Risk and the User Cost of Housing Services
推导了经风险调整的住房服务用户成本公式，可用于价格指数、需求分析及衡量房主收入和回报，发现国家和地方因素共同影响住房资本收益。
This paper derives a risk‐adjusted user cost for housing services, capable of application in price indexes, demand, and the measurement of income and returns to homeownership. The risk‐adjusted user cost is the after‐tax sum of an interest rate and a risk premium, less expected capital gains. Expected capital gains are based on a factor pricing specification. It is shown that both national and local factors affect capital gains on housing.