The Time Value of Housing: Historical Evidence on Discount Rates
利用伦敦住房交易中不同长度租赁权的价格数据，研究住房所有权期限与价格的关系，并推算出隐含的贴现率，发现长期贴现率较低且随时间递减。
Most London housing transactions involve trading long leases of varying lengths. We exploit this to estimate the time value of housing – the relationship between the price of a property and the term of ownership – over a 100 years and derive implied discount rates. For our empirical analysis, we compile a unique historical data set (1987–92) to abstract from the right to extend leases currently enjoyed by tenants. Across a variety of specifications and samples, we find that leasehold prices are consistent with a time declining schedule and low long-term discount rates in housing markets.