English

史炜(合作者:Jason R. Blevins, Donald R. Haurin, Stephanie Moulton),"A Dynamic Discrete Choice Model of Reverse Mortgage Borrower Behavior," International Economic Review (2020)

2020-01-01
摘要A Dynamic Discrete Choice Model of Reverse Mortgage Borrower Behavior

近日,我院副教授史炜的合作论文“A Dynamic Discrete Choice Model of Reverse Mortgage Borrower Behavior”(合作者:Jason R. Blevins, Donald R. Haurin, Stephanie Moulton) 被国际权威经济学期刊International Economic Review接受发表。

Abstract:

Using unique data on reverse mortgage borrowers in the Home Equity Conversion Mortgage (HECM) program, we semiparametrically estimate a dynamic discrete choice model of borrower behavior. Our estimator is based on a new identification result we develop for models with multiple terminating actions. We show that the per‐period utility functions and discount factor are identified without restrictive, ad hoc identifying restrictions that lead to incorrect counterfactual implications. Our estimates provide insights about factors that influence HECM refinance, default, and termination decisions and allow us to quantify the trade‐offs involved for proposed program modifications, such as income and credit requirements.

个人简介:

史炜,现任暨南大学经济与社会研究院副院长、副教授,于2016年获得美国俄亥俄州立大学经济学博士。他的研究领域为计量经济学、城市经济学、房地产经济学,已有多篇研究成果发表于International Economic Review、Journal of Econometrics、Journal of Urban Economics、Journal of Population Economics等国际权威期刊。

原文链接:https://onlinelibrary.wiley.com/doi/abs/10.1111/iere.12470

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