Using a large, non-student sample, we assess and differentiate between borrowers’ Risk Aversion and Ambiguity Aversion levels and their willingness to pay to resolve a mortgage default settlement negotiation. Ambiguity Aversion is found to be negatively associated with willingness to pay for borrowers with high financial literacy in both the gain and loss domains, whereas personality traits matter more for borrowers with low financial literacy. This finding is important to policymakers in that they should adopt differential resolution strategies for defaulting borrowers based on these intervening variables.

中文翻译：

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借款人愿意支付多少钱来消除抵押贷款违约带来的不确定性？

使用大量的非学生样本，我们评估并区分了借款人的风险规避和歧义规避水平，以及他们为解决抵押违约和解谈判而支付的意愿。人们发现歧义厌恶与在收益和损失领域都对具有较高金融知识的借款人的支付意愿负相关，而人格特质对于具有较低金融知识的借款人而言更为重要。这一发现对政策制定者很重要，因为他们应该根据这些中间变量采用差异解决方案策略，以使借款人违约。