Differentiated Contracts, Heterogeneous Borrowers, and the Mortgage Choice Decision
用多项逻辑回归模型分析抵押贷款选择，发现不同合同的价格影响差异显著，借款人流动性等异质性影响合同类型选择，且借款人会按预期对市场条件做出反应。
Previous analyses of mortgage choice assume that adjustable rate mortagages are standard contracts and estimate bivariate models. The authors estimate a multinomial logit model that explicitly treats mortgages as differentiated contracts and provides insights on several important issues: the impact of price variables differs significantly across alternative mortgage contracts; borrower heterogeneity, particularly mobility, influences the type of contract chosen; and borrowers respond to market conditions as expected when choosing between alternative mortgage contracts. Copyright 1995 by Ohio State University Press.