Buying a Home with a Resale Value: Location, Location, Location*
构建动态多区域模型，研究家庭购房时消费与投资动机如何影响居住分异模式，发现投资动机强时按类型分异、消费动机强时按财富分异，房价大幅波动与低类型分异相关，并用美国大都市区数据验证。
Abstract We develop a dynamic multiregion model, where a household's choice of housing location depends on its current wealth and its current type, and involves both consumption and investment considerations. The relative strength of the consumption motive and the investment motive determines the equilibrium pattern of residential sorting. A strong investment (consumption) motive implies sorting according to household type (wealth). The model predicts that large house‐price fluctuations are associated with a low degree of sorting by type. This prediction is consistent with evidence from US metropolitan areas when income, education, and age are used as proxies for household type.