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The choice to rent or own: Why rents...

Corradin, Stefano.

The choice to rent or own: Why rents and mortgages rates are jointly determined.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	The choice to rent or own: Why rents and mortgages rates are jointly determined.
作者:	Corradin, Stefano.
面頁冊數:	127 p.
附註:	Adviser: Dwight Jaffee; Nancy Wallace.
附註:	Source: Dissertation Abstracts International, Volume: 69-10, Section: A, page: .
Contained By:	Dissertation Abstracts International69-10A.
標題:	Economics, Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3334296
ISBN:	9780549874515

The choice to rent or own: Why rents and mortgages rates are jointly determined.
Corradin, Stefano.

The choice to rent or own: Why rents and mortgages rates are jointly determined. - 127 p.

Adviser: Dwight Jaffee; Nancy Wallace.

Thesis (Ph.D.)--University of California, Berkeley, 2008.

In the second chapter, the agent chooses between owning a given house with a home equity line contract and renting the same house with a fully adjustable rent. My contribution is to systematically relate the default and rent risk premia. The model predicts that the default and rent risk premia are both increasing in the volatility of labor income and house prices. In addition, the default risk premium (the rent risk premium) is increasing (decreasing) with respect to the correlation between them.

ISBN: 9780549874515Subjects--Topical Terms:

212585
Economics, Finance.

The choice to rent or own: Why rents and mortgages rates are jointly determined.
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245 1 4 $a The choice to rent or own: Why rents and mortgages rates are jointly determined.
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500 $a Adviser: Dwight Jaffee; Nancy Wallace.
500 $a Source: Dissertation Abstracts International, Volume: 69-10, Section: A, page: .
502 $a Thesis (Ph.D.)--University of California, Berkeley, 2008.
520 $a In the second chapter, the agent chooses between owning a given house with a home equity line contract and renting the same house with a fully adjustable rent. My contribution is to systematically relate the default and rent risk premia. The model predicts that the default and rent risk premia are both increasing in the volatility of labor income and house prices. In addition, the default risk premium (the rent risk premium) is increasing (decreasing) with respect to the correlation between them.
520 $a In the third chapter, the agent finances the house purchase by a fixed rate mortgage contract and has the option to default and move into the rental market, paying a fully adjustable rent. While house prices evolve according to a geometric Brownian motion, labor income can take two values and changes at the jump time of an independent Poisson process. My contribution is to endogenously determine how much housing services the agent is willing to consume and how much down payment the agent is willing to provide for the house purchase. In addition, the default and rent risk premia are endogenously determined. The model predicts that a negative labor income shock induces the agent to early exercise his default option with a higher level of net wealth in the presence of borrowing constraints.
520 $a My dissertation focuses on the choice of owning versus renting. In the first chapter, I analyze two alternatives for renting a given house: (i) a fixed-price long term rent contract whose maturity corresponds to the agent's horizon; (ii) a rent contract that is fully adjustable to house prices. Alternatively, the agent can buy the house borrowing at the risk free rate. My contribution is to explicitly derive the equilibrium fixed-price long term rent and the adjustable rent, such that the agent is ex ante indifferent between owning and renting. The model predicts that the equilibrium fixed-price long term rent and the adjustable rent are both increasing in the volatility of house prices and in the correlation between house prices and labor income.
590 $a School code: 0028.
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