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An Econometric Analysis of Housing as Both a Consumption Good and a Risky Asset

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  • Denton, Frank T
  • Robb, A Leslie
  • Spencer, B Byron

Abstract

The demand for housing is analyzed within the context of an overall household expenditure system in which housing viewed as both a consumption good and an investment good. The risk associated with holding housing as an asset is given special attention. The expenditure system is estimated using Canadian survey data and the results are interpreted. The results suggest that households are risk-averse and that the degree of risk-aversion increases with age.

Suggested Citation

  • Denton, Frank T & Robb, A Leslie & Spencer, B Byron, 1993. "An Econometric Analysis of Housing as Both a Consumption Good and a Risky Asset," Empirical Economics, Springer, vol. 18(2), pages 215-231.
    • Handle: RePEc:spr:empeco:v:18:y:1993:i:2:p:215-31
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    Cited by:

    1. David Mazáček & Jiří Panoš, 2022. "Key determinants of new residential real estate prices in Prague," FFA Working Papers 5.002, Prague University of Economics and Business, revised 11 Apr 2023.

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