| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9783 |
| 来源ID | Working Paper 9783 |
| House Prices and Consumer Welfare | |
| Patrick Bajari; C. Lanier Benkard; John Krainer | |
| 发表日期 | 2003-06-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We develop a new approach to measuring changes in consumer welfare due to changes in the price of owner-occupied housing. In our approach, an agent's welfare adjustment is defined as the transfer required to keep expected discounted utility constant given a change in current home prices. We demonstrate that, up to a first-order approximation, there is no aggregate change in welfare due to price increases in the existing housing stock. This follows from a simple market clearing condition where capital gains experienced by sellers are exactly offset by welfare losses to buyers. Welfare losses can occur, however, from price increases in new construction and renovations. We show that this result holds (approximately) even in a model that accounts for changes in consumption and investment plans prompted by current price changes. We estimate the welfare cost of house price appreciation to be an average of $127 per household per year over the 1984-1998 period. |
| 主题 | Macroeconomics ; Business Cycles ; Microeconomics ; Welfare and Collective Choice |
| URL | https://www.nber.org/papers/w9783 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567407 |
| 推荐引用方式 GB/T 7714 | Patrick Bajari,C. Lanier Benkard,John Krainer. House Prices and Consumer Welfare. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9783.pdf（508KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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