We analyze households' joint investment decisions for financial wealth and homes. We use a bivariate censored regression model with endogenous switching. Fixed costs or transaction costs are captured by an unobserved nonzero censoring threshold. The model allows for spill-over effects of a...

As it has rightfully been recognized by China's central government, successful urbanization will be decisive for the nation's future development. Key challenges will be to realize urbanization economies, improve production and innovation capabilities, direct urban and suburban growth and improve...

We use novel and unique data to study the effect of price changes in the market for luxury and middle class homes. We find that luxury home sales respond less to price changes than the middle-class home sales; in the market for luxury homes, past prices affect current prices; luxury home prices...

Housing, particularly for low income urban households, is a long-standing challenge in India. In 2012, 96 per cent of the all India urban housing shortage of 18.78 million was confined to low-income economic groups. This study empirically examines three facets of urban India's housing demand...