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Price distribution over 59 days • 1 price levels

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Price Analysis

Most common price: £71 (59 days, 100.0%)

Price range: £71 - £71

Price levels: 1 different prices over 59 days

Description

The aim of this book is to study portfolio and consumption decisions in the presence of durable goods, in particular housing. Part I provides a review of advances in portfolio theory. Dealing with durability raises complex mathematical issues discussed in the appendix. Part II focuses on a particularity of durable goods that has been studied very little, namely the decision to buy versus renting. We provide an original model of tenure choice and study its impact on households? optimal financial decisions. To achieve this we merge real options and portfolio theory and are able to obtain fairly explicit solutions, even with incomplete markets. In fact, it is the presence of market incompleteness, that is, the imperfect hedgeability by trading in financial assets of idiosyncratic risks linked to real estate that leads to our main finding: Risk aversion and market incompleteness reduce the relative attractiveness of homeownership relative to renting. We find that homeownership becomes more affordable and more likely as market incompleteness decreases and risks can be hedged better, while higher market incompleteness and risk aversion tend to depress house prices.

Product Specifications

Brand: Südwestdeutscher Verlag für Hochschulschriften
Format: paperback
ASIN: 3838112784
Category: Books > Subjects > Business, Finance & Law > Economics
Domain: Amazon UK
Release Date: 30 March 2010
Listed Since: 06 April 2010

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Südwestdeutscher Verlag für Hochschulschriften Optimal portfolio choice with housing and tenure decisions: Portfolio theory and real estate finance in continuous time

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It has never been this cheap. We have no record of a lower price.

Südwestdeutscher Verlag für Hochschulschriften Optimal portfolio choice with housing and tenure decisions: Portfolio theory and real estate finance in continuous time

Price History & Forecast

Price Distribution

Price Analysis

Description

Product Specifications

Barcode

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