Waiting to Default: The Value of Delay
分析了借款人在抵押贷款中延迟违约的理性选择，指出观察到的延迟并非源于交易成本，而是动态环境下的最优决策。
This paper analyzes the opportunity for early termination of a mortgage contract. We consider the possibility of defaulting on the property and explore the rules that are used by a value‐maximizing borrower in exercising this option to default. The discussion centers on the value of waiting to make such a decision and the consequences of this rational inertia. We show that the observed delay in default usually attributed to transaction costs can instead be explained as entirely rational choice in a dynamic environment.