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Housing Demand in Germany and Japan

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  • Borsch-Supan, Axel
  • Heiss, Florian
  • Seko, Miki

Abstract

National housing markets differ in many aspects, making cross-national studies a fascinating subject. This article sheds light on housing demand in Germany and Japan. The primary task undertaken is to separate cross-national differences in the structure of housing demand by differing preferences and differing socioeconomic characteristics, exploiting the available cross-country variation in survey data from both countries. This study features the application of a mixed logit model that allows for a flexible substitution pattern among unobservable characteristics. This is an important feature in a comparison between countries since so many cultural and policy differences are impossible to model precisely.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Housing Economics.

Volume (Year): 10 (2001)
Issue (Month): 3 (September)
Pages: 229-252

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Handle: RePEc:eee:jhouse:v:10:y:2001:i:3:p:229-252

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Web page: http://www.elsevier.com/locate/inca/622881

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References

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  1. Borsch-Supan, Axel & Pollakowski, Henry O., 1990. "Estimating housing consumption adjustments from panel data," Journal of Urban Economics, Elsevier, vol. 27(2), pages 131-150, March.
  2. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
  3. Vassilis A. Hajivassiliou & Axel Borsch-Supan, 1990. "Smooth Unbiased Multivariate Probability Simulators for Maximum Likelihood Estimation of Limited Dependent Variable Models," Cowles Foundation Discussion Papers 960, Cowles Foundation for Research in Economics, Yale University.
  4. VanderHart, Peter G., 1998. "The Housing Decisions of Older Households: A Dynamic Analysis," Journal of Housing Economics, Elsevier, vol. 7(1), pages 21-48, March.
  5. Brownstone, David & Train, Kenneth, 1999. "Forecasting new product penetration with flexible substitution patterns," University of California Transportation Center, Working Papers qt3tb6j874, University of California Transportation Center.
  6. McFadden, Daniel & Ruud, Paul A, 1994. "Estimation by Simulation," The Review of Economics and Statistics, MIT Press, vol. 76(4), pages 591-608, November.
  7. Goodman, Allen C., 1995. "A Dynamic Equilibrium Model of Housing Demand and Mobility with Transactions Costs," Journal of Housing Economics, Elsevier, vol. 4(4), pages 307-327, December.
  8. Weinberg, Daniel H. & Friedman, Joseph & Mayo, Stephen K., 1981. "Intraurban residential mobility: The role of transactions costs, market imperfections, and household disequilibrium," Journal of Urban Economics, Elsevier, vol. 9(3), pages 332-348, May.
  9. Rebecca M. Blank, 1994. "Social Protection versus Economic Flexibility: Is There a Trade-Off?," NBER Books, National Bureau of Economic Research, Inc, number blan94-1, October.
  10. V.A. Hajivassiliou & P. A. Ruud, 1993. "Classical Estimation Methods for LDV Models Using Simulation," Econometrics 9311002, EconWPA.
  11. James N. Brown & Harvey S. Rosen, 1982. "On the Estimation of Structural Hedonic Price Models," NBER Technical Working Papers 0018, National Bureau of Economic Research, Inc.
  12. Borsch-Supan, Axel, 1986. "Household formation, housing prices, and public policy impacts," Journal of Public Economics, Elsevier, vol. 30(2), pages 145-164, July.
  13. Mayo, Stephen K., 1981. "Theory and estimation in the economics of housing demand," Journal of Urban Economics, Elsevier, vol. 10(1), pages 95-116, July.
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Cited by:
  1. 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.
  2. Braun, Frauke G., 2010. "Determinants of households' space heating type: A discrete choice analysis for German households," Energy Policy, Elsevier, vol. 38(10), pages 5493-5503, October.
  3. Olivia S. Mitchell & John Piggott, 2004. "Unlocking Housing Equity in Japan," NBER Working Papers 10340, National Bureau of Economic Research, Inc.
  4. Miki Seko & Kazuto Sumita, 2007. "Japanese Housing Tenure Choice and Welfare Implications after the Revision of the Tenant Protection Law," The Journal of Real Estate Finance and Economics, Springer, vol. 35(3), pages 357-383, October.
  5. Takuya Ishino, 2010. "Youth's Beginning of Individual Housing Payment and Tenure Choice: New Entries to Japanese Housing Market," Keio/Kyoto Joint Global COE Discussion Paper Series 2010-021, Keio/Kyoto Joint Global COE Program.
  6. Ferda Halicioglu, 2007. "The demand for new housing in Turkey: an application of ARDL model," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 9(1), pages 62-74.
  7. Sigal Kaplan & Yoram Shiftan & Shlomo Bekhor, 2011. "A Semi-Compensatory Residential Choice Model With Flexible Error Structure," ERSA conference papers ersa10p65, European Regional Science Association.

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