haku: @author Denton, F. T. / yhteensä: 3
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| Tekijä: | Denton, F. T. Robb, A. L. Spencer, B. G. |
| Otsikko: | An economic analysis of housing as both a consumption good and a risky asset |
| Lehti: | Empirical Economics
1993 : VOL. 18:2, p. 215-231 |
| Asiasana: | CANADA HOUSING CONSUMPTION |
| Kieli: | eng |
| Tiivistelmä: | This paper provides estimates of housing demand relations that recognize the dual role of housing as both a consumption good and an investment good. The estimates, which make use of 1982 Canadian Survey data, are based on an expenditure system that is modified to take into account the risky nature of housing investment and the intertemporal nature of the housing expenditure choice. The authors construct a two-period model in which the second period represents all future time. The model incorporates a two-stage budgeting procedure in which total current expenditure is determined as fraction of wealth and then allocated to housing and other expenditure categories. |
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