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Optimal housing maintenance under uncertainty

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  • Vorst, A. C. F.

Abstract

In this paper we give the optimal maintenance policy of a building where we let the rent depend on the quality of the building. We assume that the quality of the building can be described by a stochastic process on which the maintenance policy has an influence. Furthermore we give rules for when the landlord has to sell the building or when he has to rent it. From these rules it follows that under uncertainty the landlord is more prepared to rent the building than without uncertainty.
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  • Vorst, A. C. F., 1987. "Optimal housing maintenance under uncertainty," Journal of Urban Economics, Elsevier, vol. 21(2), pages 209-227, March.
    • Handle: RePEc:eee:juecon:v:21:y:1987:i:2:p:209-227
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    References listed on IDEAS

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    1. Sweeney, James L., 1974. "A commodity hierarchy model of the rental housing market," Journal of Urban Economics, Elsevier, vol. 1(3), pages 288-323, July.
    2. Ohls, James C., 1975. "Public policy toward low income housing and filtering in housing markets," Journal of Urban Economics, Elsevier, vol. 2(2), pages 144-171, April.
    3. Richard Arnott & Russell Davidson & David Pines, 1983. "Housing Quality, Maintenance and Rehabilitation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(3), pages 467-494.
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    1. Thomas M. Springer & Neil G. Waller, 1996. "Maintenance of Residential Rental Property: An Empirical Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 89-100.
    2. J.R. Miron, 1990. "Security of Tenure, Costly Tenants and Rent Regulation," Urban Studies, Urban Studies Journal Limited, vol. 27(2), pages 167-183, April.
    3. Dubin, Robin A., 1998. "Maintenance Decisions of Absentee Landlords under Uncertainty," Journal of Housing Economics, Elsevier, vol. 7(2), pages 144-164, June.
    4. Harding, John P. & Miceli, Thomas J. & Sirmans, C. F., 2000. "Deficiency Judgments and Borrower Maintenance: Theory and Evidence," Journal of Housing Economics, Elsevier, vol. 9(4), pages 267-285, December.
    5. John L. Glascock & C. F. Sirmans & Geoffrey K. Turnbull, 1993. "Owner Tenancy as Credible Commitment under Uncertainty," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(1), pages 69-82, March.

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