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We present a general method for computing the set of supergame equilibria in infinitely repeated games with perfect monitoring and public randomization. We present a three-stage algorithm that constructs a convex set containing the set of equilibrium values, constructs another convex set...
Persistent link: https://www.econbiz.de/10005332808
This paper reports on a study of how action learning facilitates the movement of knowledge between social contexts. The study involved a community organization that provides educational services related to aphasia and members of a complex continuing care (CCC) practice that received training...
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An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002–2006 U.S. house price boom. By contrast, this paper documents a robust, negative correlation between the growth in the share of purchase mortgages to subprime borrowers and...
Persistent link: https://www.econbiz.de/10014048863
This paper examines the relationship between broker-borrower interaction in the origination process and subsequent mortgage performance. I show that face-to-face interaction between a mortgage broker and borrower before the loan funds is associated with lower levels of ex post default. The...
Persistent link: https://www.econbiz.de/10013026051
This paper examines the relation between mortgage origination fees and mortgage broker competition. A reverse first-price sealed-bid auction model is used to motivate pricing behavior by brokers. Confirming the model predictions, our empirical analysis shows that increased mortgage brokerage...
Persistent link: https://www.econbiz.de/10013108506
This paper examines the relationship between broker-borrower interaction in the origination process and subsequent mortgage performance. I show that face-to-face interaction between a mortgage broker and borrower before the loan funds is associated with lower levels of ex post default. The...
Persistent link: https://www.econbiz.de/10013052923