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Author: Zheng Duan Publisher: ISBN: Category : Uncertainty Languages : en Pages : 111
Book Description
Real estate is the largest component in most American households' portfolios. Prior studies have shown both negative and positive relations between uncertainty and households' housing decisions. This dissertation makes an effort to reconcile the differences in the literature through theoretical and empirical work that links uncertainty and households' housing decisions from a real options perspective. In the first chapter, I provide novel empirical evidence to show the importance of uncertainty in explaining households' several housing decisions - housing consumption, housing investment and mortgage default. After controlling for unobserved heterogeneity, I find that the effect of uncertainty has opposite signs on housing purchase decisions depending on the type of purchase (primary residence or investment property). I also find that uncertainty contributes to households' default decisions beyond other factors that have previously been identified in the literature. In addition to identifying the sign of the effect of uncertainty, I show that the uncertainty effect varies depending on the household's risk aversion, which is consistent with the predictions from a theoretical real options perspective. The second chapter introduces a real options type of model to explain from a theoretical perspective why the effect of uncertainty on households' home purchase decisions can depend on the type of a home purchase. Based on a real options approach introduced in Miao and Wang (2007) the model captures the dual nature of housing as a consumption good and an investment vehicle. It explains the uncertainty effect on the optimal timing of home purchase decisions either as a consumption good or as an investment. Unlike previous studies that rely on risk-neutral assumptions in the valuations of real options in explaining uncertainty effect on households' decisions, the model recognizes idiosyncratic risks and households' precautionary saving motives which allow the effect of uncertainty to vary across different degrees of risk-aversion. The third chapter introduces a real options type of model to explain the effect of uncertainty on households' default decisions. Unlike previous studies that focus on the link between uncertainty and investment decisions,the model shows the usefulness of a real options approach in explaining households' default decisions. The model predicts a positive relation between uncertainty and households' default decisions, which is consistent with the empirical results from the first chapter.
Author: Zheng Duan Publisher: ISBN: Category : Uncertainty Languages : en Pages : 111
Book Description
Real estate is the largest component in most American households' portfolios. Prior studies have shown both negative and positive relations between uncertainty and households' housing decisions. This dissertation makes an effort to reconcile the differences in the literature through theoretical and empirical work that links uncertainty and households' housing decisions from a real options perspective. In the first chapter, I provide novel empirical evidence to show the importance of uncertainty in explaining households' several housing decisions - housing consumption, housing investment and mortgage default. After controlling for unobserved heterogeneity, I find that the effect of uncertainty has opposite signs on housing purchase decisions depending on the type of purchase (primary residence or investment property). I also find that uncertainty contributes to households' default decisions beyond other factors that have previously been identified in the literature. In addition to identifying the sign of the effect of uncertainty, I show that the uncertainty effect varies depending on the household's risk aversion, which is consistent with the predictions from a theoretical real options perspective. The second chapter introduces a real options type of model to explain from a theoretical perspective why the effect of uncertainty on households' home purchase decisions can depend on the type of a home purchase. Based on a real options approach introduced in Miao and Wang (2007) the model captures the dual nature of housing as a consumption good and an investment vehicle. It explains the uncertainty effect on the optimal timing of home purchase decisions either as a consumption good or as an investment. Unlike previous studies that rely on risk-neutral assumptions in the valuations of real options in explaining uncertainty effect on households' decisions, the model recognizes idiosyncratic risks and households' precautionary saving motives which allow the effect of uncertainty to vary across different degrees of risk-aversion. The third chapter introduces a real options type of model to explain the effect of uncertainty on households' default decisions. Unlike previous studies that focus on the link between uncertainty and investment decisions,the model shows the usefulness of a real options approach in explaining households' default decisions. The model predicts a positive relation between uncertainty and households' default decisions, which is consistent with the empirical results from the first chapter.
