Shrinking metropolitan area: Costly homeownership and slow spatial shrinkage
通过一个简单的土地利用和市场套利模型，研究了人口下降对住房所有权和土地利用的影响，发现所有权放弃成本导致外围地区无法出售旧房，只有长期高质量住房才能吸引新居民，且社会福利可能因政府维持缓慢收缩的低密度城区而下降。
With a simple model of land use and market arbitrage, this paper investigates the impact of population decline – when existing homeowners compete to attract a small number of new residents – on homeownership and land use. We show that, if a strictly positive cost is required for ownership abandonment, selling used houses is impossible in the periphery, while leasing is possible. We also show that only long-life-quality houses, which require a larger initial investment and sustain greater utility for longer than conventional ones, attract new residents to the periphery. Social welfare may decrease, because the government has to maintain the slowly shrinking, less densely inhabited urban area.