The effect of homeownership on the option value of regional migration

• 成果类型: Article
• 署名作者: Oswald, Florian
• 刊物名称: QUANTITATIVE ECONOMICS
• ISSN/ISSBN: 1759-7323
• DOI: 10.3982/QE872
• 发表日期: 2019
• 页码: 1453-1493
• 关键词: MIGRATION; housing; lifecycle consumption; regional shocks; J6; R2; R23

摘要

This paper estimates a lifecycle model of consumption, housing choice, and migration in the presence of aggregate and regional shocks, using the Survey of Income and Program Participation (SIPP). The model delivers structural estimates of moving costs by ownership status, age, and family size that complement the previous literature. Using the model, I first show that migration elasticities vary substantially between renters and owners, and I estimate the consumption value of having the option to migrate across regions when there are regional shocks. This value is 19% of lifetime consumption on average, and it varies substantially with household type.