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Housing Demand in Germany and Japan

  • Axel Börsch-Supan

    ()

  • Florian Heiss

    ()

  • Miki Seko

    (Munich Center for the Economics of Aging (MEA))

National housing markets differ in many aspects, making cross-national studies a fascinating subject. This article sheds light on housing demand in Germany and Japan. The primary task undertaken is to separate cross-national differences in the structure of housing demand by differing preferences and differing socioeconomic characteristics, exploiting the available cross-country variation in survey data from both countries. This study features the application of a mixed logit model that allows for a flexible substitution pattern among unobservable characteristics. This is an important feature in a comparison between countries since so many cultural and policy differences are impossible to model precisely.

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Paper provided by Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy in its series MEA discussion paper series with number 02008.

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Date of creation: 19 Jan 2002
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Handle: RePEc:mea:meawpa:02008
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  1. Vassilis A. Hajivassiliou and Paul A. Ruud., 1993. "Classical Estimation Methods for LDV Models Using Simulation," Economics Working Papers 93-219, University of California at Berkeley.
  2. Brownstone, David & Train, Kenneth, 1999. "Forecasting new product penetration with flexible substitution patterns," University of California Transportation Center, Working Papers qt3tb6j874, University of California Transportation Center.
  3. Borsch-Supan, Axel, 1986. "Household formation, housing prices, and public policy impacts," Journal of Public Economics, Elsevier, vol. 30(2), pages 145-164, July.
  4. Goodman, Allen C., 1995. "A Dynamic Equilibrium Model of Housing Demand and Mobility with Transactions Costs," Journal of Housing Economics, Elsevier, vol. 4(4), pages 307-327, December.
  5. Mayo, Stephen K., 1981. "Theory and estimation in the economics of housing demand," Journal of Urban Economics, Elsevier, vol. 10(1), pages 95-116, July.
  6. Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, vol. 50(3), pages 765-68, May.
  7. Weinberg, Daniel H. & Friedman, Joseph & Mayo, Stephen K., 1981. "Intraurban residential mobility: The role of transactions costs, market imperfections, and household disequilibrium," Journal of Urban Economics, Elsevier, vol. 9(3), pages 332-348, May.
  8. Borsch-Supan, Axel & Pollakowski, Henry O., 1990. "Estimating housing consumption adjustments from panel data," Journal of Urban Economics, Elsevier, vol. 27(2), pages 131-150, March.
  9. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
  10. Vassilis A. Hajivassiliou & Axel Borsch-Supan, 1990. "Smooth Unbiased Multivariate Probability Simulators for Maximum Likelihood Estimation of Limited Dependent Variable Models," Cowles Foundation Discussion Papers 960, Cowles Foundation for Research in Economics, Yale University.
  11. Rebecca M. Blank, 1994. "Social Protection versus Economic Flexibility: Is There a Trade-Off?," NBER Books, National Bureau of Economic Research, Inc, number blan94-1, December.
  12. McFadden, Daniel & Ruud, Paul A, 1994. "Estimation by Simulation," The Review of Economics and Statistics, MIT Press, vol. 76(4), pages 591-608, November.
  13. VanderHart, Peter G., 1998. "The Housing Decisions of Older Households: A Dynamic Analysis," Journal of Housing Economics, Elsevier, vol. 7(1), pages 21-48, March.
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