This paper develops a theoretical model that explains how long-term consumption goals influence households' choice of real assets in situations when these assets have no investment value. Using a suburban residential housing market that exemplifies such a market, we develop a general equilibrium...

"We develop a theoretical model of illiquidity, in which illiquid assets are being traded by two agents -- buyers and sellers. Illiquidity is defined as the expected time it takes a seller to sell his asset at the optimal price. The theoretical model is developed in the context of transactions...

Press articles in Germany that predicted a severe decline in property prices within certain regions caused by demographic developments have recently served to undermine the people's sense of security. This lead to an intense debate if and to what extent property price trends are affected by...

In the absence of appropriate comparable sales data property valuation literature suggests building up the capitalisation and/or discount rate starting from a risk free rate. In response to this need the basic purpose of this paper is to explore and explain actual returns in different property...