{"title":"Effect of ageing on housing prices: A perspective from an overlapping generation model","authors":"Tianyu Sun , Satish Chand , Keiran Sharpe","doi":"10.1016/j.rie.2024.100960","DOIUrl":null,"url":null,"abstract":"<div><p>This paper suggests that ageing has divergent effects on housing prices, and the divergence sources from both aspects of ageing and housing. For the ageing, a fall in fertility and a rise in survival rate could have opposite effects on housing prices. For the housing, the prices of the two components – land and structure – respond to fertility rate decline and survival rate increase to different extent. Therefore, the effect of ageing on housing prices does not have a definite pattern in the long run. In the short run, the results suggest that ageing can produce a turning point in the price dynamics. To the left of the peak, ageing boosts prices while to the right, it has the opposite effect, therefore the impacts of ageing on housing prices are different with time.</p></div>","PeriodicalId":46094,"journal":{"name":"Research in Economics","volume":"78 3","pages":"Article 100960"},"PeriodicalIF":1.2000,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in Economics","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1090944324000243","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This paper suggests that ageing has divergent effects on housing prices, and the divergence sources from both aspects of ageing and housing. For the ageing, a fall in fertility and a rise in survival rate could have opposite effects on housing prices. For the housing, the prices of the two components – land and structure – respond to fertility rate decline and survival rate increase to different extent. Therefore, the effect of ageing on housing prices does not have a definite pattern in the long run. In the short run, the results suggest that ageing can produce a turning point in the price dynamics. To the left of the peak, ageing boosts prices while to the right, it has the opposite effect, therefore the impacts of ageing on housing prices are different with time.
期刊介绍：
Established in 1947, Research in Economics is one of the oldest general-interest economics journals in the world and the main one among those based in Italy. The purpose of the journal is to select original theoretical and empirical articles that will have high impact on the debate in the social sciences; since 1947, it has published important research contributions on a wide range of topics. A summary of our editorial policy is this: the editors make a preliminary assessment of whether the results of a paper, if correct, are worth publishing. If so one of the associate editors reviews the paper: from the reviewer we expect to learn if the paper is understandable and coherent and - within reasonable bounds - the results are correct. We believe that long lags in publication and multiple demands for revision simply slow scientific progress. Our goal is to provide you a definitive answer within one month of submission. We give the editors one week to judge the overall contribution and if acceptable send your paper to an associate editor. We expect the associate editor to provide a more detailed evaluation within three weeks so that the editors can make a final decision before the month expires. In the (rare) case of a revision we allow four months and in the case of conditional acceptance we allow two months to submit the final version. In both cases we expect a cover letter explaining how you met the requirements. For conditional acceptance the editors will verify that the requirements were met. In the case of revision the original associate editor will do so. If the revision cannot be at least conditionally accepted it is rejected: there is no second revision.
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