共 50 条
WAITING TO DEFAULT - THE VALUE OF DELAY
被引:0
|作者:
KAU, JB
[1
]
KIM, T
[1
]
机构:
[1] CALIF STATE UNIV LOS ANGELES,LOS ANGELES,CA 90032
来源:
JOURNAL OF THE AMERICAN REAL ESTATE AND URBAN ECONOMICS ASSOCIATION
|
1994年
/
22卷
/
03期
关键词:
D O I:
暂无
中图分类号:
F8 [财政、金融];
学科分类号:
0202 ;
摘要:
This paper analyzes the opportunity for early termination of a mortgage contract. We consider the possibility of defaulting on the property and explore the rules that are used by a value-maximizing borrower in exercising this option to default. The discussion centers on the value of waiting to make such a decision and the consequences of this rational inertia. We show that the observed delay in default usually attributed to transaction costs can instead be explained as entirely rational choice in a dynamic environment.
引用
收藏
页码:539 / 551
页数:13
相关论文