The Microstructure Of Housing Markets

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The Microstructure of Housing Markets

Author : Alina Arefeva
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (951 download)

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Book Synopsis The Microstructure of Housing Markets by : Alina Arefeva

Download or read book The Microstructure of Housing Markets written by Alina Arefeva and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the implications of search frictions and pricing mechanisms for house prices. Many economists believe that US house prices fluctuate over time between booms and busts, and are volatile relative to fundamentals, such as rents or income in a local housing market. This excess volatility is a puzzle relative to conventional models of house prices in the literature. My dissertation aims to explain this puzzle. To explain the high volatility of house prices I substitute hypothesis of the Nash bargaining price determination, prevailing in the literature, with the auction price determination. With Nash bargaining a seller bargains with a buyer one-to-one. In practice, especially so in booms, a seller deals with multiple buyers simultaneously and sells to the highest bidder. A natural way to model this is to use an auction model. When house prices are determined in an auction instead of Nash bargaining, house prices fluctuate more, which helps explain the volatility of house prices and fluctuations between booms and busts. The dissertation consists of two related essays on the microstructure of the housing markets. The first essay explores the consequences of the pricing mechanisms for the quantitative behavior of the house prices over time in an equilibrium search model of a local housing market. The second essay asks whether the equilibrium allocations of these search models are constrained efficient. The first essay shows that the type of the pricing mechanism crucially affects the volatility of the house prices in response to the shocks to a local housing market. Specifically, if the house prices are determined in auctions rather than by one-to-one negotiation a la Nash bargaining, then the house prices are four to fifteen time more volatile if shocks to the housing market affect the participation of buyers, for example, shock to the inflow of buyers or rents. If the shocks affect the discount factor or the expectation of the housing services, then it is the opposite, that is the house prices are more volatile in the Nash bargaining model than in the auction model. Many economists agree that the housing boom-bust episode 2000-2007 was fueled by the inflow of the buyers due to the decrease in the mortgage lending standards. For these types of shocks, the auction model produces highly volatile house price growth, high enough to match the observed volatility in the local housing markets in the US. The intuition for higher volatility in the auctions as compared to the Nash bargaining comes from the differences in the outside options of the seller in the two models. The seller in the Nash bargaining model negotiates with only one buyer per period, while the seller in the auction model can meet several buyers at the same time. Thus, in the auction model the outside option of the seller is to wait till tomorrow to potentially meet several buyers, while in the Nash bargaining model the seller can enjoy a company of only one buyer. In the hot market there are many interested buyers on the market which is capitalized in the option value to sell. Because of the sensitivity of the option value to sell to the current state of the market, the house prices fluctuate more. The second essay asks whether the dynamic equilibrium model of the random search with auctions, proposed in the first essay, produces a socially efficient allocation, constrained by search frictions. The main result is that the equilibrium random search model with an auction produces an inefficient allocation. The inefficiency in the random search model comes from the monopoly power of the seller in the auction model. Buyers are visiting sellers without observing the ex-post terms of trade, and, after the meeting has occurred, the seller becomes a local monopolist, because the buyer has to incur search and waiting costs to meet another seller. The distortion can be corrected by allowing the sellers to advertise and commit to the trading mechanisms by posting the reservation price for the auction and commit to this price. Having observed these prices, the buyers then direct their search to the seller with the most attractive terms or with least competition. This alleviates the externality present in the random search model. The paper extends this result from the static setting, analyzed in the literature, to the dynamic setting.

The Microstructures of Housing Markets

Author : Susan J. Smith
Publisher : Routledge
ISBN 13 : 1317968034
Total Pages : 217 pages
Book Rating : 4.3/5 (179 download)

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Book Synopsis The Microstructures of Housing Markets by : Susan J. Smith

Download or read book The Microstructures of Housing Markets written by Susan J. Smith and published by Routledge. This book was released on 2013-10-31 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.

The Maze of Urban Housing Markets

Author : Jerome Rothenberg
Publisher : University of Chicago Press
ISBN 13 : 9780226729510
Total Pages : 570 pages
Book Rating : 4.7/5 (295 download)

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Book Synopsis The Maze of Urban Housing Markets by : Jerome Rothenberg

Download or read book The Maze of Urban Housing Markets written by Jerome Rothenberg and published by University of Chicago Press. This book was released on 1991-11-15 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt: This powerful new theoretical approach to analyzing urban housing problems and the policies designed to rectify them will be a vital resource for urban planners, developers, policymakers, and economists. The search for the roots of serious urban housing problems such as homelessness, abandonment, rent burdens, slums, and gentrification has traditionally focused on the poorest sector of the housing market. The findings set forth in this volume show that the roots of such problems lie in the relationships among different parts of the market—not solely within the lower-quality portion—though that is where problems are most dramatically manifested and housing reforms are myopically focused. The authors propose a new understanding of the market structure characterized by a closely interrelated array of quality submarkets. Their comprehensive models ground a unified theory that accounts for demand by both renters and owner occupants, supply by owners of existing dwellings, changes in the stock of housing due to conversions and new construction, and interactions across submarkets.

Modelling Spatial Housing Markets

Author : Geoffrey Meen
Publisher : Springer Science & Business Media
ISBN 13 : 1461516730
Total Pages : 279 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Modelling Spatial Housing Markets by : Geoffrey Meen

Download or read book Modelling Spatial Housing Markets written by Geoffrey Meen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.

The Microstructures of Housing Markets

Author : Susan J. Smith
Publisher : Routledge
ISBN 13 : 1317968026
Total Pages : 300 pages
Book Rating : 4.3/5 (179 download)

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Book Synopsis The Microstructures of Housing Markets by : Susan J. Smith

Download or read book The Microstructures of Housing Markets written by Susan J. Smith and published by Routledge. This book was released on 2013-10-31 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.

The Economics of Housing Markets

Author : A. Goodman
Publisher : Taylor & Francis
ISBN 13 : 113646106X
Total Pages : 165 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis The Economics of Housing Markets by : A. Goodman

Download or read book The Economics of Housing Markets written by A. Goodman and published by Taylor & Francis. This book was released on 2013-07-04 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: A state of the art overview of theoretical and empirical aspects of housing market research.

The Future of Housing Markets

Author : Leland S. Burns
Publisher : Springer Science & Business Media
ISBN 13 : 1468451618
Total Pages : 218 pages
Book Rating : 4.4/5 (684 download)

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Book Synopsis The Future of Housing Markets by : Leland S. Burns

Download or read book The Future of Housing Markets written by Leland S. Burns and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book's title betrays at once that it belongs in the forecast literature. Peering into the future is a notoriously treacherous venture. Nevertheless, it has become a prac tice endemic to the business and government worlds as well as to academia, especially economics. We like to be lieve that the enormous growth of forecasting in the face of some disappointments reflects real needs of decision makers (as well as the general public's well-warranted curiosity about the future). Fashion alone could hardly explain the sustained increase in the market for forecast services during the past few decades. Some professionals insist on fine distinctions be tween the forecast, the projection, the prediction-and the prophecy. The differences are more semantic than real, as the mandatory resort to Webster confirms. The entry "forecast" includes references to prediction and prophecy without differentiation, while "projection" is defined, among other things, as prediction or "advance estimate." We use mainly the term projections because v PREFACE vi much of our statistical research is based on forward es timates of population and households by the U.S. Bu reau of the Census which the bureau itself, the greatest fountain of data in the world, records as projections.

A Primer on U.S. Housing Markets and Housing Policy

Author : Richard K. Green
Publisher : The Urban Insitute
ISBN 13 : 9780877667025
Total Pages : 240 pages
Book Rating : 4.6/5 (67 download)

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Book Synopsis A Primer on U.S. Housing Markets and Housing Policy by : Richard K. Green

Download or read book A Primer on U.S. Housing Markets and Housing Policy written by Richard K. Green and published by The Urban Insitute. This book was released on 2003 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book that explains the economics of housing policy for a general audience. Planners, government officials, and public policy students will find that the economic perspective is a very powerful and useful way to examine these issues. The authors provide a broad review of the market for housing services in the U.S., including a conceptual framework, an overview of housing demand and supply, methods for measuring prices and quantities, and sources of basic data on markets. They cover housing programs and polices, and offer answers to policy questions that are of current interest. The book has been field-tested in graduate and undergraduate courses in urban and housing economics at the University of Wisconsin, the University of California--Berkeley, The University of Pennsylvania, and others. This book is also sure to be useful to policymakers, advocates, economists, and anyone interested in a clear picture of how housing markets function. Published in cooperation with the American Real Estate and Urban Economics Association (AREUEA).

Microeconomic Models of Housing Markets

Author : Konrad Stahl
Publisher : Springer
ISBN 13 : 9783540151937
Total Pages : 200 pages
Book Rating : 4.1/5 (519 download)

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Book Synopsis Microeconomic Models of Housing Markets by : Konrad Stahl

Download or read book Microeconomic Models of Housing Markets written by Konrad Stahl and published by Springer. This book was released on 1985-03-01 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present volume is an outgrowth of several years' interactions be tween U. S. American and W. -German economists interested in analyzing the structure and functioning of housing markets, and the impacts of govern mental policies on these markets. Such an interaction turns out to be fruitful in several respects. Unquestionably, German economists can learn a lot from the high level of sophistication exhibited in much of the American literature. However, this is not a one way road of learning and the adoption of concepts, for the following reason. Most of the analysis presented in that literature hinges on the use of the standard microeco nomics textbook tools. Now, even a casual observation of housing markets in European countries reveals that behavior and conduct in these markets do not follow the assumptions presumed in this mode of analysis, which calls into question the uncritical employment of that tool kit. This has important consequences for policy analysis and indeed, for some principal attitudes towards housing policy, and points sharply to the need for developing analytical concepts that take up more of the pecul iarities of housing market behavior and conduct. While such a develop ment may be particularly warranted in view of European housing markets, we maintain this to be the case in view of the American housing market as well.

