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Housing Decisions

住房决定

基本信息

批准号：
283780816
负责人：
Professor Dr. Marcel Fischer
金额：
--
依托单位：
Lehrstuhl für Finanzwirtschaft
依托单位国家：
德国
项目类别：
Research Grants
财政年份：
2015
资助国家：
德国
起止时间：
2014-12-31 至 2018-12-31
项目状态：
已结题

来源：
https://gepris.dfg.de/gepris/projekt/283780816?language=en
关键词：
Housing Decisions

项目摘要

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.

自住房屋在很多方面都不同于股票或债券等传统资产。尽管最近的工作包括 Grossmann 和 Laroque (1990)、Cocco (2005)、Yao 和Zhang (2005)、Marekwica、Schaefer 和 Sebastian (2013)、Fischer 和 Stamos (2013)、Campbell 和 Cocco (2015) 等为我们对其中几个维度的理解做出了贡献，但生命周期文献在很大程度上忽略了家庭组成和家庭结构变化的影响。我的目标是从两个维度更好地理解这种关系。首先，我想在理论生命周期模型中研究家庭构成及其变化如何推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，因为生命周期模型允许控制其他因素。其次，我想使用一个独特的丹麦数据集，其中包含丹麦所有房屋交易的信息，以及过去几十年房屋房产的详细信息以及参与这些交易的家庭的详细信息。我想利用这个数据集来帮助更好地理解推动自住房屋交易决策的因素，以及这些因素在繁荣和萧条的房地产市场中是否有所不同。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。