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Vacancies and residential search in an empirical equilibrium search model

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Author Info
Arno J. van der Vlist ()
Cees Gorter ()
Piet Rietveld ()
Peter Nijkamp ()

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Abstract

As is well known housing has a unique set of characteristics which interact to cause the operation of the housing market to be significantly different from that of other markets. On the demand side individuals have to search for vacancies and its characteristics. Due to the high dimensionality of housing considerable search costs are involved. On the supply side, complicated interactions exist in the housing market whereby frictions occur frequently. In the labour market similar behaviour has been explained with search and matching models, where vacancies and turnovers are explicitly considered. Wheaton (1990) remarks that these search and matching models from the labour market would seem particularly applicable to housing. In this paper we formulate an equilibrium search model of the housing market that deals with search and prices. We beleive that an equilibrium searchmodel could be an important step forward into the analysis of vacancies and residential search. Using this framework we formulate an empirical model for the Dutch housing market.

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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa98p291.

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Date of creation: Aug 1998
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Handle: RePEc:wiw:wiwrsa:ersa98p291

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  1. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Oxford University Press, vol. 14(3), pages 347-68, September.
  2. van den Berg, Gerard J, 1990. "Nonstationarity in Job Search Theory," Review of Economic Studies, Blackwell Publishing, vol. 57(2), pages 255-77, April. [Downloadable!] (restricted)
  3. Arno van der Vlist & Piet Rietveld & Peter Nijkamp, 1998. "Vacancies and Residential Search in an Equilibrium Search Model," Tinbergen Institute Discussion Papers 98-045/3, Tinbergen Institute.
  4. Eubank, Arthur A, Jr & Sirmans, C F, 1979. "The Price Adjustment Mechanism for Rental Housing in the United States," The Quarterly Journal of Economics, MIT Press, vol. 93(1), pages 163-68, February. [Downloadable!] (restricted)
  5. Rosen, Kenneth T & Smith, Lawrence B, 1983. "The Price-Adjustment Process for Rental Housing and the Natural Vacancy Rate," American Economic Review, American Economic Association, vol. 73(4), pages 779-86, September. [Downloadable!] (restricted)
  6. Dale Mortensen, 1984. "Job Search and Labor Market Analysis," Discussion Papers 594, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  7. Berg, G.J. & Ridder, G., 1993. "Estimating an equilibrium search model from wage data," Serie Research Memoranda 0040, Free University Amsterdam, Faculty of Economics, Business Administration and Econometrics. [Downloadable!]
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