Sharing the Risk of Home-ownership: A Portfolio Approach.
This paper examines the relationships among the desirability of home-ownership, price risks and the return of housing investment. It argues that price risks may undermine the desirability of ownership, using both a theoretical and an empirical approach. The theoretical model studies aspatially the e...
| Publicado en: | Urban Studies (Routledge) Vol. 39; no. 7; pp. 1095 - 1113 |
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| Formato: | Artículo |
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Taylor & Francis Ltd
Jun2002
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=6737410&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 6737410 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00420980 UST jtl: Urban Studies (Routledge) issn: 00420980 maglogo: Y pubinfo: dt: Jun2002 vid: 39 iid: 7 pid: 377 pub: Taylor & Francis Ltd artinfo: ui: 6737410 10.1080/00420980220135509 ppf: 1095 ppct: 18 formats: fmt: @attributes: type: P size: 244KB tig: atl: Sharing the Risk of Home-ownership: A Portfolio Approach. aug: au: Mok, Diana su: Home ownership Real estate investment Portfolio management (Investments) Home prices sug: subj: Home ownership Real estate investment Portfolio management (Investments) Home prices ab: This paper examines the relationships among the desirability of home-ownership, price risks and the return of housing investment. It argues that price risks may undermine the desirability of ownership, using both a theoretical and an empirical approach. The theoretical model studies aspatially the equilibrium house prices in a two-good, pure exchange economy, where investors (consumers) differ in their level of risk aversion. It shows that larger price risks and higher level of risk aversion decrease the attractiveness of owning a house. The empirical component uses current status data and a proportional hazard model to show the effect of risks and returns on households' hazard rates to be owners. The implication points to the inadequacy of the conventional housing finance arrangements, which provide little help for households to diversify or hedge the risk of home-ownership. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y custom: Copyright of Urban Studies (Routledge) is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. item: Urban Studies (Routledge) holder: Taylor & Francis Ltd dt: @attributes: year: 2002 holdings: @attributes: islocal: N |
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