Arbitrage in housing markets:
Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction that in...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
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| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13704 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction that individuals must be indifferent between owning and renting. This paper argues the predictions from these non-spatial, financial no arbitrage conditions are also quite imprecise. Owned homes are extremely different from rental units and owners are quite different from renters. The unobserved costs of home owning such as maintenance are also quite large. Furthermore, risk aversion and the high volatility of housing pries compromise short-term attempts to arbitrage by delaying home buying. We conclude that housing cannot be understood with a narrowly financial approach that ignores space any more than it can be understood with a narrowly spatial approach that ignores asset markets. |
| Beschreibung: | 50 S. graph. Darst. 22 cm |
Internformat
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| 245 | 1 | 0 | |a Arbitrage in housing markets |c Edward L. Glaeser ; Joseph Gyourko |
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13704 | |
| 520 | |a Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction that individuals must be indifferent between owning and renting. This paper argues the predictions from these non-spatial, financial no arbitrage conditions are also quite imprecise. Owned homes are extremely different from rental units and owners are quite different from renters. The unobserved costs of home owning such as maintenance are also quite large. Furthermore, risk aversion and the high volatility of housing pries compromise short-term attempts to arbitrage by delaying home buying. We conclude that housing cannot be understood with a narrowly financial approach that ignores space any more than it can be understood with a narrowly spatial approach that ignores asset markets. | ||
| 700 | 1 | |a Gyourko, Joseph E. |d 1956- |e Verfasser |0 (DE-588)128974338 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 13704 |w (DE-604)BV002801238 |9 13704 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w13704.pdf |z kostenfrei |3 Volltext |
Datensatz im Suchindex
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| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-20T03:20:55Z |
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| spelling | Glaeser, Edward L. 1967- Verfasser (DE-588)124526373 aut Arbitrage in housing markets Edward L. Glaeser ; Joseph Gyourko Cambridge, Mass. National Bureau of Economic Research 2007 50 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13704 Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction that individuals must be indifferent between owning and renting. This paper argues the predictions from these non-spatial, financial no arbitrage conditions are also quite imprecise. Owned homes are extremely different from rental units and owners are quite different from renters. The unobserved costs of home owning such as maintenance are also quite large. Furthermore, risk aversion and the high volatility of housing pries compromise short-term attempts to arbitrage by delaying home buying. We conclude that housing cannot be understood with a narrowly financial approach that ignores space any more than it can be understood with a narrowly spatial approach that ignores asset markets. Gyourko, Joseph E. 1956- Verfasser (DE-588)128974338 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13704 (DE-604)BV002801238 13704 http://papers.nber.org/papers/w13704.pdf kostenfrei Volltext |
| spellingShingle | Glaeser, Edward L. 1967- Gyourko, Joseph E. 1956- Arbitrage in housing markets |
| title | Arbitrage in housing markets |
| title_auth | Arbitrage in housing markets |
| title_exact_search | Arbitrage in housing markets |
| title_exact_search_txtP | Arbitrage in housing markets |
| title_full | Arbitrage in housing markets Edward L. Glaeser ; Joseph Gyourko |
| title_fullStr | Arbitrage in housing markets Edward L. Glaeser ; Joseph Gyourko |
| title_full_unstemmed | Arbitrage in housing markets Edward L. Glaeser ; Joseph Gyourko |
| title_short | Arbitrage in housing markets |
| title_sort | arbitrage in housing markets |
| url | http://papers.nber.org/papers/w13704.pdf |
| volume_link | (DE-604)BV002801238 |
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