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Risk and Return to Housing, Tenure Choice and the Value of Housing in an Asset Pricing Context

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  • Richard Meyer
  • Kenneth Wieand
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    Abstract

    Homeowners do not diversify their risky home equity because of fixed costs of issuing securities and information costs. An asset pricing model is developed for homeowners with the undiversifiable home equity asset. Homeowner value and house value to diversified landlords are compared, and a tenure choice equation is developed. We demonstrate the existence of a rational expectations equilibrium under appropriate conditions. Copyright American Real Estate and Urban Economics Association.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00683
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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 24 (1996)
    Issue (Month): 1 ()
    Pages: 113-131

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    Handle: RePEc:bla:reesec:v:24:y:1996:i:1:p:113-131

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    Cited by:
    1. Nordvik, Viggo, 2000. "Cost Dispersion, Reentry Costs, and Rental Housing Markets," Journal of Housing Economics, Elsevier, Elsevier, vol. 9(3), pages 129-149, September.
    2. Theodore M. Crone & Richard P. Voith, 1999. "Risk and Return within the Single-Family Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 27(1), pages 63-78.
    3. Dietz, Robert D. & Haurin, Donald R., 2003. "The social and private micro-level consequences of homeownership," Journal of Urban Economics, Elsevier, vol. 54(3), pages 401-450, November.
    4. Rodríguez Hernández, José E. & Barrios García, Javier A., 2007. "Estimación Microeconométrica de la Tenencia y Demanda de Vivienda en España según la Localización/Microeconometric Estimation of Tenune and Housing Demand in Spain Accoding to Location," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 25, pages 453-484, Abril.
    5. Barrios García, Javier A. & Rodríguez Hernández, José E., 2008. "Housing demand in Spain according to dwelling type: Microeconometric evidence," Regional Science and Urban Economics, Elsevier, vol. 38(4), pages 363-377, July.

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