The Condominium versus Cooperative Puzzle: An Empirical Analysis of Housing in New York City
The Condominium versus Cooperative Puzzle: An Empirical Analysis of Housing in New York City
复制标题
公寓与合作社之谜：纽约市住房的实证分析
DOI：
10.1086/519421
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Jonathan M. Miller
中科院分区：
文献类型：
--
作者：
Michael H. Schill;Ioan Voicu;Jonathan M. Miller
纽约市房地产市场的一个持久的难题是合作社的持续存在，尽管普遍的智慧是公寓更有价值。在这篇文章中，我们研究了合作社和公寓的理论优势和劣势，并应用这些理论见解来实证检验公寓是否具有更高的估值。然后，我们用我们的研究结果来推测为什么合作社在纽约仍然占主导地位。总的来说，理论表明，共管公寓可能是一种更有效和更理想的住房形式，经验研究结果证实，法律的形式的问题。除了一个例外，共管公寓比类似的合作社更有价值。例外表明，对于一些业主，排他性的合作提供可能是效用最大化。我们推测，除了寻求排他性的细分市场外，合作社在纽约的主导地位可归因于交易成本和集体行动问题，这些问题阻碍了向共管公寓形式的转变。
One of the enduring puzzles of New York City’s housing market is the persistence of cooperatives, despite the prevailing wisdom that condominiums are more valuable. In this article, we examine the theoretical advantages and disadvantages of cooperatives and condominiums and apply these theoretical insights to empirically test whether condominiums have higher valuation. We then use our findings to speculate about why cooperatives remain dominant in New York. In general, theory suggests that the condominium may be a more efficient and desirable housing form, and empirical findings confirm that legal form matters. With one exception, condominiums are more valuable than comparable cooperatives. The exception suggests that, for some owners, the exclusivity that the cooperative offers may be utility maximizing. We speculate that, except for the market segment that seeks exclusivity, the dominance of cooperatives in New York is attributable to transaction costs and collective‐action problems that hinder the conversion to condominium form.
影响因子：
8.2
作者：
ROSEN, S
通讯作者：
ROSEN, S