Abstract
The housing sector is of importance in virtually any economy for several reasons. First, housing is an essential consumption good eating up a large share of the typical household’s budget. Second, housing is the major, if not the dominant asset in many households’ portfolio. Third, housing production and maintenance constitute an important segment of the economy’s productive sector. Indeed, the housing sector contributes, if not instrumentally, to the formation of business cycles. Finally, there is considerable public concern about the efficiency of allocation decisions in that sector, as well as about inequalities in the distribution of housing consumption. In many countries, large public funds and many regulatory activities are devoted to the improvement of efficiency and equity in the allocation decisions in housing.
I am grateful for perceptive comments by Wolfgang Eckart, Norbert Schulz and Jacob Weinberg on a first draft of this paper.
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Stahl, K. (1985). Microeconomic Analysis of Housing Markets: Towards a Conceptual Framework. In: Stahl, K. (eds) Microeconomic Models of Housing Markets. Lecture Notes in Economics and Mathematical Systems, vol 239. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46531-4_1
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DOI: https://doi.org/10.1007/978-3-642-46531-4_1
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