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

页码：539 / 551

页数：13

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