{"id":"https://openalex.org/W31128277","doi":null,"title":"The Microfoundations of Housing Market Dynamics","display_name":"The Microfoundations of Housing Market Dynamics","publication_year":2008,"publication_date":"2008-04-24","ids":{"openalex":"https://openalex.org/W31128277","mag":"31128277"},"language":"en","primary_location":{"id":"pmh:oai:dukespace.lib.duke.edu:10161/649","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10161/649","pdf_url":null,"source":{"id":"https://openalex.org/S4306400687","display_name":"DukeSpace (Duke University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I170897317","host_organization_name":"Duke University","host_organization_lineage":["https://openalex.org/I170897317"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Dissertation"},"volume":null,"type":"dissertation","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"http://hdl.handle.net/10161/649","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5055722667","display_name":"Alvin D. Murphy","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Alvin Murphy","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5055722667"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11645","display_name":"Urban, Neighborhood, and Segregation Studies","score":0.0,"subfield":{"id":"https://openalex.org/subfields/3312","display_name":"Sociology and Political Science"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/housing-market-dynamics","display_name":"housing market dynamics","score":0.9620000123977661},{"id":"https://openalex.org/keywords/housing-supply","display_name":"housing supply","score":0.9639999866485596},{"id":"https://openalex.org/keywords/housing-demand","display_name":"housing demand","score":0.9409999847412109},{"id":"https://openalex.org/keywords/dynamic-discrete-choice-models","display_name":"dynamic discrete choice","score":0.8420000076293945},{"id":"https://openalex.org/keywords/construction-timing","display_name":"construction timing","score":0.5139999985694885},{"id":"https://openalex.org/keywords/right-to-build","display_name":"right to build","score":0.5870000123977661},{"id":"https://openalex.org/keywords/housing-price-appreciation","display_name":"house price appreciation","score":0.6330000162124634},{"id":"https://openalex.org/keywords/construction-costs","display_name":"construction costs","score":0.5230000019073486},{"id":"https://openalex.org/keywords/regulatory-costs","display_name":"regulatory costs","score":0.8100000023841858},{"id":"https://openalex.org/keywords/procyclicality","display_name":"procyclicality","score":0.7269999980926514},{"id":"https://openalex.org/keywords/neighborhood-choice","display_name":"neighborhood selection","score":0.6420000195503235},{"id":"https://openalex.org/keywords/durable-goods-demand","display_name":"durable goods demand","score":0.7179999947547913},{"id":"https://openalex.org/keywords/dynamic-estimation","display_name":"dynamic estimation","score":0.3319999873638153},{"id":"https://openalex.org/keywords/counterfactual-simulation","display_name":"counterfactual simulation","score":0.7519999742507935}],"concepts":[{"id":"https://openalex.org/C2776589375","wikidata":"https://www.wikidata.org/wiki/Q1876068","display_name":"Microfoundations","level":2,"score":0.6930691599845886},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5891693830490112},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.5688714981079102},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.528412938117981},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.5219892263412476},{"id":"https://openalex.org/C190669063","wikidata":"https://www.wikidata.org/wiki/Q5282043","display_name":"Discrete choice","level":2,"score":0.4633142948150635},{"id":"https://openalex.org/C120330832","wikidata":"https://www.wikidata.org/wiki/Q166656","display_name":"Supply and demand","level":2,"score":0.42923402786254883},{"id":"https://openalex.org/C177264268","wikidata":"https://www.wikidata.org/wiki/Q1514741","display_name":"Set (abstract data type)","level":2,"score":0.41047725081443787},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.34546467661857605},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.255825936794281},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:dukespace.lib.duke.edu:10161/649","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10161/649","pdf_url":null,"source":{"id":"https://openalex.org/S4306400687","display_name":"DukeSpace (Duke University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I170897317","host_organization_name":"Duke University","host_organization_lineage":["https://openalex.org/I170897317"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Dissertation"},{"id":"mag:31128277","doi":null,"is_oa":false,"landing_page_url":"https://dukespace.lib.duke.edu/dspace/bitstream/10161/649/1/D_Murphy_Alvin_a_200805.