Housing Tenure, Uncertainty, and Taxation
构建并估计了一个考虑不确定性的住房产权选择模型，发现忽略不确定性的以往研究可能高估了所得税制度对租房与购房选择的影响。
Modern empirical work on the choice between renting and owning focuses on the concept of the of housing, which integrates into a single measure the various components of housing costs. The standard approach implicitly assumes that households know the user cost of housing with certainty. However, the ex post user cost measure exhibits substantial variability over time, and it is highly unlikely that individuals believe themselves able to forecast these fluctuations with certainty. In this paper, we construct and estimate a model of the tenure choice that explicitly allows for the effects of uncertainty. The results suggest that previous work which ignored uncertainty may have overstated the effects of the income tax system upon the tenure choice.