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Structural Estimation of Residential Mobility and Housing Tenure Choice

Listed author(s):
  • IOANNIDES, Yannis

    (Department of Economics, VPI&SU, USA)

  • KAN, Kamhon

    (CORE, Universite catholique de Louvain and The Institute of Economics Academia Sinica, Taiwan)

This study is devoted to studying households' decisions about moving and about whether to rent or own after moving. It employs dynamic discrete choice models which condition households' decisions on their circumstances at every point in time during the length of the observation while accounting for individual heterogeneity. The results show that key dynamic elements, captured by means of lagged dependent variables, as well as household heterogeneity, are very significant determinants of the tenure choice and mobility decisions. Moreover, homeowners are found to be responsive to housing market conditions in adjusting their housing stock. Housing price appreciation is found to be discouraging renters from moving and owning. Finally, our results reject the proportional monetary transaction costs specification suggesting that monetary transaction cost might be fixed

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1994032.

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Date of creation: 01 Aug 1994
Handle: RePEc:cor:louvco:1994032
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