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:dukespace.lib.duke.edu:10161/649","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10161/649","pdf_url":null,"source":{"id":"https://openalex.org/S4306400687","display_name":"DukeSpace (Duke University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I170897317","host_organization_name":"Duke University","host_organization_lineage":["https://openalex.org/I170897317"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Dissertation"},"sustainable_development_goals":[{"score":0.5142999887466431,"id":"https://metadata.un.org/sdg/11","display_name":"Sustainable cities and communities"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":73,"referenced_works":["https://openalex.org/W80883406","https://openalex.org/W90160891","https://openalex.org/W1481146996","https://openalex.org/W1483302745","https://openalex.org/W1501669300","https://openalex.org/W1513715505","https://openalex.org/W1517909554","https://openalex.org/W1520374442","https://openalex.org/W1524366261","https://openalex.org/W1525322438","https://openalex.org/W1531182077","https://openalex.org/W1536389629","https://openalex.org/W1543219897","https://openalex.org/W1551497839","https://openalex.org/W1552666175","https://openalex.org/W1588069130","https://openalex.org/W1968064531","https://openalex.org/W1976146906","https://openalex.org/W1977578104","https://openalex.org/W1978907431","https://openalex.org/W1982417766","https://openalex.org/W1999131330","https://openalex.org/W2001981404","https://openalex.org/W2014754981","https://openalex.org/W2016292350","https://openalex.org/W2018970318","https://openalex.org/W2019258023","https://openalex.org/W2022843823","https://openalex.org/W2033872062","https://openalex.org/W2038317509","https://openalex.org/W2052115379","https://openalex.org/W2059183841","https://openalex.org/W2062430343","https://openalex.org/W2065600835","https://openalex.org/W2065659994","https://openalex.org/W2067256125","https://openalex.org/W2083701011","https://openalex.org/W2093714429","https://openalex.org/W2100098749","https://openalex.org/W2100340698","https://openalex.org/W2109109711","https://openalex.org/W2112467335","https://openalex.org/W2114372494","https://openalex.org/W2140400285","https://openalex.org/W2141580953","https://openalex.org/W2149458668","https://openalex.org/W2152770513","https://openalex.org/W2155014080","https://openalex.org/W2160381626","https://openalex.org/W2161480676","https://openalex.org/W2166299928","https://openalex.org/W2769320280","https://openalex.org/W2889670969","https://openalex.org/W2891794882","https://openalex.org/W3023465268","https://openalex.org/W3025069413","https://openalex.org/W3102009763","https://openalex.org/W3121556247","https://openalex.org/W3122156058","https://openalex.org/W3122180081","https://openalex.org/W3122608925","https://openalex.org/W3122896188","https://openalex.org/W3123458111","https://openalex.org/W3123884917","https://openalex.org/W3123977799","https://openalex.org/W3124111029","https://openalex.org/W3124686539","https://openalex.org/W3124695967","https://openalex.org/W3125855424","https://openalex.org/W3126101838","https://openalex.org/W3144358072","https://openalex.org/W3145693544","https://openalex.org/W6960394321"],"related_works":["https://openalex.org/W3122178444","https://openalex.org/W1513594204","https://openalex.org/W4401777663","https://openalex.org/W7096005682","https://openalex.org/W2108252611","https://openalex.org/W2247390559","https://openalex.org/W1480087516","https://openalex.org/W2163867539","https://openalex.org/W3020900157","https://openalex.org/W7098241302"],"abstract_inverted_index":{"The":[0,30,49,72,275,440],"goal":[1],"of":[2,17,20,56,69,116,124,135,144,176,201,210,217,226,247,250,263,279,283,292,302,311,318,326,331,346,354,360,366,374,401,405,414,426,448,467,484,501,504,526,538,542,556,559,582,590],"this":[3,507],"dissertation":[4,31],"is":[5,94,169],"to":[6,44,65,139,155,191,197,451,469,497,535,578],"provide":[7],"a":[8,27,60,76,207,423,430,435,454,488,499,524,539,588],"coherent":[9],"and":[10,24,109,133,233,249,261,288,298,335,338,445,458,464,476,491,530,548,562,571,584],"computationally":[11,436],"feasible":[12],"basis":[13],"for":[14,79,84,474,481,520,552],"the":[15,18,53,67,82,91,97,101,111,121,130,142,179,183,199,202,214,241,245,259,280,289,303,309,312,315,323,332,347,352,358,364,372,402,406,412,418,443,465,482,485,513,517,536,554,557,569,580],"analysis":[16,555],"dynamics":[19,355,581],"both":[21,230,244,296],"housing":[22,46,70,407,415,475,505,546,583],"supply":[23,264,361],"demand":[25,83,519],"from":[26,371],"microeconomics":[28],"perspective.":[