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Goodman, Allen C.
Journal of housing economics, 12/1995, Letnik: 4, Številka: 4Journal Article
This study addresses intertemporal housing demand in the presence of transactions costs. The consumer solves a problem similar to a government′s calculation of the socially optimal level of a public good. Instead of the government′s optimizing across individuals, the consumer optimizes over time periods, subject to the constraint that housing consumption remains constant. The resulting immobility cost provides a latent variable that can be modeled and compared to moving costs in the move-stay decision. Housing demand, number of moves, and lengths of stay all emerge endogenously. Comparative statics results are derived, and simulation analysis shows the dynamic properties.
