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Rational Land and Housing Bubbles in Infinite-Horizon Economies

In: Sunspots and Non-Linear Dynamics

Author

Listed:
  • Stefano Bosi

    (University of Evry)

  • Cuong Le Van

    (IPAG, CNRS, and Paris School of Economics)

  • Ngoc-Sang Pham

    (University of Lille 3)

Abstract

This paper considers rational land and housing bubbles in an infinite-horizon general equilibrium model. Their demands rest on two different grounds: the land is an input to produce while the house may be consumed. Our work differs from the existing literature in two respects. First, dividends on both these long-lived assets are endogenous and their sequences are computed. Second, we introduce and study different concepts of bubbles, including individual and strong bubbles.

Suggested Citation

  • Stefano Bosi & Cuong Le Van & Ngoc-Sang Pham, 2017. "Rational Land and Housing Bubbles in Infinite-Horizon Economies," Studies in Economic Theory, in: Kazuo Nishimura & Alain Venditti & Nicholas C. Yannelis (ed.), Sunspots and Non-Linear Dynamics, chapter 0, pages 203-230, Springer.
    • Handle: RePEc:spr:steccp:978-3-319-44076-7_9
    DOI: 10.1007/978-3-319-44076-7_9
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    Cited by:

    1. Stefano Bosi & Cuong Le Van & Ngoc-Sang Pham, 2025. "To Bubble or Not to Bubble: Asset Price Dynamics and Optimality in OLG Economies," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-05199274, HAL.
    2. Stefano Bosi & Carmen Camacho & David Desmarchelier, 2020. "Human capital and welfare," Working Papers halshs-02482543, HAL.
    3. Pham, Ngoc Sang & Le Van, Cuong & Bosi, Stefano, 2025. "To Bubble or Not to Bubble: Asset Price Dynamics and Optimality in OLG Economies," MPRA Paper 125772, University Library of Munich, Germany.
    4. Stefano Bosi & Carmen Camacho & David Desmarchelier, 2020. "Human capital and welfare," PSE Working Papers halshs-02482543, HAL.
    5. Ngoc-Sang Pham, 2024. "The relationship between general equilibrium models with infinite-lived agents and overlapping generations models, and some applications," Papers 2411.07674, arXiv.org, revised Jan 2026.

    More about this item

    Keywords

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    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing

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