A problem with observational equivalence: Disentangling the renter illusion hypothesis
租房者幻觉假说认为租房者因误解成本收益而更支持公共支出，但实证结果混杂。本文通过理论模型引入租房者幻觉行为，将其解释为认知异常和信息不对称下的理性行为，为以往实证发现提供统一框架。
The renter illusion hypothesis argues that renters are more likely to support local public expenditures than homeowners because of a misperception about the actual costs and benefits they face. Numerous empirical studies have produced mixed results which are difficult to interpret because of the lack of micro foundations for the renter illusion hypothesis. This paper helps fill that gap by introducing in a theoretical model the concept of renter illusion behaviour, which can be seen as a rational behaviour in the presence of cognitive anomalies (i.e. behavioural or bounded rationality) and asymmetric information. The resulting theoretical framework can be used to interpret and support a large share of micro- and macro-econometric findings in the previous empirical literature on renter illusion.