Risk and Return to Housing, Tenure Choice and the Value of Housing in an Asset Pricing Context
作者:
Richard Meyer,
Kenneth Wieand,
期刊:
Real Estate Economics
(WILEY Available online 1996)
卷期:
Volume 24,
issue 1
页码: 113-131
ISSN:1080-8620
年代: 1996
DOI:10.1111/1540-6229.00683
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
Homeowners do not diversify their risky home equity because of fixed costs of issuing securities and information costs. An asset pricing model is developed for homeowners with the undiversifiable home equity asset. Homeowner value and house value to diversified landlords are compared, and a tenure choice equation is developed. We demonstrate the existence of a rational expectations equilibrium under appropriate conditions.
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