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Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
Agarwal, Sumit; Ben-David, Itzhak; Yao, Vincent - National Bureau of Economic Research (NBER) - 2013
Financially constrained borrowers have the incentive to influence the appraisal process in order to increase borrowing or reduce the interest rate. We document that the average valuation bias for residential refinance transactions is above 5%. The bias is larger for highly leveraged...
Persistent link: https://www.econbiz.de/10010703331
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House Prices and Birth Rates: The Impact of the Real Estate Market on the Decision to Have a Baby
Dettling, Lisa J.; Kearney, Melissa Schettini - National Bureau of Economic Research (NBER) - 2011
This project investigates how changes in Metropolitan Statistical Area (MSA)- level housing prices affect household … fertility decisions. Recognizing that housing is a major cost associated with child rearing, and assuming that children are … fertility. This applies to both potential first-time homeowners and current homeowners who might upgrade to a bigger house with …
Persistent link: https://www.econbiz.de/10009328098
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The Size of the LGBT Population and the Magnitude of Anti-Gay Sentiment are Substantially Underestimated
Coffman, Katherine B.; Coffman, Lucas C.; Ericson, … - National Bureau of Economic Research (NBER) - 2013
Measuring sexual orientation, behavior, and related opinions is difficult because responses are biased towards socially acceptable answers. We test whether measurements are biased even when responses are private and anonymous and use our results to identify sexuality-related norms and how they...
Persistent link: https://www.econbiz.de/10010969234
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The Macroeconomics of Subsistence Points
Ravn, Morten; Schmitt-Grohé, Stephanie Schmitt-Grohe; … - National Bureau of Economic Research (NBER) - 2004
This paper explores the macroeconomic consequences of preferences displaying a subsistence point. It departs from the existing related literature by assuming that subsistence points are specific to each variety of goods rather than to the composite consumption good. We show that this simple...
Persistent link: https://www.econbiz.de/10005078621
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Disentangling Financial Constraints, Precautionary Savings, and Myopia: Household Behavior Surrounding Federal Tax Returns
Baugh, Brian; Ben-David, Itzhak; Park, Hoonsuk - National Bureau of Economic Research (NBER) - 2014
We explore household consumption surrounding federal tax returns filings and refunds receipt to test various theories of consumption. Because uncertainty regarding the refund is resolved at filing, precautionary savings theory predicts an increase in consumption at this date. Contrary to this...
Persistent link: https://www.econbiz.de/10010729049
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An Economic Model of the Planning Fallacy
Brunnermeier, Markus K.; Parker, Jonathan A.; … - National Bureau of Economic Research (NBER) - 2008
People tend to underestimate the work involved in completing tasks and consequently finish tasks later than expected or do an inordinate amount of work right before projects are due. We present a theory in which people underpredict and procrastinate because the ex-ante utility benefits of...
Persistent link: https://www.econbiz.de/10005710350
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Economic Interpretations of Intergenerational Correlations
Mulligan, Casey; Grawe, Nathan D. - National Bureau of Economic Research (NBER) - 2002
Economic theory offers interpretations of intergenerational correlations that are different from the theories of other disciplines, and have important policy implications. Our paper presents a subset of those theories, and shows how they are consistent with observed mobility patterns as they...
Persistent link: https://www.econbiz.de/10005720164
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Deep Habits
Ravn, Morten; Schmitt-Grohé, Stephanie Schmitt-Grohe; … - National Bureau of Economic Research (NBER) - 2004
This paper generalizes the standard habit formation model to an environment in which agents form habits over individual varieties of goods as opposed to over a composite consumption good. We refer to this preference specification as `deep habit formation'. Under deep habits, the demand function...
Persistent link: https://www.econbiz.de/10005828863
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Bequests as Signals: An Explanation for the Equal Division Puzzle
Bernheim, B. Douglas; Severinov, Sergei - National Bureau of Economic Research (NBER) - 2000
In the United States, more than two-thirds of decedents with multichild families divide their estates exactly equally among their children. In contrast, intra vivos gifts are usually unequal. These findings challenge the validity of existing theories regarding the determination of...
Persistent link: https://www.econbiz.de/10005829913
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An Intergenerational Model of Wages, Hours and Earnings
Altonji, Joseph G.; Dunn, Thomas A. - National Bureau of Economic Research (NBER) - 1994
In this paper we develop and estimate a factor model of the earnings, labor supply, and wages of young men and young women, their parents and their siblings. We estimate the model using data on matched sibling and parent-child pairs from the National Longitudinal Survey of Labor Market...
Persistent link: https://www.econbiz.de/10005830141