Residential mobility with job location uncertainty

This paper investigates the relationship between job changes and residential mobility. A job change may be prompted by reasons unrelated to factors associated with housing consumption. However, a job change may lead to an adjustment to housing consumption, i.e., residential relocation. Previous studies find that job relocations are positively associated with residential mobility. This paper departs from previous studies by looking at the effects of an uncertain future job location on residential mobility and mobility expectation. It is conjectured that with the existence of costs of residential mobility, a household head's likelihood for changing jobs in the future dampens the household's propensity to move, but encourages the formation of mobility expectation. These conjectures are examined empirically using data from the Panel Study of Income Dynamics and they are confirmed.     

Cross-sectional estimation of a simultaneous model of tenure choice and housing services demand

In this paper we analyze the demand for housing services, integrating into a single analysis a systematic treatment of several important conceptual and empirical issues. Our three major objectives are to (1) evaluate the empirical importance of the simultaneity between the tenure choice and consumption level decisions; (2) analyze the relationship between household type and housing demand; and (3) present new estimates of the parameters of housing demand which are based on detailed microdata. In the process, we derive and estimate overall income and price demand elasticities which incorporate the impacts of income and price on both the tenure choice and consumption level decisions.     

Housing Decisions of Young Swedish Adults

Pooled and longitudinal data for the years 1989 and 1992 were used to study the housing decisions of young Swedish adults before and after the 1991 Swedish tax reform. Although the household formation and tenure choice decisions of young adults were found to be simultaneously determined, neglecting the cross-equation correlation between these two decisions had no major impact on the estimated coefficients. Demographic factors were found to significantly affect both the household formation and tenure choice decisions. Economic factors were also found to significantly affect young adults' choice of tenure mode. This is however not the case regarding the household formation decision. Young adults' decision whether to form a household was found to be rather insensitive to economic factors. Furthermore, the impact of the relative cost of owned to rented housing was found to be significantly lower after the 1991 Swedish tax reform. One possible explanation might be the smaller variation in relative cost of owned versus rented housing between households after the 1991 Swedish tax reform. Finally, neglecting household-specific heterogeneity in the tenure choice estimation causes a downward bias in the parameter estimates.     

INTRA‐HOUSEHOLD EXPERIMENTS: A SURVEY

Experiments with family groups are rare, but since many decisions are taken at the household level or occur within the household it is an important area to investigate. This paper provides a survey of the recent experimental work on intra‐household decision‐making. I discuss some of the challenges involved in doing experiments with couples and families and consider major areas that remain yet to be explored. While general themes from the research are still emerging, four results repeatedly occur: (1) the absence of efficiency in intra‐household decisions; (2) joint decisions that are not a convex combination of individual decisions; (3) individual behaviour is affected by opportunities for hiding actions from spouses and (4) deviations from standard models of microeconomics in line with those seen in the anomalies literature of individual decision‐making.     

Tenure decisions,mortgage interest,and the spatial distribution of housing demand: A theoretical analysis

This paper develops a model for analyzing household tenure decisions and life cycle planning decisions that must be made simultaneously with housing location decisions. It is found that increases in the leverage sensitivity of mortgage interest structures lead to flatter housing gradients within the city. We examine conditions under which households tend to move further from the center with age and income and under which home purchasers will tend to outbid renters at distances further from the center.     

Housing tenure transitions of older households: Life cycle, demographic, and familial factors

Understanding the housing choices of the older households will grow in importance as the baby boom generation starts to retire. This analysis utilizes a rich longitudinal data set (PSID) to provide insight into the reasons why older households make housing transitions. Because of the richness of the data, this analysis is able to control for life transitions, a household's income and wealth, and connection to one's children in predicting when a homeowner makes a housing transition. The results demonstrate that age is not related directly to housing tenure choice for older households. Instead, having lower health status and being a single head of household is the important predictor of housing tenure transitions. At the same time, very few life changing events immediately lead a homeowner to become a renter, although they do influence the decision to downsize or consumer home equity. Finally, living next to one's children lowers the probability of becoming a renter or downsizing, and having richer children increases the probability of downsizing and thereby consuming one's housing wealth.     

The relationships between income and price elasticities in studies of housing demand,tenure choice,and household formation

Three decisions pertaining to the demand for housing are (1) household formation, (2) tenure choice, and (3) how much housing to consume, given the household formation and tenure choice decisions. Income and price elasticities can be estimated that include one, two, or all three of these decisions. The relationships between these elasticities are developed.     

Residential mobility and social capital

This paper empirically investigates the role of social capital in households' residential mobility behavior by considering its spatial dimension. This study focuses on a household's social ties with people living nearby, which we refer to as its “local social capital.” Local social capital may deter residential mobility, because the resources stemming from them are location-specific and will be less valuable if a household moves. We conjecture that a household's possession of local social capital has a negative effect on its residential mobility, and this negative effect of local social capital may be stronger on long-distance mobility than on short-distance mobility. Our empirical investigation is based on data from the Panel Study of Income Dynamics. We obtain evidence which is supportive of these conjectures.     

