Housing Decisions

自住房屋在许多方面都不同于股票或债券等传统资产。最近的著作包括格罗斯曼和拉洛克(1990)、可可(2005)、姚和张(2005)、Marekwica、Schaefer和Sebastian(2013)、Fischer和Stamos(2013)以及Campbell和Cocco(2015)都有助于我们对其中几个维度的理解，但生命周期文学在很大程度上忽略了家庭构成及其变化对自住房屋需求的影响。我的目标是从两个维度更好地理解这种关系。首先，在一个理论生命周期模型中，我想调查家庭构成及其变化如何推动对自住住房的需求。在生命周期模型允许控制其他因素的情况下，这种调查对于研究长期后果尤其有价值。其次，我想使用一个独特的丹麦数据集，其中包含丹麦所有住宅交易的信息，以及过去几十年住宅物业的详细信息，以及参与这些交易的家庭的详细信息。我想用这个数据集来帮助更好地理解推动业主自住房屋交易的决定的因素，以及这些因素在房地产市场的繁荣和崩溃中是否有所不同。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经验方法的结果。

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.