A General Equilibrium Model of Housing, Taxes, and Portfolio Choice
构建了一个一般均衡模型，将租赁和自有住房视为风险资产，内生选择住房产权，并模拟发现对自有住房征税可通过重新配置资本和政府分散风险来提高福利。
The authors describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing that it has in its investment portfolio. Equilibrium net rates of return are major determinants of the amount of owner housing, but a logit model indicates that demographic factors are the main determinants of ownership rates. In their simulation, taxes on owner housing would raise welfare not only by reallocating capital but also by the government's taking part of the risk from individual properties and diversifying it away. Copyright 1992 by University of Chicago Press.