Download or read book Essays in Housing Choices and Consumer Behavior written by Li Ma and published by . This book was released on 2012 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third chapter "The Impact of Borrowing Constraints on the Homeownership of Chinese Households" addresses the effect of borrowing constraints in the mortgage market on the tenure choice of Chinese households. The termination of housing allocation system in 1994 is one of the most important reforms in Chinese economy during past decades. Millions of Chinese households became homeowners after this housing reform, and a market-based housing system was established. Since then, Chinese housing mortgage market has boomed and by 2005 China had become the largest residential mortgage market in Asia. This chapter examines the effect of borrowing constraints in mortgage market on the tenure choice of Chinese households. The result shows that few Chinese households are constrained by the down payment criterion. With limited lending sources and a relatively high housing price-to-income ratio, they are more likely to be constrained by the income criterion. Empirical work indicates that a one thousand dollar increase in the family's permanent income increases the likelihood of owning a housing unit by 11.8%. Moreover, highly income-constrained households are 8.6% less likely to become homeowners.
Download or read book Essays on housing wealth and consumer behavior written by Daniel Harris Cooper and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Annuitization and Housing Choice written by Thomas Davidoff and published by . This book was released on 2002 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 For most US households, labor income is the most important source of wealth and housing is the most important risky asset. A natural intuition is thus that households whose incomes covary relatively strongly with housing prices should own relatively little housing. Under plausible assumptions on preferences and distributions, this result holds theoretically. Empirically, I find a significant effect: among US households, a one standard deviation increase in income-house price covariance is associated with a decrease of approximately $25,000 in the value of owner occupied housing. This empirical result implies greater cognizance of the interaction between labor income and asset risk on the part of households than suggested by most analyses of stock market behavior. The analysis also suggests that many homeowners enter financial markets in a riskier position than typically thought, and reinforces the intuitive appeal of proposals for market- or tax-based risk sharing in housing prices. Chapter 2 extends the theory of annuitization with no bequest motive in two directions. First, we derive sufficient conditions, in a more general setting than Yaari (1965), under which complete annuitization is optimal, and weaker conditions under which partial annuitization is better than zero annuitization. Second, we explore how incremental and complete annuitization affect consumer welfare in these more general conditions. When markets are complete, all savings are optimally annuitized as long as there is no bequest motive and annuitized assets have greater returns than conventional assets.
Download or read book Essays on the Economics of Housing written by Paramita Dhar and published by . This book was released on 2011 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Inequality Social Preferences and Consumer Behavior written by Clément Bellet and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies ways in which inequality between and within groups affects consumer behaviors and welfare through social comparison effects. The objective is to provide a better understanding of a number of economic phenomena, namely: How to understand the extensive use of credit by lower income households in periods of stagnating real income growth? How do visible identities such as race or caste affect consumption choices, and can social hierarchies lead to poverty traps? Do luxury goods become more necessary when inequality rises, and what does such a phenomenon tell us about the social limits to growth? To that aim, the thesis incorporates important findings of behavioural economics, in particular on other-regarding preferences and subjective well-being, into theories of consumption and savings. Chapter 1 presents a model of relative consumption which accounts for comparison effects over time and across goods. The following chapters identify these effects using representative survey data and large datasets obtained via web-scrapping techniques. Chapter 2 looks at mortgage debt in the United States when households care about the relative size of their house. Chapters 3 and 4 study the social component of expenditures in India and its implication in terms of malnutrition using standard and structural estimation techniques.
Download or read book The Collected Essays of Richard E Quandt written by Richard E. Quandt and published by Edward Elgar Publishing. This book was released on 1992-01-01 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: Professor Richard Quandt has made a major contribution to the development of economics in the 20th century. The range and significance of his work has long required a collection of his essays which will allow his contribution to be assessed as a whole. Despite an early interest in microeconomic theory, Richard Quandt has devoted most of his career to econometrics and, in particular, modal split estimation. More recently his work has focused on the econometrics of disequilibrium models with reference to both free market and planned economies. As well as outlining his many articles in microtheory, general econometrics, disequilibrium modeling, financial economics and the economics of planned economies, this collection should have a particular value for all scholars interested in the emergence of the new economies in Eastern Europe, a subject to which Professor Quandt has applied himself in recent years. This book includes an introduction by Professor Quandt describing his early life in Budapest and the circumstances which led him to study economics in America.
Download or read book Consumer Choice in House Buying written by Ken Bartlett and published by . This book was released on 2002 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: The house-building industry in the UK is tiny, and production is falling. At current rates of replacement, existing houses will have to last well over 500 years. Less than 10 per cent of house-buyers buy a newly-built property. How did this situation arise? These essays describe an industrial culture which has historically paid scant attention to consumer opinion, leaving house builders with problems of public image, customer perception and customer satisfaction.
