The Mortgage‐Cash Premium Puzzle
研究发现1980至2017年间美国全款购房者占三分之一，而贷款购房者需多付11%溢价以补偿卖方面临的抵押交易摩擦，但理论模型仅预测3%，存在8%的谜题，且在高风险条件下尤为显著。
ABSTRACT All‐cash homebuyers account for one‐third of U.S. home purchases between 1980 and 2017. We use multiple data sets and research designs to robustly estimate that mortgaged buyers pay an 11% premium over all‐cash buyers to compensate home sellers for mortgage transaction frictions. A dynamic, representative‐seller model implies only a 3% premium, which would suggest an 8% puzzle. Accounting for heterogeneity in selling conditions explains half of this difference, but a puzzle holds in conditions with high transaction risk. An experimental survey of U.S. homeowners replicates these patterns and suggests that belief distortions can explain the puzzle in these high‐risk states.