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Analysis of Short-Term Equilibria in a Housing Market with Application to Development of Housing Policy

  • Khutoretsky Aleksandr

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    This paper concentrates on the theoretical analysis of local housing market behavior in a short-term period such that the set of market agents, the set of dwellings, and the agents' preferences are invariable within this period. The basic model presents the market as an economy of exchange with quasilinear utility functions of market agents. The model covers the sectors of dwellings for sale and for rent and takes into account the indivisibility of dwellings. Walrasian equilibria (their complete description, efficiency, and comparative statics) and equilibria with respect to rationing schemes (their existence, uniqueness, efficiency) are studied. A hypothetical market mechanism ensuring transition to an equilibrium from an arbitrary initial situation is formulated. Some basing on the obtained results approaches to regulation of housing markets are pointed out and the corresponding methods are described.

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    Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 2k/05e.

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    Length: 94 pages
    Date of creation: 05 Apr 2001
    Date of revision:
    Handle: RePEc:eer:wpalle:2k/05e
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    1. Gabrielle Demange & David Gale, 1985. "The Strategy Structure of Two Sided Matching Markets," Post-Print halshs-00670994, HAL.
    2. Laroque, Guy & Polemarchakis, Heraklis, 1978. "On the structure of the set of fixed price equilibria," Journal of Mathematical Economics, Elsevier, vol. 5(1), pages 53-69, March.
    3. Rothenberg, Jerome & Galster, George C. & Butler, Richard V. & Pitkin, John R., 1991. "The Maze of Urban Housing Markets," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226729510.
    4. Roth, Alvin E. & Postlewaite, Andrew, 1977. "Weak versus strong domination in a market with indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 131-137, August.
    5. MacRae, C. Duncan, 1982. "Urban housing with discrete structures," Journal of Urban Economics, Elsevier, vol. 11(2), pages 131-147, March.
    6. Kaneko, Mamoru, 1983. "Housing markets with indivisibilities," Journal of Urban Economics, Elsevier, vol. 13(1), pages 22-50, January.
    7. Jean-Pascal Benassy, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Oxford University Press, vol. 42(4), pages 503-523.
    8. Jean-Pascal Benassy, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Oxford University Press, vol. 42(4), pages 503-523.
    9. Grandmont, Jean-Michel & Laroque, Guy & Younes, Yves, 1978. "Equilibrium with quantity rationing and recontracting," Journal of Economic Theory, Elsevier, vol. 19(1), pages 84-102, October.
    10. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
    11. Atila Abdulkadiroglu & Tayfun Sonmez, 1998. "Random Serial Dictatorship and the Core from Random Endowments in House Allocation Problems," Econometrica, Econometric Society, vol. 66(3), pages 689-702, May.
    12. Svensson, Lars-Gunnar, 1983. "Large Indivisibles: An Analysis with Respect to Price Equilibrium and Fairness," Econometrica, Econometric Society, vol. 51(4), pages 939-54, July.
    13. Khutoretsky, A., 1999. "Housing market short-term equilibriums maximizing linear utility functions," Journal of Mathematical Economics, Elsevier, vol. 32(3), pages 355-364, November.
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