The Resale Housing Market
分析了现有独栋住宅市场的结构与运作，基于家庭通过搬家或翻新调整住房消费的决策，构建了销售与翻新活动的总量模型。
This paper describes and analyzes the structure and operation of the market for existing single‐family homes. The paper develops aggregative models of sales and renovation activity based on the adjustment choice decisions of households to alter their housing consumption by moving or by undertaking renovations. The models demonstrate that housing resales and renovation expenditures occur when the present value of the gains associated with a housing adjustment exceeds the costs of the transaction. The choice of the adjustment mode is shown to be significantly influenced by the relative transactions costs of moving versus renovating.