Price dynamics in public and private housing markets in Singapore

In down-payment constrained housing consumption models, increases in house prices could trigger household mobility decisions in housing markets. This study empirically tests house price dynamics associated with the mobility of households in the public resale and private housing markets in Singapore. The results show that stochastic permanent breaks were found in the public housing resale prices and private housing prices. The relative prices drift apart occasionally, but mean-revert to a long-run fundamental equilibrium. Error correction mechanisms and lagged public housing prices were also found to have significant explanatory effects for price changes in the private housing markets. The results support the hypothesis that household mobility creates co-movements of prices in public and private housing submarkets in the long run.     

Household Economies of Scale and Changes In the Distribution of Income

A bstract A household's position in the distribution of income depends not only on the household's disposable income but aldo on the degree to which economies of scale in operating a bousehold exist Since the magnitude of these 'scale effects'has never been definitively measured, three sets of assumptions about equivalent household sizes are used to construct three income distributions for 1980 and 1986 Fconomies of scale in operating a household are assumed to be strong, weak, and non existent In given vear, as these scale effects are reduced, the size of the middle segment declines It is also observed that over time, with each set of assumptions, the size of the middle segment declines Moreover, the sizes of the households found in each tail of the distribution are very sensitive to the assumption relating to economies of scale in operating a household     

Rehabilitation decisions in rental housing: An empirical analysis

Housing policy-makers show increased interest in encouraging rehabilitation of the existing housing stock. But little is known about what factors influence the decision to invest, particularly in rental housing, making policy design difficult. This paper presents an empirical analysis of individual landlords' housing rehabilitation decisions in one housing market. The analysis tests hypotheses about the impacts of detailed neighborhood, structure, and site characteristics on each owner's investment activity. Findings support the general hypothesis that economic returns to investment have a major effect on rehabilitation decisions, identify some other important circumstances, and suggest which among many specific policy levers should be effective.     

房屋拆迁会刺激家庭的金融市场参与吗？——一个心理账户的分析视角

在心理账户的作用下,拆迁补偿款的发放使得家庭更加倾向于参与金融市场投资,因此房屋拆迁将会显著提高家庭的金融市场参与度。对此,基于中国家庭金融调查（CHIP2013）和中国家庭追踪调查（CFPS2018）数据,运用工具变量法,实证检验了房屋拆迁对家庭金融市场参与的影响,结果表明,房屋拆迁会在一定程度上促进家庭的金融市场参与,且这一效果在消费支出少和金融资产余额多的家庭中更加显著。同时,中介效应检验结果发现,在房屋拆迁促进家庭金融市场参与的过程中,家庭可支配收入发挥了部分中介作用。这意味着,在房屋拆迁补偿中,不仅拆迁户应该警惕过度参与金融市场的非理性行为,而且政府和金融机构也应该组织和提供不同形式的金融教育,提高拆迁户的金融素养,从而预防拆迁返贫的悲剧。     

Household factors and discrimination in housing consumption : Further developments in the analysis of tenure choice within housing careers

The decision of households regarding housing consumption should be viewed as decisions within an overall housing career. A model of household residential mobility is derived which may be empirically investigated through a generalisation of competing risk analysis. It is explained how the effects of omitted variables may be dealt with by means of a non-parametric characterisation of their multivariate distribution within a marginal likelihood framework. The problem of initial conditions is discussed in relation to the design of the analysis. The model is applied to the residence histories of a sample of households from the Michigan Panel Study of Income Dynamics     

中国城乡居民住房不平等分析

随着中国城镇住房分配体制的转型，居民的居住条件在很大程度上依赖于家庭的收入水平，因此不断扩大的收入差距也在无形中影响着住房的不平等状况。基于2002年和2013年的城镇和农村的住户调查数据，本文从住房面积和房产价值两个角度分析中国农村和城镇居民住房不平等的总体状况。研究发现，在住房市场化体制建立和发展的过程中，虽然从财产所有权上的住房均等化有所提升，家庭居住面积有了很大的改善，但人均居住面积分布的不均等程度却进一步扩大。房产价值的不平等分析表明，虽然这一时期居民的住房财富高速增长，但城乡内部和城乡之间的房产差距都急剧扩大。基于回归分解的方法考察住房财富不平等的影响因素后发现，区域差异、收入差异和人力资本是造成居民房产价值分布差距不断扩大的重要因素。     

Household borrowing and metropolitan housing price dynamics – Empirical evidence from Helsinki

