Born: September 12, 1945
Birthplace: East Orange, New Jersey, U.S.A.
Occupation: Author and Economist
Profile: Professor of Behavioral Science and Economics. Awarded the 2017 Nobel Prize in Economics.
Number of Quotes: 1
Morality aside, there are other factors deterringstrategic defaults,whether in recourse or nonrecourse states. These include the economic and emotional costs of giving up one's home and moving, the perceived social stigma of defaulting, and a serious hit to a borrower's credit rating.