Housing, Mortgages, and Self-Control

• 成果类型: Article
• 署名作者: Schlafmann, Kathrin
• 署名单位: Danish Finance Institute; Copenhagen Business School; Centre for Economic Policy Research - UK
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa096
• 发表日期: 2021
• 页码: 2648
• 关键词: Temptation; consumption; credit; MODEL; bankruptcy; STOCK; RISK

摘要

Using a quantitative theoretical framework this paper analyzes how problems of self-control influence housing and mortgage decisions. The results show that people with stronger problems of self-control are less likely to become homeowners, even though houses serve as commitment for saving. The paper then investigates the welfare effects of regulating mortgage products if people differ in their degree of self-control. Holding house prices fixed, higher down payment requirements and restrictions on refinancing turn out to be beneficial to people with sufficiently strong problems of self-control, even though these policies restrict access to the commitment device.