Modeling and Computing Transactions Costs for Purchasers of Housing Services
建立了一个均衡模型，分析购房者在交易成本和市场失灵约束下的行为，推导出均衡条件，并估计约束的经济成本，发现当交易成本高于约束成本时，家庭即使面对价格和收入变化也不会搬家。
This paper models, as equilibrium behavior, buyers' behaviors under transactions costs and market failure constraints. It derives equilibrium conditions and it shows how they differ from unconstrained models. Standard utility and cost parameters are then used to estimate the economic costs of the constraints, which may be interpreted, at the margin, as the transactions costs of moving. If transactions costs are greater than the economic costs of the constraints, the household remains in a residence, even in response to changed price and income expectations. Changes in expected prices and incomes lead to changed housing demand even when the household cannot adjust housing consumption between periods. These findings have implications for empirical work with both cross‐section and panel data sets.