Mobility and optimal tenure choice |
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Authors: | Süheyla
zyldrm Zeynep
nder Abdullah Yavas |
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Institution: | aFaculty of Business Administration, Bilkent University, Bilkent 06800, Ankara, Turkey;bSmeal College of Business Administration, The Pennsylvania State University, University Park, PA 16802, USA |
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Abstract: | In this paper, we offer a dynamic model of the optimal tenure behavior of an individual who faces the possibility of moving multiple times during his lifetime. We also investigate the lifetime effects of such factors as income tax, property tax, transaction costs, and mortgage rates on the household’s tenure choice. The agents in the model utilize a genetic algorithm, a probabilistic search approach, to determine their optimal lifetime tenure choice path. The agents are forward looking in that they anticipate such possible events as changes in jobs, marital status, household size, or dissatisfaction with current residence. Our results suggest several housing policy implications and explain some of the empirical findings in the literature. |
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Keywords: | Tenure choice Random mobility Heuristic search |
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