Risk and Return to Housing, Tenure Choice and the Value of Housing in an Asset Pricing Context
研究了房主因固定成本和信息成本无法分散住房资产风险的情况，构建了包含不可分散住房资产的资产定价模型，比较了房主与多元化房东的住房价值，并推导出居住选择方程。
Homeowners do not diversify their risky home equity because of fixed costs of issuing securities and information costs. An asset pricing model is developed for homeowners with the undiversifiable home equity asset. Homeowner value and house value to diversified landlords are compared, and a tenure choice equation is developed. We demonstrate the existence of a rational expectations equilibrium under appropriate conditions.