An Economic Theory of Mortgage Redemption Laws
提出一个理论，将抵押赎回法解释为保护土地所有者非可转移价值的手段，并利用20世纪初美国跨州数据实证分析赎回期长短的决定因素。
Redemption laws give mortgagors the right to redeem their property following default for a statutorily set period of time. This article develops a theory that explains these laws as a means of protecting landowners against the loss of nontransferable values associated with their land. A longer redemption period reduces the risk that this value will be lost but also increases the likelihood of default. The optimal redemption period balances these effects. Empirical analysis of cross‐state data from the early twentieth century suggests that these factors, in combination with political considerations, explain the existence and length of redemption laws.