| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7842 |
| DP7842 Spatial Asset Pricing: A First Step | |
| François Ortalo-Magné; Andrea Prat | |
| 发表日期 | 2010-05-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | People choose where to live and how much to invest in housing. Traditionally, the first decision has been the domain of spatial economics, while the second has been analyzed in finance. Spatial asset pricing is an attempt to combine equilibrium concepts from both disciplines. In the finance context, we show how spatial decisions can be framed as an expanded portfolio problem. Within spatial economics, we identify the consequences of hedging motives for location decisions. We characterize a number of observable deviations from standard predictions in dinance (e.g. the definition of the relevant market portfolio for the pricing of risk includes homeownership rates) and in spatial economics (e.g. hedging considerations and the pricing of risk affect the geographic allocation of human capital). |
| 主题 | Financial Economics |
| 关键词 | Asset pricing Real estate Urban economics |
| URL | https://cepr.org/publications/dp7842 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536679 |
| 推荐引用方式 GB/T 7714 | François Ortalo-Magné,Andrea Prat. DP7842 Spatial Asset Pricing: A First Step. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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