Housing, Mortgages, and Self-Control
用一个定量理论框架分析自我控制问题如何影响住房和抵押贷款决策，发现自我控制问题越严重的人越不可能成为房主，并研究了针对不同自我控制程度人群的抵押贷款产品监管的福利效应。
Abstract Using a quantitative theoretical framework this paper analyzes how problems of self-control influence housing and mortgage decisions. The results show that people with stronger problems of self-control are less likely to become homeowners, even though houses serve as commitment for saving. The paper then investigates the welfare effects of regulating mortgage products if people differ in their degree of self-control. Holding house prices fixed, higher down payment requirements and restrictions on refinancing turn out to be beneficial to people with sufficiently strong problems of self-control, even though these policies restrict access to the commitment device.