Abstract
The present chapter is devoted to a discussion of the economic theory of household behaviour on the housing market. The central assumption of the theory is that household behaviour can, in principle, be analyzed as an attempt to maximize a utility function. This assumption is a standard one in (micro-) economic theory. It seems to be less appreciated in other social sciences however and even among economists there exist doubts concerning its validity and usefulness as a foundation for theoretical and empirical work (cf., Simon [1975]).
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