Do Owners Take Better Care of Their Housing Than Renters?
挑战了“业主比租户更爱护住房”的传统观点，提出两种业主外部性（转售外部性和抵押外部性）同样可能导致业主维护不足，实证分析证实了抵押外部性的存在。
According to conventional wisdom, homeowners take better care of their housing than do renters, as a result of the rental externality. We argue that two forms of homeowner externality ootentially create similar incentives for owners to undermaintain their housing. The first is due to the inability of prospective buyers to fully observe past seller maintenance, and the second is a result of the limited liability of borrowers in the event of mortgage default. Empirical analysis verifies the existence of the mortgage externality, but we find no evidence for the resale externality.