Residential mobility and housing tenure choice

This paper treats housing tenure choice and residential moves as joint decisions. The parameters of a semi-Markov model with two states, renting and owning and continuous time, length of stay, are estimated with data from the U.S. Panel Study of Income Dynamics for 1970–1980. Several distributional assumptions for residence spells confirm the basic role played by housing prices, wealth and other characteristics. Higher wealth implies higher likelihood of owning higher mobility for renters and lower for owners. Households with educated hands are more mobile. Housing modal prices may have statistically very significant coefficients, but not always as anticipated.     

The demand for housing in Sweden: Equilibrium choice of tenure and type of dwelling

Most studies of housing demand and tenure choice only identify two modes of tenure: owner-occupied one-family houses and rental apartments. Furthermore they are typically based on a cross section across all households. In this study we use recent Swedish data to overcome these weaknesses. We identify owner-occupied apartments (coop shares) as a third mode of tenure, and show that this should be treated separately. We also use information about the household's own assessment of its probability of moving during the next year. We demonstrate that it makes a large difference if likely movers are eliminated from the sample.     

An econometric model of housing price, permanent income, tenure choice, and housing demand

This paper addresses the determination of housing price, permanent income, tenure choice, and housing demand. Full housing demand elasticities incorporate the interactive effects among the four stages of the model. Price and income have major effects in the tenure choice equation. Sociodemographic variables, such as age, have complex effects that may be lost in simpler forms of estimation.     

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     

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.     

Credit impairment and housing tenure status

We revisit the relationship between financing constraints and homeownership rates using the 2004 wave of the 1979 National Longitudinal Survey of Youth. The survey respondents are a nationally representative sample of Americans 39–47 years of age as of this wave. As most of the sample had been in their current residence prior to 2004, this study reflects housing tenure status decisions made prior to the recent credit expansion and subsequent crisis. Past research has emphasized wealth constraints, and income constraints as limiting homeownership. The estimation results here point to primary roles for credit impairment and lack of credit history. We also find that excluding controls for the endogeneity of wealth and income may mask the impact of credit factors.     

Mobility and optimal tenure choice

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.     

Household tenure choice and migration

A model of the joint tenure choice and migration decision is estimated. Unlike previous work that has considered each decision separately or examined the premigration tenure status choice jointly with the migration decision, this analysis addresses change in tenure status as well. The empirical findings indicate that variables often thought to affect either or both tenure status of the residence location change decision have offsetting or augmenting effects on their joint probabilities which are masked if the decisions are examined independently.     

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.     

Housing tenure choice: Evidence from time series

A model of tenure choice is specified and estimated. A simple expression to represent the expected rate of return on equity for a homeowner is developed. Also the influence of the federal housing subsidy programs is analyzed. Both, plus permanent income and the implicit rental price of owner-occupied housing, are important determinants of tenure choice. Other influences are the financing gap with the standard mortgage instrument in an inflationary environment, the number of children less than 18 per family, assets and liabilities, and mortgage credit terms. Finally, the changes in housing tenure choice over the estimation period are analyzed.     

Housing tenure choice and the dual income household

Housing tenure choice has been the subject of a very large literature. Many treatments have sought to estimate the effect of household income on the likelihood of home ownership. To date, no study has ever disaggregated the household income of married couples into the separate labor income components to see if one partner’s income has a different effect than the other. Using a derived likelihood function to control for censoring in the wife’s income, this paper estimates the effect of separate incomes on housing tenure choice, accounting for possible endogeneity of the wife’s income. To compare the results of this estimation method, the paper also estimates the standard IV models, 2SLS and IV probit. While the results show that there is no endogeneity of the wife’s income, ignoring the censoring of the endogenous variable (when a large fraction of observations are censored) can possibly lead to biased coefficient estimates. Also, this paper confirms the importance of total household income, which has a larger effect than the total disaggregated components.     

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.     

The down-payment constraint and UK housing market: Does the theory fit the facts?