This article argues that, especially in the absence of sufficient direct data on credit constraints, it is reasonable to add a household debt variable in an empirical model studying housing price dynamics. This is because household borrowing is likely to reveal information regarding the credit constraints faced by households. Moreover, debt may also give information on expected income growth and interest rate movements. The aim of this study is to examine empirically if household borrowing data, indeed, is of importance in a dynamic housing price model. In line with the prior expectations, it is found that housing appreciation in the Helsinki Metropolitan area is Granger caused by the household debt-to-GDP ratio both in the short and in the long run. Causality from the housing market to credit, in turn, seems to run only through a cointegrating long-run relation. While the estimated long-run relation between housing prices, income and debt-to-GDP ratio appears to have remained stable through the sample period (1975Q1-2006Q2), the short-run dynamics changed somewhat due to the financial liberalization in the late 1980s. The stability of the long-run relation implies that the loan data are able to cater, at least to a notable extent, for the effect of the changes in Finnish households’ liquidity constraints on housing demand. In line with previous literature, it is also found that housing price adjustment is sluggish and includes notable backward-looking features.     

适应人口数量和结构变动的刚性住房需求研究——以上海市为例

相对于影响住房供给和需求的其他因素,人口因素具有相对稳定型,因此从人口角度来分析住房市场是一个相当理想的视角。上海作为一个生育率超低水平的城市和快速移民的城市,人口年龄结构的变化也表现得尤其剧烈。准确把握上海的人口状况和结构变动,做好城市住房管理工作,维持稳定的住房价格,保证住房市场得到稳定健康发展,同时提高居民的居住福利,有序推动城市化过程,是上海发展面临的突出挑战。分析上海市户籍人口和常住人口不同的刚性住房需求变迁,得到外来常住流动人口的刚性住房需求将成为城市住房需求的主要动力。基于外来人口的特性,未来本市人口住房购买性刚性需求比例将降低,相应的以租赁等形式的刚性住房需求旺盛,且多以低档小户型住房需求为主。同时,外来常住流动人口中集体户人口增加,集体式公寓等住房类型的刚性需求相应增加。     

Bargaining Over Housework

A bstract .   This paper investigates the limited increase in housework provided by husbands in response to higher earnings and labor force participation by their wives. An explanation is provided that integrates the time availability, relative resources, and gender ideology perspectives that traditionally have been used to explain housework decisions. The outcome is the result of a bargaining process in which two concerns are identified as limiting the response of primary wage earning spouses to the employment of secondary wage earning spouses. First, the secondary wage earners' employment may in part be motivated by a concern about the durability of their marriage rather than their family's welfare. Second, a balancing of the inconveniences and the net earnings of the additional employment may be viewed as making only a limited contribution to the family's welfare. Empirical results of an analysis of the individual household tasks imply that both gender ideology and the spouses' earnings are important in determining the hours that each spouse devotes to household tasks. When making decisions about the amount of housework to perform, both spouses respond to changes in relative earnings, but the response of husbands, who are usually the primary wage earners, is smaller than that of wives, who tend to be the secondary wage earners.     

住房价格、社会保障支出和居民消费——基于面板门槛模型的实证分析

党的十九大报告提出了改善住房制度、加强社会保障和完善消费体制等一系列要求，这些热点问题之间不是孤立的，而是存在着内在的联系。为此，基于不确定性视角，将社会保障支出水平纳入分析框架研究发现，住房价格上涨通过社会保障支出对居民消费产生正向影响，与原有住房价格通过收入视角对居民消费产生的效应相叠加，使住房价格对居民消费产生的总效应呈现非线性关系。在此基础上，以地方政府社会保障支出水平作为门槛变量，建立关于房价和居民消费率关系的面板门槛模型，以我国2007—2015年省际面板数据为样本进行实证分析，结果表明：社会保障水平的变化使得住房价格对于居民消费率的影响存在显著的单门槛效应。当社会保障支出水平小于其门槛值时，住房价格上涨对居民消费率有较强的抑制效应，两者之间呈现显著的负相关关系；当社会保障水平超过门槛值后，住房价格上涨对居民消费率的抑制效应明显减弱。     

Hedonic theory, bid rents, and willingness-to-pay: Some extensions of Ellickson's results

An alternative to Ellickson's multinomial logit model of household bids for dwelling units is derived by making use of observable information on the price paid by the winning bidder. The alternative specification makes it possible to estimate willingness-to-pay for housing attributes, which cannot be obtained from Ellickson's model. Some methodological issues arising from Ellickson's method of grouping households are also examined.     

Living on a plot of land as a tenure choice: The case of Panama

In this paper, we use analyze data from a survey of over thirteen hundred household housing-tenures in Panama. Our objective is to identify the features which determine whether households in a developing country such as Panama choose to rent or to buy housing properties, or alternatively to seek somewhat alternative tenure arrangements. In particular, we investigate the common characteristic of Panamanian households undertaking plot purchases with a view to future building. In order to analyze these alternative tenure arrangements we develop a series of log-linear models, in which dichotomous rent-versus-buy models are extended to include the possibility of plot purchasing with a view to future building. The extended models including plot purchases are seen to be superior to the dichotomous rent-versus-buy model in identifying which household characteristics are associated with particular housing-tenure decisions.