Linking a Housing Vacancy Chain Model and a Behavioral Choice Model for Improved Housing Policy Evaluation
This paper presents a linkage between the Markov Chain model of housing vacancy transfers and two types of behavioral choice model. First, it shows how vacancy transition probabilities can be computed from the estimated parameters in a household's choice model. Then it shows how the transition probabilities can be directly estimated from a model of the seller's choice of highest bid among households. The latter also provides information on the expected benefit of a household move among sectors of an urban housing market, which is indispensable in using the vacancy multiplier for policy evaluation.
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Volume (Year): 23 (1989)
Issue (Month): 3 ()
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