Current Wealth and Tenure Choice
检验了两种住房产权选择理论：传统模型强调永久收入，而产权转换模型认为当前净资产是关键。利用加拿大微观数据，发现年轻家庭的产权决策主要受当前非人力财富影响。
This paper argues that a central implication of tenure transition models is that the timing of a household's initial switch to ownership is particularly dependent upon its current net worth. In contrast, permanent income, largely derived from human capital, is assumed to be the dominant component of the relevant household budget constraint in conventional tenure choice models. These contending propositions are tested using a Canadian micro database. Consistent with the tenure transition approach, current nonhuman wealth is found to have the primary budgetary role in tenure mode decisions of young households.