Fear, Shame and Guilt: Economic and Behavioral Motivations for Strategic Default
研究资不抵债的房主为何选择战略违约，发现实际羞耻和内疚符合预期，但财务后果低于预期，违约者不后悔；驱动因素包括房价预期、对贷款人的不满、道德判断、贷款知识、政治意识形态、性别、收入和年龄。
This study examines underwater primary resident homeowners to identify why some decide to strategically default while others do not. We find that realized shame and guilt are consistent with ex ante expectations. However, the financial backlash experienced by strategic defaulters is less than anticipated, causing strategic defaulters not to regret their actions. State‐specific bankruptcy exemption levels and real estate laws only marginally explain the decision to strategically default, partly because the decision to walk away from a mortgage is emotional, and partly because the implementation of these laws is uncertain and confusing to distressed borrowers. Rather, we find key strategic default drivers include the homeowner's expectation of future real estate price movements, frustration with the lender, moral evaluation of the decision to strategically default, loan knowledge, political ideology, gender, income and age.