Clapp, John M.; Deng, Yongheng; An, Xudong - In: Real Estate Economics 34 (2006) 2, pp. 243-273
This article extends unobserved heterogeneity to the multinomial logit (MNL) model framework in the context of mortgages terminated by refinance, move or default. It tests for the importance of unobserved heterogeneity when borrower characteristics such as income, age and credit score are...