Housing Market with Indivisibility
In this paper we present a model of rental housing market in which houses are treated as indivisible commodities. We provide a recursive equation which determines a competitive equilibrium and argue that we can regard the competitive equilibrium as a representative of the set of all competitive equilibria. Using this representative equilibrium, we provide several propositions on comparative statics, that is, we consider how the competitive rents change when certain parameters of the model change.
|Date of creation:||Dec 1980|
|Date of revision:|
|Publication status:||Published in Journal of Urban Economics (1983), 13: 22-50|
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