion levels and their willingness to pay to resolve a mortgage default settlement negotiation. Ambiguity Aversion is found to be negatively associated with willingness to pay for borrowers with high financial literacy in both the gain and loss domains, whereas personality traits matter more for borrowers with low financial literacy. This finding is important to policymakers in that they should adopt differential resolution strategies for defaulting borrowers based on these intervening variables.

引用

页码：500 / 522

页数：23

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