Moving costs, security of tenure and eviction

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Moving costs, security of tenure and eviction

Author Info

Alex Anas (State University of New York at Buffalo)
Richard Arnott (Boston College)

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Abstract

We contrast equilibrium and welfare analysis in the rental housing market under two property rights regimes – eviction rights and security of tenure – when tenants face moving costs. A tenant’s idiosyncratic benefit from his unit and a landlord’s idiosyncratic profit from conversion are treated as private information. The two regimes differ when a tenant wants to stay in his unit but the landlord wants to redevelop it. North American housing markets have been characterized by eviction rights and many European housing markets by security of tenure. Under eviction rights, a landlord who evicts a tenant imposes a negative externality on him, which can be imperfectly internalized through a demolition (conversion) tax. Similarly, under security of tenure efficiency can be improved by subsidizing the moving costs of tenants.

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Paper provided by EconWPA in its series Urban/Regional with number 0408005.

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Length: 44 pages
Date of creation: 15 Aug 2004
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Handle: RePEc:wpa:wuwpur:0408005

Note: Type of Document - pdf; pages: 44
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Find related papers by JEL classification:
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
D62 - Microeconomics - - Welfare Economics - - - Externalities
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand
R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets

This paper has been announced in the following NEP Reports:

NEP-ALL-2004-08-23 (All new papers)
NEP-GEO-2004-08-23 (Economic Geography)
NEP-MIC-2004-08-23 (Microeconomics)
NEP-URE-2004-08-23 (Urban & Real Estate Economics)

References listed on IDEAS
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Joseph Farrell., 1987. "Information and the Coase Theorem," Economics Working Papers 8747, University of California at Berkeley.
Other versions:
- Farrell, Joseph, 1987. "Information and the Coase Theorem," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 113-29, Fall. [Downloadable!] (restricted)
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Other versions:
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Other versions:
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Other versions:
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Other versions:
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Richard Arnott & Alex Anas, 1995. "Taxes and Allowances in a Dynamic Equilibrium Model of Urban Housing with a Size-Quality Hierarchy," Boston College Working Papers in Economics 309., Boston College Department of Economics.
Other versions:
- Anas, Alex & Arnott, Richard J., 1997. "Taxes and allowances in a dynamic equilibrium model of urban housing with a size--quality hierarchy," Regional Science and Urban Economics, Elsevier, vol. 27(4-5), pages 547-580, August. [Downloadable!] (restricted)
Rohan Pitchford, 2003. "Coming to the Nuisance: An Economic Analysis from an Incomplete Contracts Perspective," Journal of Law, Economics and Organization, Oxford University Press, vol. 19(2), pages 491-516, October.
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