Chain‐formation in the Owner‐Occupied Housing Market
构建了一个计算机模型，模拟自有住房交易中缓慢形成的买卖链条，发现现有房主比首次购房者或新房卖家搜索时间更长，并用英国房价数据验证了这一滞后现象。
The paper examines the process by which owner‐occupied housing market transactions take place. The objective is to develop a model which can reproduce the slow build‐up of housing chains of connected owner‐occupier sales and purchases. The approach here applies stringent discontinuous preferences over house type and location to develop a computer model which will produce these housing chains. The process derived demonstrates that existing owner‐occupiers spend longer in housing market search than will first‐time buyers or the sellers of new dwellings. The implication that existing owner‐occupiers 'lag' in the housing market is tested on UK housing price data, with results that clearly support this general hypothesis.