The Optimal Mortgage Payment Path Under Price Uncertainty
研究了在不确定未来通胀率时，风险规避者会选择比确定情况下更平缓的抵押贷款支付路径，可能质疑标准等额支付抵押贷款的非最优性。
It has been shown that in a world of certainty, individuals with rising income streams will choose a graduated payment mortgage over the standard flat payment mortgage. The present paper extends this analysis by introducing uncertainty about future inflation rates. We show that the risk‐averse individual, when faced with uncertainty, will choose a less graduated payment path than in the certainty situation. While not conclusive, the analysis may cast some doubt on the suboptimality of the standard flat payment mortgage.