Commodity chain systems and the housing market |
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Authors: | Lawrence D. Schall |
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Affiliation: | Graduate School of Business, University of Washington, Seattle, Washington 98195 USA |
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Abstract: | A system of gross substitutes, referred to here as a chain system, is analyzed and the results applied to the housing market. The stability conditions and comparative statics properties of the system are examined in detail. One of the results is that a specific numerical magnitude is of special importance to the system's stability and comparative statics behavior. Implications of the analysis for the housing market and for government policy are discussed. |
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