Housing Decisions

自住房屋沿着许多方面都不同于股票或债券等传统资产。最近的工作包括Grossmann和拉罗克（1990），Cocco（2005），Yao和Zhang（2005），Marekwica，Schaefer和塞巴斯蒂安（2013），Fischer和Stamos（2013），以及坎贝尔和Cocco（2015）都有助于我们理解其中的几个维度，生命周期的文献在很大程度上忽略了家庭组成及其变化对自住房屋需求的影响。2我的目标是从沿着两个维度更好地理解这种关系。首先，我想研究家庭组成及其变化如何在理论生命周期模型中驱动对自住房屋的需求。这样的调查对于研究长期后果特别有价值，因为生命周期模型可以控制其他因素。其次，我想使用一个独特的丹麦数据集，其中包含有关丹麦所有房屋交易的信息，包括过去几十年房屋属性的详细信息以及有关这些交易所涉及的家庭的详细信息。我希望利用这些数据集来帮助人们更好地理解促使人们决定交易自住房屋的因素，以及这些因素在繁荣和萧条的房地产市场中是否存在差异。我的目标是在领先的国际金融或经济期刊上发表生命周期模型和实证方法的结果。

Owner-occupied homes differ from conventional assets, such as stocks or bonds, along many dimensions. Whereas recent work including Grossmann and Laroque (1990), Cocco (2005), Yao and Zhang (2005), Marekwica, Schaefer and Sebastian (2013), Fischer and Stamos (2013), and Campbell and Cocco (2015) has contributed to our understanding of several of these dimensions, the life-cycle literature has largely ignored the impact of family composition and changes in it for the demand for owner-occupied homes.My goal is to contribute to a better understanding of this relationship along two dimensions. First, I want to investigate how family composition and changes in it drive the demand for owner-occupied homes in a theoretical life-cycle model. Such an investigation should be particularly valuable for studying long-term consequences, where a life-cycle model allows controlling for other factors. Second, I want to use a unique Danish data set containing information about all home trades in Denmark with detailed information about home properties for the last decades as well as detailed information about households involved in these trades. I want to use this data set to contribute to a better understanding of the factors driving the decision to trade owner-occupied homes and whether these factors differ in booming and busting housing markets.My goal is to publish both the results of the life-cycle model and those of the empirical approach in leading international finance or econ journals.