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Optimal Mortgage Refinancing: A Closed Form Solution / Sumit Agarwal, John C. Driscoll, David Laibson.
- Format:
- Book
- Author/Creator:
- Agarwal, Sumit.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w13487.
- NBER working paper series no. w13487
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Optimal Mortgage Refinancing
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2007.
- Summary:
- We derive the first closed-form optimal mortgage refinancing rule. The expression is derived by using the Lambert-W function to solve a tractable class of mortgage refinancing problems. We calibrate our solution and show that our quantitative results closely match those reported by researchers who use numerical methods.
- Notes:
- Print version record
- October 2007.
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