Housing Prices and the Elderly Population’s Welfare
نویسندگان
چکیده
This paper explains a technique and presents empirical results for measuring the change in elderly consumer’s welfare due to price changes in items in the Consumer Price Index (CPI). A new approach for measuring welfare changes due to price changes in owner-occupied housing in a static and dynamic setting is the cornerstone of this research. The model treats housing as an asset with the fundamental concept being that a rise in housing prices is a welfare gain for households that sell housing. This model is applied to elderly households and finds that in most recent years, when housing prices tended to rise faster than the prices of all other consumer goods, elderly households welfare declined less than the CPI suggests, and under some specifications welfare increases. 1 I am grateful for the support and guidance of Patrick Bajari and Geoffrey Rothwell.
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