User Cost and the Demand for Housing Attributes
研究了用户成本变化对住房各属性需求的影响，发现用户成本降低会推高不可复制属性（如位置和固定设施）的实际价格，而对供应弹性大的属性价格无影响，从而形成住房子市场。
A number of studies have related changes in the demand for housing to changes in user cost. All have treated housing as a composite good rather than as a bundle of characteristics. We consider the effect of changing user cost on the demand for the component characteristics of owner‐occupied housing, and, given information about the supply of the characteristics, we predict implicit price responses. An empirical test of our model indicates that reductions in user cost result in higher real prices for the non‐replicable attributes of housing, examples being location and access to fixed amenities. In contrast, the price of attributes that are perfectly elastic in supply are not affected by changes in user costs. We conclude that the effects of changing user cost are not uniform across housing types and locations, thus generating the appearance of housing submarkets.