A Dynamic Model of Housing Supply

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Page 1 and 2: A Dynamic Model of Housing Supply
Page 3 and 4: period profits by choosing the opti
Page 5 and 6: future price changes and shed light
Page 7 and 8: pany, a consultant to the home buil
Page 9 and 10: Figure 1: Bay Area: Counties and Tr
Page 11 and 12: lands as well as undeveloped farms,
Page 13 and 14: Figure 3: Appreciation Rates by PUM
Page 15 and 16: 4 A Dynamic Model of Housing Constr
Page 17 and 18: expected profits are given by the v
Page 19 and 20: Housing quality is composed of thre
Page 21 and 22: 4.2.2 Optimal Discrete ChoiceThe de
Page 23 and 24: into three pieces:1. L p (θ p , x)
Page 25 and 26: y year. The results section provide
Page 27 and 28: probability of choosing to build. 4
Page 29 and 30: of ̂ε P Cnt , I can calculate ∫
Page 31 and 32: issue arises in Gowrisankaran and R
Page 33 and 34: Figure 5: Distribution of the Price
Page 35 and 36: determining sales price. The result
Page 37 and 38: to identifying costs is different h
Page 39 and 40: for prices and costs as well as an
Page 41 and 42: Figure 12: Geographic Distribution
Page 43 and 44: of dynamics (and in particular, the
Page 45 and 46: price cycle. The expected length of
Page 47: 8 ConclusionThe importance of the h
Page 51 and 52: 9 AppendixFurther Estimation Detail
Page 53: Additional ResultsTable 4: Dynamic

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