Incentives Information and Efficiency in the UK Mortgage Market
分析英国家庭的抵押贷款选择，探讨市场失灵是否阻碍贷款结构反映家庭真实偏好，并检验不同解释与证据的一致性。
This paper analyses the choices made by households in the UK about mortgages. It considers whether there might be forms of market failure that prevent the structure of mortgage debt better reflecting the underlying preferences of households. UK households lie at one end of a spectrum of the degree of uncertainty over the nominal payments due on mortgage debt. There are several different hypotheses for the type of mortgages households choose. Some are consistent with an efficient market, others not. The paper looks at alternative explanations for the behaviour of UK households and assesses which are consistent with the evidence. Copyright 2005 Royal Economic Society.