Do Owners Take Better Care of Their Housing Than Renters

Do Owners Take Better Care of Their Housing Than Renters
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业主比租房者更爱护自己的住房吗

DOI：
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发表时间：
2000
期刊：
影响因子：
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通讯作者：
C. Sirmans
C. Sirmans
中科院分区：
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文献类型：
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作者：
John P. Harding;Thomas J. Miceli;C. Sirmans

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根据传统观点，由于租金的外部性，房主比租房者更好地照顾他们的住房。我们认为，两种形式的房主外部性可能会产生类似的激励业主，以维护他们的住房。第一个原因是由于潜在买家无法充分观察过去的卖方维护，第二个原因是在抵押贷款违约的情况下借款人的责任有限。实证分析证实了住房抵押贷款存在外部性，但没有发现转售存在外部性的证据。
According to conventional wisdom, homeowners take better care of their housing than do renters, as a result of the rental externality. We argue that two forms of homeowner externality ootentially create similar incentives for owners to undermaintain their housing. The first is due to the inability of prospective buyers to fully observe past seller maintenance, and the second is a result of the limited liability of borrowers in the event of mortgage default. Empirical analysis verifies the existence of the mortgage externality, but we find no evidence for the resale externality.