Hedging and pricing rent risk with search frictions
The desire of risk-averse households to hedge rent risk is thought to increase home ownership and prices. While evidence for the ownership implication is compelling, support for the price effect is mixed. We show that an important reason is search frictions. Rent risk reduces outside options, leadin...
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| Main Authors: | , , , |
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| 格式: | text |
| 語言: | English |
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Institutional Knowledge at Singapore Management University
2017
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| 在線閱讀: | https://ink.library.smu.edu.sg/lkcsb_research/5384 https://ink.library.smu.edu.sg/context/lkcsb_research/article/6383/viewcontent/DaysOnMarkets.pdf |
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| 機構: | Singapore Management University |
| 語言: | English |