Love thy neighbor: Income distribution and housing preferences
Publication in refereed journal


香港中文大学研究人员 ( 现职)

梁天卓教授 (经济学系)

全文

数位物件识别号 (DOI) ○○@http://aims.cuhk.edu.hk/converis/portal/Publication/2$@○○

引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/2WOS source URL
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/4Scopus source URL

其它资讯

摘要Do homeowners prefer living in an area with a more equal distribution of income? We answer this question by estimating a semi-parametric hedonic pricing model for about 90,000 housing units transacted in Hong Kong between http://aims.cuhk.edu.hk/converis/portal/Publication/2005 and http://aims.cuhk.edu.hk/converis/portal/Publication/2006. We first identify a hedonic price function by locally regressing the rental price of the housing unit on its intrinsic and neighborhood characteristics, one of which is the Gini coefficient for household income of the constituency area. We then combine the estimates with a log utility function to obtain the heterogeneous preference parameters. Finally, we estimate the joint distribution of the preference parameters and demographics. We find that most homeowners have a strong distaste for inequality in their neighborhood, and the distaste increases with income and goes down with education level. Counterfactual experiments show that reallocating public rental housing by half can increase the welfare of homeowners by about HK$8,000 on average per year, an amount which is equivalent to increasing the housing unit by http://aims.cuhk.edu.hk/converis/portal/Publication/20 square feet or reducing the age of the unit by 5 years. ? http://aims.cuhk.edu.hk/converis/portal/Publication/201http://aims.cuhk.edu.hk/converis/portal/Publication/2 Elsevier Inc.

着者Leung T.C., Tsang K.P.
期刊名称Journal of Housing Economics
出版年份http://aims.cuhk.edu.hk/converis/portal/Publication/201http://aims.cuhk.edu.hk/converis/portal/Publication/2
月份1http://aims.cuhk.edu.hk/converis/portal/Publication/2
日期1
卷号http://aims.cuhk.edu.hk/converis/portal/Publication/21
期次http://aims.cuhk.edu.hk/converis/portal/Publication/4
出版社Academic Press
出版地United States
页次3http://aims.cuhk.edu.hk/converis/portal/Publication/2http://aims.cuhk.edu.hk/converis/portal/Publication/2 - 335
国际标準期刊号1051-1377
语言英式英语

关键词Hedonic pricing, Housing, Income inequality