UNCERTAIN INCOME AND HOUSING PRICE AND LOCATION CHOICE*
研究了收入和房价不确定性如何影响住房需求与区位选择，发现价格风险的空间差异会改变消费者的居住地偏好，例如郊区房价风险低可能抵消通勤成本。
ABSTRACT. In this paper, we adapt recent developments in uncertainty modeling to the location choice paradigm. In particular, we analyze the impact of income and housing price uncertainty on housing demand and location demand characteristics in a partial equilibrium framework. We begin by recognizing that housing consumption cannot readily be altered in response to changes in income and price. We find that income and house price risk affect housing and location demands in different ways. Additionally, the spatial characteristics of price risk also affect consumer housing and location demands. For example, if housing price risk is lower farther from the central city, housing demand can be greater in those locations even with the higher transportation cost. Thus, over some locations, the expected price gradient could be positive.