RDP 8907: Tax Policy and Housing Investment in Australia
Equation
V
t
=
∫
t
∞
{
P
s
R
s
−
P
s
c
d
ds
[
V
s
/
P
s
]
}
e
−
i
(
s
-
t
)
ds
V
t
=
∫
t
∞
{
P
s
R
s
−
c
d
V
s
/
ds
+
c
π
V
s
}
e
−
i
(
s
-
t
)
ds
(
where
π
=
P
s
−
1
d
P
s
/
d
s
)
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