ANOTHER LOOK AT PRICE INSTABILITY AND CONSUMER WELL-BEING: NONDURABLE AND DURABLE (HOUSING) MARKETS

Basant Kapur ()

The Singapore Economic Review (SER), 2016, vol. 61, issue 02, 1-9

Abstract: We explore the implications of future price uncertainty, although in a different setting from McKinnon (1967). We identify a further, hitherto-overlooked mechanism that can overturn the well-known ‘Waugh paradox’ that risk-averse consumers benefit from price instability, and show that it also has a particularly interesting application to the housing tenure choice issue.

Keywords: Price instability; housing tenure choice; consumer well-being (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1142/S0217590816400221

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