This study complements the literature by examining the role of housing in the allocation and performance of household portfolios under uncertainty. Based on comprehensive survey data in urban China, we identify both income uncertainty associated with unemployment and expenditure uncertainty...

This paper investigates how intermediaries with information advantages divert consumer search in rental markets and lead to inefficient outcomes. Using unique data on tenants’ initial preferences and property-visit records, we find that intermediaries deliberately prioritize the exhibition of...

It is important to investigate the correlation between housing price and household consumption to gain an understanding of the behavior of the economy and effectively handle the consequences of economic development. In the last two decades, the accumulation of housing wealth by Chinese...

This paper studies how dynamic changes in the search environment affect consumer search and purchase behavior. We develop a dynamic model that incorporates a non-stationary search environment and propose a feasible estimation procedure to estimate its parameters. We apply our model and...

This paper establishes a dynamic stochastic general equilibrium model with second moment shocks and sticky housing price, and compares the heterogeneous macro effects of exogenous uncertainty shocks on housing market dynamics in China from frequency-dependent perspectives. We focus on three...

This paper studies how dynamic changes in the search environment affect consumer search and purchase behavior. We develop a dynamic model that incorporates a non-stationary search environment and propose a feasible estimation procedure to estimate its parameters. We apply our model and...