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Tenancy rent control and credible commitment in maintenance
Arnott, Richard; Shevyakhova, Elizaveta - 2014
Under tenancy rent control, rents are regulated within a tenancy but not between tenancies. This paper investigates the … effects of tenancy rent control on housing quality and maintenance. Since the discounted revenue received over a fixed …-duration tenancy depends only on the starting rent, intuitively the landlord has an incentive to spruce up the unit between tenancies …
Persistent link: https://www.econbiz.de/10010237287
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Tenant riskiness, contract length, and the term structure of commercial leases
Brueckner, Jan K.; Rosenthal, Stuart S. - 2022
higher rent premium for long-term contracts than low-risk tenants. The presence of such tenants thus raises the slope of the …
Persistent link: https://www.econbiz.de/10013482225
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Homeownership : low household mobility, volatile housing prices, high income dispersion
Ortalo-Magné, François; Rady, Sven - 2002
We develop a dynamic stochastic equilibrium model of two locations within a city where heterogeneous households make joint location and tenure mode decisions. To investigate the effect of homeownership on equilibrium prices and allocations, we compare the response of this model economy to a...
Persistent link: https://www.econbiz.de/10011514075
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On the equivalence of location choice models : conditional logit, nested logit and poisson
Schmidheiny, Kurt; Brülhart, Marius - 2009
It is well understood that the two most popular empirical models of location choice - conditional logit and Poisson - return identical coefficient estimates when the regressors are not individual specific. We show that these two models differ starkly in terms of their implied predictions. The...
Persistent link: https://www.econbiz.de/10003871985
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Urban squatting with rent-seeking organizers
Brueckner, Jan K. - 2012
model replaces the benevolent organizer from previous studies with a collection of competing, rent-seeking squatter … traditional industry setting. -- squatting ; rent-seeking ; urbanization …
Persistent link: https://www.econbiz.de/10009621780
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Decentralized leadership
Silva, Emilson C. D. - 2016
This paper studies the efficiency of decentralized leadership in federations where selfish regional governments provide regional and federal public goods and the benevolent central government implements interregional earmarked and income transfers. Without residential mobility, unlimited...
Persistent link: https://www.econbiz.de/10011524602
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Incomplete contracts and the impact of globalization on consumer welfare
Defever, Fabrice - 2011
We embed a North-South trade model into an incomplete contracts setting where the production of heterogeneous firms can be geographically separated. When a Northern headquarter contracts with a Southern supplier instead of a Northern supplier, the presence of international incomplete contracts...
Persistent link: https://www.econbiz.de/10009130212
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Quality of life in a dynamic spatial model
Ahlfeldt, Gabriel M.; Bald, Fabian; Roth, Duncan; … - 2020
We develop a dynamic spatial model in which heterogeneous workers are imperfectly mobile and forward-looking and yet all structural fundamentals can be inverted without assuming that the economy is in a stationary spatial equilibrium. Exploiting this novel feature of the model, we show that the...
Persistent link: https://www.econbiz.de/10012388100
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Do as essay, not as I do? : how inflated list prices of unsold essayer homes affect the price discovery process
Agarwal, Sumit; Seiler, Michael J.; Siebert, Ralph - 2022
In the U.S. real estate market, around 30 percent of listed properties remain unsold. We examine whether unsold property listings exert externalities in the housing market. Our study builds on a comprehensive dataset that encompasses residential property listings in Orange County (California)...
Persistent link: https://www.econbiz.de/10013440434
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Price equilibrium with selling constraints
Moraga-González, José Luis; Watanabe, Makoto - 2023
This paper studies how selling constraints, which refer to the inability of firms to attend to all the buyers who want to inspect their products, affect the equilibrium price and social welfare. We show that the price that maximizes social welfare is greater than the marginal cost. This is...
Persistent link: https://www.econbiz.de/10014320135