Download or read book Households and Housing written by Frans Dieleman and published by Routledge. This book was released on 2017-10-06 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Residential relocation is the household decision that generates housing consumption changes. It is not merely a decision about changing locations; it is also a decision about tenure�about whether to own or to rent. Research into housing markets has been largely focused on the process of changing from renting to owning, as most countries in the Western world have moved from predominantly rental societies to societies of homeowners. Households and Housing is designed to demonstrate the interconnections between the housing stock and households. The focus is on understanding the demand for housing and the way in which the demand is fulfilled as households select housing. This book is concerned with both the decision to move one's residence and the resulting type of housing choice. The housing supply�the stock of dwellings�is the context within which households make choices and acquire housing. The authors use the concepts of life course, housing career, and housing hierarchy to trace the movement of households through the housing market. They paint a comprehensive picture of housing consumption by age, income, and tenure choice, illustrated with nearly 150 figures and tables. US housing market data are contrasted with data from the Netherlands to document the differential effects of government intervention. This is the most up-to-date analysis available on the dynamics of housing choices and housing markets.
Download or read book Consumer Behavior in Tourism and Hospitality Research written by Arch G. Woodside and published by Emerald Group Publishing. This book was released on 2017-08-09 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters in this volume provide tools and evidence useful for deep understanding of tourists’ buying, consumption, and being through examinations of consumers’ self-descriptions of personal markers of their trip configurations.
Download or read book Housing Preferences and Transportation Decisions written by Thomas Carl Alexander Bogdanow and published by . This book was released on 1977 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Family Structure Homeownership and Female Labor Supply written by Jeungil Oh and published by . This book was released on 2006 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on the Consumption and Investment Decisions of Households in the Presence of Housing and Human Capital written by Sebastien Betermier and published by . This book was released on 2010 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays in which I study the consumption and investment decisions of households in the presence of two major asset classes: housing and human capital. In the first essay, I analyze how the dual consumption-investment nature of housing affects the consumption dynamics of households. A key feature of the housing market is that for most households, the consumption and investment benefits of housing are non-separable. I propose a tractable theoretical framework to understand the impact of this constraint on the consumption allocation of homeowners who would ideally like to own just a fraction of their home. For these homeowners, the relative cost of living in their home is not just the imputed rental cost. It also includes an opportunity cost of having an unbalanced financial portfolio. This cost varies substantially over time, and it is especially high in good times, when available investment opportunities yield high returns and homeowners allocate a high fraction of their wealth to current consumption. As a result, this cost dampens variations in the level of their housing consumption, and it amplifies variations in both their level of non-housing consumption and the composition of their consumption baskets. I then test empirically this theory in the second essay. Using household-level data from the Panel Study of Income Dynamics (PSID), I test the hypothesis that homeowners who face a high opportunity cost choose ceteris paribus a low housing consumption volatility. I also develop a method to identify these constrained homeowners by comparing their characteristics to those of a subset of unconstrained homeowners: the landlords. The results are consistent with the predictions of the model. First, the characteristics of homeowners that determine how constrained they are in the model are strong predictors of those homeowners who choose to be landlords in the data. For example, homeowners with a low level of risk aversion, little value for housing consumption, and a long horizon are relatively more likely to be landlords. Second, I find evidence that the more constrained homeowners adjust their level of housing consumption much less over time. In the third essay, which was developed in collaboration with Thomas Jansson, Christine Parlour, and Johan Walden, we investigate the relationship between workers' labor income and their investment decisions. Using a detailed Swedish data set on employment and portfolio holdings we estimate wage volatility and labor productivity for Swedish industries and, motivated by theory, we show that highly labor productive industries are more likely to pay workers variable wages. We also find that both levels and changes in wage volatility are significant in explaining changes in household investment portfolios. A household going from an industry with low wage volatility to one with high volatility will ceteris paribus decrease its portfolio share of risky assets by 25%, i.e., 7,750 USD. Similarly, a household that switches from a low labor productivity industry to one with high labor productivity decreases its risky asset share by 20%. Our results suggest that human capital risk is an important determinant of household portfolio holdings.
