The Determinants of Attitudes toward Strategic Default on Mortgages
利用调查数据研究房主在房屋价值低于贷款时即使有能力还款也选择违约（策略性违约）的意愿，发现违约意愿受房屋净值缺口大小、公平观和道德观等金钱与非金钱因素影响，且接触其他违约者会增加违约倾向。
ABSTRACT We use survey data to measure households’ propensity to default on mortgages even if they can afford to pay them (strategic default) when the value of the mortgage exceeds the value of the house. The willingness to default increases in both the absolute and the relative size of the home‐equity shortfall. Our evidence suggests that this willingness is affected by both pecuniary and non‐pecuniary factors, such as views about fairness and morality. We also find that exposure to other people who strategically defaulted increases the propensity to default strategically because it conveys information about the probability of being sued.