This paper considers empirical implications of the down-payment constraint for the UK housing market. It shows that, at the aggregate-level, models of the housing market with this constraint are consistent with a number of stylized facts. The paper then exploits variation across local housing markets and considers how leverage affects the response of house price inflation to shocks. The evidence, based on data for 147 district-level housing markets for the period 1993–2002, suggests that a large incidence of households with high leverage (loan-to-value ratios) raises the sensitivity of house prices to a shock. This is also consistent with the down-payment constraint model.     

Tenure choice and housing demand in Japan

This paper reports the results of an empirical analysis of tenure choice and housing demand that makes use of household-level data from Japan. The paper finds that the price and permanent-income elasticities of demand for owneroccupied housing are approximately −0.8 and 1.4, respectively, and that these estimates are highly robust. The price elasticity estimate is comparable to those for other countries, but the income elasticity estimate is much higher, possibly because of the greater accuracy of the income variable. It is also found that the tenure choice and housing demand decisions are apparently not made simultaneously.     

The Federal Housing Administration (FHA), tenure choice,and residential land use

This paper extends the standard, urban, residential land-use model to analyze the effects of Federal Housing Administration (FHA) mortgage insurance. On the demand side, households are differentiated by income and tenure; on the supply side, the cost of housing is related to the asset prices of land and structure and the cost of capital. Hypothesizing that capital cost is a function of household tenure and income, tenure is chosen to minimize this cost. The effect of FHA, then, is to expand the housing consumption of moderate-middle income households, by reducing their capital cost, while displacing those whose cost is not reduced.     

Paying the piper: choice and constraint in changing HR functional roles

HR directors are often exhorted to play a more ‘strategic’ role in their organisations. However, it is not necessarily clear what is meant by this, or whether it is possible for departments to change their role at a whim. In this article we examine the changing role of the HR function within two contrasting organisations – an NHS trust and a bank – over a period of seven years. Drawing on role‐set theory and concepts of negotiated order, we illustrate how HR functional roles are located within a complex and dynamic social setting, and present a model that seeks to map these interrelationships.     

Management strategy and HR in international mergers: choice,constraint and pragmatism

The article combines consideration of the range of contextual factors that impact on management strategy and HR in the post‐merger period (such as corporate structures and cultures, pressures from shareholders and regulatory and legal environments at national and international level) with an examination of the interests and power of various groups of actors within the firm. Specifically, we apply a framework which integrates the insights of market‐based, institutionalist and micro‐political approaches. We locate our analysis within the relevant international HRM literature, most notably recent debates concerning multinational corporation (MNC) merger dynamics. International mergers and acquisitions provide particularly useful scenarios through which to explore the interdependence between choice and constraint, illustrated here by processes of negotiation, compromise and balance across a range of issues in several case study organisations. The key areas highlighted concern: (1) the integration of HR strategies, and (2) processes of post‐merger rationalisation.     

公共租赁房退出机制及其政策选择

我国正在大力发展公共租赁房,但对公共租赁房退出机制的理论研究目前仍比较缺乏。在梳理相关文献的基础上,运用博弈论和比较研究的方法,指出政府管理部门应采取的策略,并对公共租赁房不同退出机制的效果进行了分析。结合我国的实际情况,认为应采取自愿退出、强制退出和激励退出相结合的方式创新我国公共租赁房的退出机制。     

Qualifications for tenure: The legal definitions

One of the most important norms of the academy is the right, and the unique ability, of faculty members to determine whether or not their colleagues are qualified for promotion or tenure. This right has been protected by the U.S. Supreme Court. The national debate about quality in higher education has exacerbated the pressure caused by a limited job market in many academic disciplines to exert substantial pressure on institutions to make careful, appropriate tenure decisions, and on junior faculty to amass a record of performance that will be considered worthy of a positive tenure decision. Judicial responses to discrimination litigation have implications for the way in which promotion/tenure criteria are interpreted and applied by decision makers, the manner in which probationary faculty are nurtured and evaluated, and the faculty member's own strategy for building a record of high-quality performance.