Download or read book Essays on Housing and Macroeconomics written by Guozhong Zhu and published by . This book was released on 2009 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies households' housing decision in the presence of income risks, and its implication on within-cohort income/consumption inequality and the nature of income risks facing households. It is composed of three chapters. The first chapter presents evidence from Panel Study of Income Dynamics (PSID) and Consumer Expenditure Survey (PSID) that housing consumption and housing investment are negatively affected by income risks. Within a household portfolio choice model, the negative effect can be attributed to the illiquidity of housing investment and the positive correlation between house price and income. The second chapter provides empirical evidence that the secular rise of income and consumption inequalities in the United States is age-dependent. It is more significant among younger households. With this feature, biasedness arises from the traditional methodology of decomposing inequality into age effect, year effect and cohort effect. A simple but effective remedy for the problem is proposed. The third chapter of the dissertation studies the age-profile of within-cohort income/consumption inequality, using the methodology proposed in the second chapter. It documents the age-profile of housing consumption inequality which is almost flat. This stands in contrast to the well-documented fact that within-cohort nonhousing consumption inequality rises with age, which has been argued to be evidence for persistent, uninsurable income shocks to households. This argument is challenged by the finding that housing consumption inequality has a flat age-profile. Within the framework of standard lifecycle model, the coexistence of rising nonhousing consumption inequality and flat housing consumption inequality constitutes a puzzle. A potential resolution lies in the negative effect of income uncertainty on housing decision which diminishes with age, as shown in the first chapter of the dissertation.
Download or read book Household Choice and Urban Structure written by Paul A. Waddell and published by Routledge. This book was released on 2018-08-10 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1997. The aim of this book is to explore urban modelling traditions, identify key limitations and contributions and to develop a more general model within a discrete choice framework. The scope of the effort is on household choices regarding residential location, workplace and housing tenure. It is the first systematic effort to analyze the structure and sequence of the choices made by households regarding residential location and workplace. The implications for urban theory, model development and policy analysis are substantial.
Download or read book A Destiny of Choice written by David Blanke and published by Rowman & Littlefield. This book was released on 2013 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the twentieth century, Americans thought of the United States as a land of opportunity and equality. To what extent and for whom this was true was, of course, a matter of debate, however especially during the Cold War, many Americans clung to the patriotic conviction that America was the land of the free. At the same time, another national ideal emerged that was far less contentious, that arguably came to subsume the ideals of freedom, opportunity, and equality, and that eventually embodied an unspoken consensus about what constitutes the good society in a postmodern setting. This was the ideal of choice, broadly understood as the proposition that the good society provides individuals with the power to shape the contours of their lives in ways that suit their personal interests, idiosyncrasies, and tastes. By the closing decades of the century, Americans were widely agreed that theirs was--or at least should be--the land of choice. In A Destiny of Choice?, David Blanke and David Steigerwald bring together important scholarship on the tension between two leading interpretations of modern American consumer culture. That modern consumerism reflects the social, cultural, economic, and political changes that accompanied the country's transition from a local, producer economy dominated by limited choices and restricted credit to a national consumer marketplace based on the individual selection of mass-produced, mass-advertised, and mass-distributed goods. This debate is central to the economic difficulties seen in the United States today.
Download or read book Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This collection of papers, by leading researchers in the field, provides an excellent view of the current state of research and applications. Exciting new techniques are presented, and realistic solutions are offered to issues that arise in applied work. It is an admirably rich volume, offering valuable insights for all readers of choice modeling.' Kenneth Train, University of California, Berkeley and NERA Economic Consulting, Inc., San Francisco, California, US 'I'm an enthusiastic fan of the ICMC, where researchers are friendly, genuinely interested in learning from and helping one another. There is much to learn because each discipline brings a different perspective to the field and to theoretical and applied problems in decision-making and choice behavior. The ICMC embodies the philosophy that most real choice problems are complex and require a cross-disciplinary approach. The papers in this volume represent an eclectic cross-section of the topics covered by key researchers in the field. I look forward to getting our PhD students and postdocs stuck into them.' Jordan Louviere, University of Technology Sydney, Australia Choice modelling has been one of the most active fields in economics over recent years. This valuable new book contains leading contributions from academics and practitioners from across the different areas of study where choice modelling is a key analytical technique, drawn from a recent international conference. Choice models explain the behaviour of individuals by quantifying their values, responses and perceptions of attributes describing the various options (alternatives) available to them. Policy makers and planners have long since recognised the potential of using choice models for guidance purposes, with applications in fields as diverse as transport analysis, healthcare, telecommunications, public service evaluation and energy. The unique mix of theoretical and applied chapters will appeal to academics, students, researchers and practitioners in various fields, as well as anyone with a general interest in the subject.
Download or read book Essays on Household Behavior in the Housing Market written by Yuanjie Zhang and published by . This book was released on 2011 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: My research focuses on three aspects of household behavior in the housing market: second generation immigrant decisions of whether to own or rent, and the effect of risky borrowers' adverse selection into down payment assistance and the assistance characteristics on loan defaults.
