This paper utilizes a very simple model to study the timing and determinants of speculationagainst a fixed exchange rate regime when investors are heterogeneous because of locationaldifferences. Location matters because resident players may incur smaller costs when takinga short-position, are...

Classical residential location choice models were constructed as uncertainty-free. Using the expected utility theorem, urban researchers have dealt with different types of uncertainties, such as uncertain income, uncertain housing price, uncertain transportation cost, etc. This paper, however,...