G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13689
DP13689 Market Frictions, Arbitrage, and the Capitalization of Amenities
Amine Ouazad; Romain Rancière
发表日期2019-04-23
出版年2019
语种英语
摘要The price-amenity arbitrage is a cornerstone of spatial economics, as the response of land and house prices to shifts in the quality of local amenities and public goods is typically used to reveal households' willingness to pay for amenities. With informational, time, and cash constraints, households' ability to arbitrage across locations with different amenities (demographics, crime, education, housing) depends on their ability to compare locations and to finance the swap of houses. Arbitrageurs with deep pockets and better search and matching technology can take advantage of price dispersions and unexploited trade opportunities. We develop a disaggregated search and matching model of the housing market with endogenously bargained prices, identified on transaction-level data from the universe of deeds for 6,400+ neighborhoods of the Chicago metropolitan area, matched with school-level test scores and geocoded criminal offenses. Price-amenity gradients reflect preferences and the capitalization of trading opportunities, which are arbitraged away in the frictionless limit. Thus the time-variation in hedonic pricing coefficients partly reflects the time variation in search and credit frictions. Our model is able to explain that, between the peak of the housing boom and its trough, the sign of the price-amenity gradient flipped, due to the decline in trading opportunities in lower-amenity neighborhoods and due to the lower capitalization of trading opportunities in house prices.
主题Financial Economics ; International Trade and Regional Economics
关键词Dynamic housing choices Market friction Mortgage crisis Pricing of amenities Limits of arbitrage
URLhttps://cepr.org/publications/dp13689
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/542549
推荐引用方式
GB/T 7714
Amine Ouazad,Romain Rancière. DP13689 Market Frictions, Arbitrage, and the Capitalization of Amenities. 2019.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Amine Ouazad]的文章
[Romain Rancière]的文章
百度学术
百度学术中相似的文章
[Amine Ouazad]的文章
[Romain Rancière]的文章
必应学术
必应学术中相似的文章
[Amine Ouazad]的文章
[Romain Rancière]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。