caa a22 4500 477129757 CHVBK 20180405111701.0 cr unu---uuuuu 170330e19971101xx s 000 0 eng 10.1023/A:1007724006255 doi (NATIONALLICENCE)springer-10.1023/A:1007724006255 Read Colin Department of Economics, University of Alaska Fairbanks, 99775, Fairbanks, AK aut Vacancies and Rent Dispersion in a Stochastic Search Model with Generalized Tenant Demand [Elektronische Daten] [Colin Read] I model imperfect information, derive a downward sloping market demand curve, and explain vacancies in a partial equilibrium model of a rental housing market. Tenants can be completely described by an exogenous demand curve, perhaps arising from differences in income, preferred location, or tastes, and view vacant units based on a stochastic arrival of rental information. Free entry of these landlords induces excess rental housing capacity (equilibrium vacancies). I determine the equilibrium distribution of rents for vacant units, show that this rent distribution may be discontinuous, and explore the equilibrium vacancy rate to changes in exogenous parameters. The resulting characterization of equilibrium distributions of rents may be amenable to econometric modeling exploring the relationship between market rents and vacancies. Kluwer Academic Publishers, 1997 imperfect information nationallicence vacancies nationallicence rent distribution nationallicence equilibrium nationallicence The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 15/3(1997-11-01), 223-237 0895-5638 15:3<223 1997 15 11146 https://doi.org/10.1023/A:1007724006255 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1023/A:1007724006255 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Read Colin Department of Economics, University of Alaska Fairbanks, 99775, Fairbanks, AK aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Kluwer Academic Publishers 15/3(1997-11-01), 223-237 0895-5638 15:3<223 1997 15 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer