Owner occupancy: investment vs consumption demand
Article Abstract:
Consumption and asset demand of building owner-occupiers is examined through the characteristics of owner-occupiers and the role of capital market imperfections in the process of accumulating wealth. For each family of owner-occupiers, measures of lifetime wealth and idiosyncratic tilts for the time path of income are calculated; age and education are the controlled factors. Measures of different sources of wealth that have different liquidity and availability as collateral are also obtained. The different strata of the sample of owner-occupiers are examined according to the probability of facing capital restraints, and the impact of wealth composition, level, and income tilt on tenure choice.
Publication Name: Journal of Urban Economics
Subject: Government
ISSN: 0094-1190
Year: 1987
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Dynamic aspects of consumer decisions in housing markets
Article Abstract:
A model analyzing the choices families make in the housing market related to joint tenure, length of stay and consumption level is presented using data from the Panel Study of Income Dynamics. Research results suggest that better educated families and families with more money were more mobile. Results also indicate that owners and renters were found to have parallel demand function relationships in terms of housing consumption related to socioeconomic variables. This finding substantiates the belief that owners and renters are not differentiated by housing choice when deciding whether to rent or buy a house. Instead, the decision is affected by life-cycle circumstances.
Publication Name: Journal of Urban Economics
Subject: Government
ISSN: 0094-1190
Year: 1989
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Separating Tiebout equilibria
Article Abstract:
The division of a given residential population into communities where, within each community, a local public service is commonly consumed is called the Tiebout problem. Although expanding a community's population enhances the scale economies in the provision of local public services, it also raises the heterogeneity of the voting population and spreads out demand for services and dissatisfaction of some voters. An analysis of the two main approaches in the literature are combined to include scale effects, internal heterogeneity of communities, and endogenous community numbers is presented.
Publication Name: Journal of Urban Economics
Subject: Government
ISSN: 0094-1190
Year: 1991
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