HOUSING CONSUMPTION DECLINES WITH INCOME IN THE OPEN‐CITY MODEL: THEORY AND EMPIRICAL EVIDENCE
研究发现标准城市模型预测城市增长时住房消费随收入上升而下降，并使用美国城市面板数据验证了这一反直觉结论。
ABSTRACT This paper demonstrates that the standard urban model (SUM) has important, previously unknown, and rather counterintuitive predictions about the determinants of housing consumption in cities. For example, the SUM predicts that, as higher wages in the central business district prompt city growth, the housing space per household falls, that is, rising income is associated with falling housing consumption. Empirical testing using a specially constructed panel data set of U.S. cities, confirms this prediction. When city size, income, and housing price rise, housing space per household falls.