An Equilibrium-Econometric Analysis of Rental Housing Markets with Indivisibilities∗
نویسندگان
چکیده
We develop an equilibrium-econometric analysis in the context of rental housing markets with indivisibilities. The theory provides some bridge between a (competitive) market equilibrium theory and a statistical/econometric analysis. First, we develop this theory: The listing service of apartments, which we call the housing magazine, provides the information to both households (and landlords) and the econometric analyzer. Our theory explains this double use of the information sources. We apply our theory to the data in the rental housing markets in the Tokyo area, and we examine the law of diminishing marginal utility for the household. It does not hold at a significant degree for the marginal utility with respect to the size of apartment, but it does strictly with respect to the commuting time-distance and consumption other than the housing services. Key-Words: Rental Housing Market, Indivisibilities, Competitive Equilibrium, Total Sum of Square Residuals, Law of Diminishing Marginal Utility
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