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Abstract: In this article, we develop a model for the evolution of real estate prices.A wide range of inputs, including stochastic interest rates and changingdemands for the asset, are considered. Maximizing their expected utility, homeowners make optimal sale decisions given these changing market conditions.Using these optimal sale decisions, we simulate the implied evolution ofhousing prices providing insights into the recent subprime lending crisis.



Autor: Hazer Inaltekin, Robert Jarrow, Mehmet Saglam, Yildiray Yildirim

Fuente: https://arxiv.org/







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