Author: Barbara H. Fiese Publisher: Yale University Press ISBN: 9780300116960 Category : Family & Relationships Languages : en Pages : 184
Book Description
While family life has conspicuously changed in the past fifty years, it would be a mistake to conclude that family routines and rituals have lost their meaning. In this book Barbara H. Fiese, a clinical and developmental psychologist, examines how the practices of diverse family routines and the meanings created through rituals have evolved to meet the demands of today’s busy families. She discusses and integrates various research literatures and draws on her own studies to show how family routines and rituals influence physical and mental health, translate cultural values, and may even be used therapeutically. Looking at a range of family activities from bedtime stories to special holiday meals, Fiese relates such occasions to significant issues including parenting competence, child adjustment, and relational well-being. She concludes by underscoring the importance of flexible approaches to family time to promote healthier families and communities.
Author: Publisher: Elsevier ISBN: 0080471714 Category : Social Science Languages : en Pages : 3870
Book Description
Available online via SciVerse ScienceDirect, or in print for a limited time only, The International Encyclopedia of Housing and Home, Seven Volume Set is the first international reference work for housing scholars and professionals, that uses studies in economics and finance, psychology, social policy, sociology, anthropology, geography, architecture, law, and other disciplines to create an international portrait of housing in all its facets: from meanings of home at the microscale, to impacts on macro-economy. This comprehensive work is edited by distinguished housing expert Susan J. Smith, together with Marja Elsinga, Ong Seow Eng, Lorna Fox O'Mahony and Susan Wachter, and a multi-disciplinary editorial team of 20 world-class scholars in all. Working at the cutting edge of their subject, liaising with an expert editorial advisory board, and engaging with policy-makers and professionals, the editors have worked for almost five years to secure the quality, reach, relevance and coherence of this work. A broad and inclusive table of contents signals (or tesitifes to) detailed investigation of historical and theoretical material as well as in-depth analysis of current issues. This seven-volume set contains over 500 entries, listed alphabetically, but grouped into seven thematic sections including methods and approaches; economics and finance; environments; home and homelessness; institutions; policy; and welfare and well-being. Housing professionals, both academics and practitioners, will find The International Encyclopedia of Housing and Home useful for teaching, discovery, and research needs. International in scope, engaging with trends in every world region The editorial board and contributors are drawn from a wide constituency, collating expertise from academics, policy makers, professionals and practitioners, and from every key center for housing research Every entry stands alone on its merits and is accessed alphabetically, yet each is fully cross-referenced, and attached to one of seven thematic categories whose ‘wholes' far exceed the sum of their parts
Author: Lu Han Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper presents a life-cycle model of housing demand for repeated home purchase market with uncertain house prices and lumpy transaction costs. By extending the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes, I derive optimal home purchase decision rules and the housing risk premium. This allows me to characterize a self-hedging mechanism in an incomplete market: households use earlier accumulated housing wealth to hedge against the future housing cost risk. As a result, the direction of the effects of price uncertainty on housing demand depends critically on households' future housing consumption plans. When price uncertainty increases, households consume (and thereby invest in) less housing if they plan to realize the housing wealth gain. However, they will instead take bigger housing positions if they plan to move to a bigger home in a correlated housing market in the future.
Author: William A. V. Clark Publisher: Routledge ISBN: 1000401332 Category : Social Science Languages : en Pages : 244
Book Description
Originally published in 1982, this book contains research in the area of econometric modelling in the housing market, including that which has extended to the use of search models. The subjects covered include the importance of racial differences, spatial aspects of residential search and information provision and its effect on the behaviour of the buyers. The combination of careful analytic modelling, empirical testing and speculative discussions of the role of agents in the search process provides an innovative and imaginative approach to the interesting problems of understanding the individual behaviour in complex contexts such as the urban housing market.
Author: Zheng Duan
Author: Zheng Duan
Author: Barbara H. Fiese
Author: ANDERSON ANDERSON WEBSTER
Author: 
Author: Lu Han
Author: Lu Han
Author: Zhechun He
Author: William A. V. Clark
Author: United States. Federal Home Loan Bank Board
Author: