Decentralized markets and the emergence of housing wealth inequality
Decentralized markets and the emergence of housing wealth inequality
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去中心化市场和住房财富不平等的出现
DOI：
10.1016/j.compenvurbsys.2020.101541
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
Guerrero O
中科院分区：
文献类型：
--
作者：
Guerrero O
最近的研究表明，住房财富的传统决定因素不足以解释其目前的不平等程度。因此，他们认为，努力应该集中在理解体制因素。从复杂适应系统的角度来看，制度不仅仅是“游戏规则”，它们还考虑代理人参与社会经济活动的交互协议或“算法”。通过将市场视为复杂的自适应系统，我开发了一个模型，可以估计有多少住房财富不平等归因于市场制度。它结合了两种不同的建模传统的优点：（1）基于代理生成模型的微观经济基础和（2）基于代理的模型的显式交互协议。总的来说，该模型内生地、自下而上地产生价格和住房不平等;而不需要对市场的总体行为（如市场均衡）施加假设。它考虑了对住房消费决策很重要的经济和体制因素（例如，工资、商品消费、非劳动收入、政府转移支付、税收等）。我用英国财富和资产调查在每个家庭的水平上校准了模型（即，~ 2500万代理商）。通过执行控制数据异质性的反事实模拟，我估计，在英国，住房市场的分散协议相互作用贡献了基尼系数的三分之一到三分之二。我进行政策实验，并比较了扩大住房存量，销售税和遗产税之间的结果。研究结果引发了人们对传统政策局限性的担忧，并呼吁重新审视住房财富不平等问题。
Recent studies suggest that the traditional determinants of housing wealth are insufficient to explain its current inequality levels. Thus, they argue that efforts should focus on understanding institutional factors. From the perspective of complex adaptive systems, institutions are more than the ‘the rules of the game’, they also consider the interaction protocols or the ‘algorithm’ through which agents engage in socioeconomic activities. By viewing markets as complex adaptive systems, I develop a model that allows estimating how much housing wealth inequality is attributable to the market institution. It combines virtues from two different modeling traditions: (1) the microeconomic foundations from overlapping-generation models and (2) the explicit interaction protocols of agent-based models. Overall, the model generates prices and housing inequality endogenously and from bottom-up; without needing to impose assumptions about the aggregate behavior of the market (such as market equilibrium). It accounts for economic and institutional factors that are important to housing consumption decisions (e.g., wages, consumption of goods, non-labor income, government transfers, taxes, etc.). I calibrate the model with the British Wealth and Assets Survey at the level of each individual household (i.e., ~25 million agents). By performing counter-factual simulations that control for data heterogeneity, I estimate that, in the United Kingdom, the decentralized protocol interaction of the housing market contributes with one to two thirds of the Gini coefficient. I perform policy experiments and compare the outcomes between an expansion in the housing stock, a sales tax, and an inheritance tax. The results raise concerns about the limitations of traditional policies and call for a careful re-examination of housing wealth inequality.
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DOI：
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发表时间：
2017
期刊：
--
影响因子：
--
作者：
R. I. M. Arundel;Link
通讯作者：
R. I. M. Arundel;Link
转型中基于住房所有权的福利
影响因子：
4.8
作者：
R. Ronald;C. Lennartz;J. Kadi
通讯作者：
J. Kadi
DOI：
--
发表时间：
1990-06
期刊：
--
影响因子：
--
作者：
R. Forrest;A. Murie;P. Williams
通讯作者：
R. Forrest;A. Murie;P. Williams
DOI：
--
发表时间：
2015
期刊：
影响因子：
--
作者：
G. Allègre;Xavier Timbeau
通讯作者：
Xavier Timbeau
住房与经济：翻修政策即将推出的章节：2011 年经济政策改革走向增长
DOI：
--
发表时间：
2010
期刊：
影响因子：
--
作者：
H. Bruelheide;Melanie Manegold;Ute Jandt
通讯作者：
Ute Jandt