The DOI matches its Crossref record; 20 of the 20 references it cites were found in a registry or an index.
Diagnosing Consumer Confusion and Sub-Optimal Shopping Effort: Theory and Mortgage-Market Evidence
Abstract
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. (JEL D12, D14, G21)
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Self-citationCan Free Entry Be Inefficient? Fixed Commissions and Social Waste in the Real Estate Industry
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Cited by
Financial Literacy, Financial Education, and Downstream Financial Behaviors
Fernandes, D., Lynch, J. G., & Netemeyer, R. G. (2014) · Management Science · doi:10.1287/mnsc.2013.1849 · Cited by 2,152
Consumer-lending discrimination in the FinTech Era
Bartlett, R., Morse, A., Stanton, R., & Wallace, N. (2022) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.05.047 · Cited by 659
Gomes, F., Haliassos, M., & Ramadorai, T. (2021) · Journal of Economic Literature · doi:10.1257/jel.20201461 · Cited by 396
Keys, B. J., Pope, D. G., & Pope, J. C. (2016) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.01.031 · Cited by 262
Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market
Andersen, S., Campbell, J. Y., Nielsen, K. M., & Ramadorai, T. (2020) · American Economic Review · doi:10.1257/aer.20180865 · Cited by 262
Metadata
- Authors
- Woodward, S. E., & Hall, R. E.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2012-12-01
- Volume
- 102
- Issue
- 7
- Pages
- 3249-3276
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3124190716
- Cited by
- 282
- References
- 20
- FWCI
- 41.66
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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