Diagnosing Consumer Confusion and Sub-Optimal Shopping Effort: Theory and Mortgage-Market Evidence

被引：103

作者：

Woodward, Susan E. ^{[1
]}

Hall, Robert E. ^{[2
]}

机构：

[1] Sand Hill Econometr, Menlo Pk, CA 94025 USA

[2] Stanford Univ, Hoover Inst, Stanford, CA 94305 USA

来源：

AMERICAN ECONOMIC REVIEW | 2012年 / 102卷 / 07期

关键词：

SEARCH COSTS;

D O I：

10.1257/aer.102.7.3249

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Mortgage loans are leading examples of transactions where experts on one side of the market take advantage of consumers' lack of knowledge and experience. We study the compensation that borrowers pay to mortgage brokers for assistance from application to closing. Two findings support the conclusion that confused borrowers overpay for brokers' services: (i) A model of effective shopping shows that borrowers sacrifice at least $1,000 by shopping from too few brokers. (ii) Borrowers who compensate their brokers with both cash and a commission from the lender pay twice as much as similar borrowers who pay no cash.

引用

页码：3249 / 3276

页数：28

共 15 条

[1]

Berndt Antje, 2010, 16715 NAT BUR EC RES

[2] EQUILIBRIUM PRICE DISPERSION [J].