The benefits of an investment in an energy efficient durable good depend on the life of the investment. If the expected length of ownership is mis-estimated, this will bias calculations of the benefits of energy efficiency, including estimates of the energy efficiency gap. This paper estimates...

Falling house prices have caused numerous home owners to suffer capital losses. Those with little home equity may be prevented from moving because proceeds from the sale of their house are insufficient to repay their mortgage and provide a new down payment. A data set of mortgages is used to...

"We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth...