Rouwendal, Jan; Duijn, Mark van - 2013 - This version: January 4, 2013
different price developments. The typical pattern is that luxury houses appreciate more in boom periods and depreciate more … homogeneous commodity that is available in arbitrary quantities at a constant price per unit. This model is unable to explain … differ in income are allocated over a given housing stock. In particular, the model predicts that the price of housing as a …