NDLI: Structural Demand Estimation With Borrowing Constraints

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Structural Demand Estimation With Borrowing Constraints

Content Provider	Scilit
Author	Ouazad, Amine Ranciire, Romain G.
Copyright Year	2016
Description	Journal: SSRN Electronic Journal Structural models of location choice use observed demand to estimate household preferences. However, household demand may be partly determined by borrowing constraints, limiting households’ choice set. Credit availability differs across locations, households, and years. We put forward a model of neighborhood choice where mortgage approval rates determine households’ choice set. Using household-level data, geocoded transactions, and mortgage applications for the San Francisco Bay area, we find that including borrowing constraints leads to higher estimated preferences for better performing schools and majority-white neighborhoods. General equilibrium estimates of the relaxation of lending standards provide two out-of-sample predictions: between 2000 and 2006, (i) a compression of the price distribution and (ii) a decline in black exposure to Whites. Both predictions are supported by empirical observation.
Related Links	https://halshs.archives-ouvertes.fr/halshs-01207997/file/wp201532.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2796228
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2796228
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2016-06-10
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Religion and Religious Studies Borrowing Constraints
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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