G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7842
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
URLhttps://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.
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