Hot Property

Author : Rob Nijskens
Publisher : Springer
ISBN 13 : 3030116743
Total Pages : 220 pages
Book Rating : 4.0/5 (31 download)

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Book Synopsis Hot Property by : Rob Nijskens

Download or read book Hot Property written by Rob Nijskens and published by Springer. This book was released on 2019-06-14 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.

Housing and Mortgage Markets in Historical Perspective

Author : Eugene N. White
Publisher : University of Chicago Press
ISBN 13 : 022609328X
Total Pages : 408 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Housing and Mortgage Markets in Historical Perspective by : Eugene N. White

Download or read book Housing and Mortgage Markets in Historical Perspective written by Eugene N. White and published by University of Chicago Press. This book was released on 2014-10-17 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central role of the housing market in the recent recession raised a series of questions about similar episodes throughout economic history. Were the underlying causes of housing and mortgage crises the same in earlier episodes? Has the onset and spread of crises changed over time? How have previous policy interventions either damaged or improved long-run market performance and stability? This volume begins to answer these questions, providing a much-needed context for understanding recent events by examining how historical housing and mortgage markets worked—and how they sometimes failed. Renowned economic historians Eugene N. White, Kenneth Snowden, and Price Fishback survey the foundational research on housing crises, comparing that of the 1930s to that of the early 2000s in order to authoritatively identify what contributed to each crisis. Later chapters explore notable historical experiences with mortgage securitization and the role that federal policy played in the surge in home ownership between 1940 and 1960. By providing a broad historical overview of housing and mortgage markets, the volume offers valuable new insights to inform future policy debates.

The Future of Housing Markets

Author : Leland S. Burns
Publisher :
ISBN 13 : 9781468451627
Total Pages : 228 pages
Book Rating : 4.4/5 (516 download)

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Book Synopsis The Future of Housing Markets by : Leland S. Burns

Download or read book The Future of Housing Markets written by Leland S. Burns and published by . This book was released on 2014-01-15 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Fixing the Housing Market

Author : Franklin Allen
Publisher : Pearson Prentice Hall
ISBN 13 : 0137011601
Total Pages : 214 pages
Book Rating : 4.1/5 (37 download)

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Book Synopsis Fixing the Housing Market by : Franklin Allen

Download or read book Fixing the Housing Market written by Franklin Allen and published by Pearson Prentice Hall. This book was released on 2012 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains the financial history leading to the mortgage meltdown and assesses today's housing finance systems in the United States and abroad.

Households and Housing

Author : Frans Dieleman
Publisher : Routledge
ISBN 13 : 1351515047
Total Pages : 372 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Households and Housing by : Frans Dieleman

Download or read book Households and Housing written by Frans Dieleman and published by Routledge. This book was released on 2017-07-12 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Residential relocation is the household decision that generates housing consumption changes. It is not merely a decision about changing locations; it is also a decision about tenure—about whether to own or to rent. Research into housing markets has been largely focused on the process of changing from renting to owning, as most countries in the Western world have moved from predominantly rental societies to societies of homeowners. Households and Housing is designed to demonstrate the interconnections between the housing stock and households. The focus is on understanding the demand for housing and the way in which the demand is fulfilled as households select housing. This book is concerned with both the decision to move one's residence and the resulting type of housing choice. The housing supply—the stock of dwellings—is the context within which households make choices and acquire housing. The authors use the concepts of life course, housing career, and housing hierarchy to trace the movement of households through the housing market. They paint a comprehensive picture of housing consumption by age, income, and tenure choice, illustrated with nearly 150 figures and tables. US housing market data are contrasted with data from the Netherlands to document the differential effects of government intervention. This is the most up-to-date analysis available on the dynamics of housing choices and housing markets.

The Economics of Housing Markets

Author : Richard F. Muth
Publisher :
ISBN 13 : 9780415269070
Total Pages : pages
Book Rating : 4.2/5 (69 download)

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Book Synopsis The Economics of Housing Markets by : Richard F. Muth

Download or read book The Economics of Housing Markets written by Richard F. Muth and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Housing Markets and Public Policy

Author : William G. Grigsby
Publisher :
ISBN 13 :
Total Pages : 358 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Housing Markets and Public Policy by : William G. Grigsby

Download or read book Housing Markets and Public Policy written by William G. Grigsby and published by . This book was released on 1963 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Understanding Affordability

Author : Geoffrey Meen
Publisher : Policy Press
ISBN 13 : 1529211891
Total Pages : 336 pages
Book Rating : 4.5/5 (292 download)

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Book Synopsis Understanding Affordability by : Geoffrey Meen

Download or read book Understanding Affordability written by Geoffrey Meen and published by Policy Press. This book was released on 2020-07-08 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many younger and lower-income people, housing affordability continues to worsen. Based on the academic research of two distinguished housing economists – and stimulated by working with governments across the world - this wide-ranging book sets out clear theoretical and empirical frameworks to tackle one of today’s most important socio-economic issues. Housing unaffordability arises from complex forces and a prerequisite to effective policy is understanding the causes of rising house prices and rents and the interactions between housing, housing finance and the macroeconomy. The authors challenge many of the conventional wisdoms in housing policy and offer innovative recommendations to improve affordability.