Housing Adjustment Costs: Their Impact on Mobility and Housing Demand Elasticities
研究了住房调整成本如何影响家庭搬家决策，发现调整成本比收入等需求因素更重要，并检验了样本选择偏差对住房需求弹性估计的影响。
The role of housing adjustment costs in influencing mobility decisions, and the relationship between these and housing demands is not well understood. Here we try to examine how changes in adjustment costs as well as in such demand factors as income, influence the decision of households to adjust their housing consumption through moving. Empirically, we use a sample of recently moving homeowners from the PSID and provide evidence indicating adjustment costs are more important than other demand factors in influencing mobility decisions. We also argue that sample selection may bias estimates of housing demand elasticities when the sample is restricted to recent movers because the influence of adjustment costs in the mobility decision are not accounted for. Testing for this using the Heckman two‐stage procedure, however, showed this was not a significant problem.