The Urban Homeowner's Residential Location Decision in an Asset‐Pricing Context
在两期期望效用模型中推导了房主对住房的最高出价，该出价取决于预期现金流、住房消费量和搬迁选择，并考虑了投资组合风险和市场风险价格。
Homeowners determine the maximum site bid price for homeowner housing within a two‐period expected‐utility model. The bid price is a function of the expected cash flows to sites, the quantity of housing consumed and a relocation option. The bid price is derived in the general case as a function of the homeowner's portfolio risk, including the total risk to the site, and the market price of risk. The bid price is derived under a spatial measure as a function of distance from an arbitrary location. Specific results are obtained when the household experiences log‐linear utility for housing and other goods. Use of the market price of risk simplifies analytical solutions to the bid price equation.