Giglio, Stefano; Maggiori, Matteo; Stroebel, Johannes - In: The Quarterly Journal of Economics 130 (2015) 1, pp. 1-53
We estimate how households trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the United Kingdom and Singapore, where residential property ownership takes the form of either leaseholds...