Housing markets with indivisibilities |
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| Authors: | Mamoru Kaneko |
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| Institution: | 1. Institute of Socio-Economic Planning, The University of Tsukuba, Ibaraki-ken 305, Japan;2. Cowles Foundation for Research in Economics, Yale University, Box 2125, Yale Station, New Haven, Connecticut 06520 U.S.A. |
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| Abstract: | A model of a rental housing market in which houses are treated as indivisible commodities is presented. A recursive equation that determines a competitive equilibrium is provided, and it is argued that this competitive equilibrium is representative of the set of all competitive equilibria. Using this representative equilibrium, several propositions on comparative statics are considered that have to do with how the competitive rents change when certain parameters of the model change. |
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