Sommervoll, Dag Einar; Borgersen, Trond-Arne; Wennemo, Tom - In: Journal of Banking & Finance 34 (2010) 3, pp. 557-567
Housing markets tend to display positive serial correlation as well as considerable volatility over time. We present a heterogeneous agent model illustrating the connection between adaptive expectations and housing market fluctuations. A dwelling serves as a shelter, as a vehicle for investment...