User costs and bubbles in land markets
In asset markets with speculative behavior, the long-run equilibrium relationship between asset prices and the discounted flow of future rents may become invalid. We distinguish short-term user costs and longer-term user costs with variables that reflect fundamentals. We show how to work around the...
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| Veröffentlicht in: | Journal of housing economics 2009-09, Vol.18 (3), p.267-272 |
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| container_end_page | 272 |
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| container_issue | 3 |
| container_start_page | 267 |
| container_title | Journal of housing economics |
| container_volume | 18 |
| creator | Schreyer, Paul |
| description | In asset markets with speculative behavior, the long-run equilibrium relationship between asset prices and the discounted flow of future rents may become invalid. We distinguish short-term user costs and longer-term user costs with variables that reflect fundamentals. We show how to work around the empirical problem of measuring speculative expectations about asset price changes and derive a simple user cost formula where the asset price change in the short-term relationship comes out as the long-run change in the overall price level. |
| doi_str_mv | 10.1016/j.jhe.2009.07.005 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 1051-1377 |
| ispartof | Journal of housing economics, 2009-09, Vol.18 (3), p.267-272 |
| issn | 1051-1377 1096-0791 |
| language | eng |
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| source | RePEc; Elsevier ScienceDirect Journals Complete |
| subjects | Asset pricing Capital theory Cost-benefit analysis Economic equilibrium Financial speculation Housing bubble Housing bubble User costs Housing fundamentals Speculative behavior Capital theory Housing fundamentals Housing market Land Property Real estate market Speculative behavior User costs |
| title | User costs and bubbles in land markets |
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