We study a model of portfolio choice with housing in which house price is predictable. Housing is illiquid in that a transaction cost must be paid when the house is sold. We show that two state variables aff ect the agent's decisions: (i) the wealth-houseratio, and (ii) the time-varying mean...

Households systematically overvalue or undervalue their houses. We compute house value misperception as the difference between self-reported and market house values. Misperception is sizable, countercyclical, and persistent. We find that a 1 percent increase in house overvaluation results, on...

Households systematically overvalue or undervalue their houses. We compute house value misperception as the difference between self-reported and market house values. Misperception is sizable, countercyclical, and persistent. We find that a 1 percent increase in house overvaluation results, on...

Households systematically overvalue or undervalue their houses. We compute house value misperception as the difference between self-reported and market house values. Misperception is sizable, countercyclical, and persistent. We find that a 1 percent increase in house overvaluation results, on...

Locuirea reprezintă un aspect fundamental al societăţii moderne, un indicator al nivelului de trai şi al prosperităţii, care este influenţat de o multitudine de factori economici, sociali, de mediu etc. De asemenea, locuirea reprezintă elementul central al multor politici regionale sau...

This research analyzes the effects of recent housing price appreciation on aggregate welfare. It generalizes the results of Bajari et al (2005), who find that in a credit unconstrained economy with exogenous housing prices there is no effect of housing price appreciation on aggregate welfare....

The paper studies the multidimensional aspects of poverty and living conditions in Ghana. The aim is to fill the vacuum that has been left by traditional uni-dimensional measures of deprivation based on poverty lines, exclusively estimated on the basis of monetary variables such as income or...

Systemic risk must include the housing market, though economists have not generally focused on it. We begin construction of an agent-based model of the housing market with individual data from Washington, DC. Twenty years of success with agent-based models of mortgage prepayments give us hope...

The paper deals with some relevant effects of appreciation of housing prices on social and aggregate welfare. As it has been found difficult to assess the current situation given the housing market being the most affected by the crisis, earlier data from 1995 to 2006 have been used. It...

Environmental, climatic and economic human influences contribute to the problem of water scarcity in arid and semi-arid areas of the world, particularly in the less developed countries. This has impeded economic development in these regions. Thus, the call is for better methodological approaches...