29],"includes":[32],"two":[33],"papers":[34],"which":[35,294],"incorporate":[36,295],"unique":[37],"micro":[38],"data":[39,103],"with":[40,387,434],"new":[41,77,102],"methodological":[42],"approaches":[43],"examine":[45],"market":[47,231,408],"dynamics.":[48],"first":[50,98,112],"paper":[51,74],"models":[52],"development":[54],"decisions":[55],"land":[57,145,218],"owners":[58,119,143,219],"as":[59,88,255,487],"dynamic":[61,113,431,518,543],"discrete":[62],"choice":[63,92,428,463],"problem":[64],"recover":[66,470],"primitives":[68],"supply.":[71,117],"second":[73,419],"develops":[75],"methodology":[78],"dynamically":[80],"estimating":[81],"durable":[85,521],"goods,":[86],"such":[87],"housing,":[89],"when":[90],"set":[93,104,541],"large.":[95],"In":[96,137,239,417,495],"paper,":[99,420],"using":[100,272,344],"discussed":[105],"above,":[106],"I":[107,221,350,421],"develop":[108],"estimate":[110],"microeconometric":[114],"model":[115,242,276,304,425,529,570],"Parcel":[118],"maximize":[120],"discounted":[122],"sum":[123],"expected":[125,158,162,367,375],"per-period":[126,203],"profits":[127,227],"by":[128,182,362],"choosing":[129],"optimal":[131,215],"time":[132],"nature":[134],"construction.":[136,177],"addition":[138,190],"current":[140],"profits,":[141],"also":[146],"take":[147],"into":[148],"account":[149],"their":[150],"expectations":[151,248],"about":[152],"future":[153,159,163,368,376],"returns":[154,277],"development,":[156],"balancing":[157],"prices":[160],"against":[161],"costs.":[164,300,494],"This":[165],"forward":[166,388],"looking":[167,389],"behavior":[168,216],"crucial":[170],"in":[171,189,236,257,265,308,356,429,453,512,523,545,587],"explaining":[172],"observed":[173,444],"aggregate":[174,273],"patterns":[175],"Finally,":[178,343],"outcomes":[180],"generated":[181],"parcel":[184],"owners'":[185],"profit":[186,204,348],"maximizing":[187],"behavior,":[188,390],"observable":[192],"sales":[193],"prices,":[194,285],"allow":[195],"me":[196],"identify":[198],"parameters":[200],"function":[205],"at":[206],"fine":[208],"level":[209],"geography.":[211],"By":[212],"modeling":[213],"directly,":[220],"can":[222,574],"capture":[223],"important":[224,502],"aspects":[225],"that":[228,267,306,322,336,383],"explain":[229,351],"volatility":[232,262,413],"geographic":[234],"differences":[235],"construction":[237,393],"rates.":[238],"particular,":[240],"captures":[243],"role":[246,353],"more":[251],"abstract":[252],"costs":[253,291,340],"(such":[254],"regulation)":[256],"determining":[258,357],"timing":[260,359,466],"way":[266,457],"would":[268],"not":[269],"be":[270,575],"possible":[271],"data.":[274],"estimates":[278,345],"various":[281],"components":[282],"profits:":[284],"variable":[286],"costs,":[287,385],"fixed":[290],"building,":[293],"physical":[297,337],"regulatory":[299,339],"Estimates":[301],"suggest":[305,382],"changes":[307,370],"value":[310],"right-to-build":[313],"are":[314,329,341,533],"primary":[316],"cause":[317],"house":[319,486],"price":[320,377],"appreciation,":[321],"demographic":[324],"characteristics":[325],"existing":[327],"residents":[328],"determinants":[330],"cost":[333,369],"environment,":[334],"pro-cyclical.":[342],"function,":[349],"distinguishing":[363],"effects":[365,373],"changes.":[378],"A":[379],"counterfactual":[380],"simulation":[381],"pro-cyclical":[384],"combined":[386],"significantly":[391],"dampen":[392],"volatility.":[394],"These":[395,550],"results":[396],"sheds":[397],"light":[398],"on":[399,461,516],"one":[400],"empirical":[403],"puzzles":[404],"-":[409],"what":[410],"determines":[411],"construction?":[416],"outline":[422],"tractable":[424],"neighborhood":[427,450,462,477],"setting":[432],"along":[433],"straightforward":[437],"estimation":[438,531,572],"approach.":[439],"approach":[441,508,532,573],"allows":[442],"unobserved":[446],"features":[447,503],"each":[449],"evolve":[452],"completely":[455],"flexible":[456],"uses":[459],"information":[460],"moves":[468],"semi-parametrically:":[471],"(i)":[472],"preferences":[473,480],"attributes,":[478],"(ii)":[479],"performance":[483],"financial":[489],"asset,":[490],"(iii)":[492],"moving":[493],"order":[496],"accommodate":[498],"number":[500,525],"market,":[506],"extends":[509],"methods":[510],"developed":[511],"recent":[514],"literature":[515],"goods":[522],"key":[527],"ways.\\nThe":[528],"applicable":[534],"study":[537,579],"wide":[540],"phenomena":[544],"markets":[547,586],"cities.":[549,591],"include,":[551],"example,":[553],"microdynamics":[558],"residential":[560],"segregation":[561],"gentrification":[563],"within":[564],"metropolitan":[565],"areas.":[566],"More":[567],"generally,":[568],"easily":[576],"extended":[577],"labor":[585],"system":[589]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}
