Current Wealth and Tenure Choice
作者:
Lawrence D. Jones,
期刊:
Real Estate Economics
(WILEY Available online 1989)
卷期:
Volume 17,
issue 1
页码: 17-40
ISSN:1080-8620
年代: 1989
DOI:10.1111/1540-6229.00471
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
This paper argues that a central implication of tenure transition models is that the timing of a household's initial switch to ownership is particularly dependent upon its current net worth. In contrast, permanent income, largely derived from human capital, is assumed to be the dominant component of the relevant household budget constraint in conventional tenure choice models. These contending propositions are tested using a Canadian micro database. Consistent with the tenure transition approach, current nonhuman wealth is found to have the primary budgetary role in tenure mode decisions of young households.
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