\begin{table}[htbp]
\centering
\small
\begin{threeparttable}
\caption{Notation of the quantitative model}
\label{tab:notation}
\begin{tabular}{lp{9.3cm}l}
\toprule
Symbol & Meaning & Units \\
\midrule
$j$ & age index, $j = 1,\dots,J=12$ (5-year periods, 25--84) & -- \\
$z$ & idiosyncratic productivity (Rouwenhorst, $n_z = 5$), frozen in retirement & -- \\
$h \in \mathcal H$ & owner-occupied house size (four sizes, $h_1 = \underline h$) & housing units \\
$s$ & rented housing services ($s \ge \underline s$) & housing units \\
$a$ & liquid real asset (nominal deposit), $a \ge 0$ & goods \\
$b^m$ & real mortgage balance at the start of the period ($B^{nom}/P$) & goods \\
$n_m$ & remaining number of mortgage payments ($N = 5$ at origination) & -- \\
$p$, $p^r$, $\rho$ & real house price, rental-unit price, rent per period & goods / unit \\
$P$, $\pi$, $\pi^u$ & CPI level, inflation, unexpected inflation & -- \\
$R$, $i$, $i_q$ & gross real rate, nominal rate ($1+i = R(1+\bar\pi)$), qualifying rate & -- \\
$\theta$, $\psi$ & minimum down payment, payment-to-income cap & -- \\
$\kappa_b$, $\kappa_s$, $\kappa_f$, $m$ & buying, selling, refinancing and maintenance costs & share of value \\
$b^g$, $b^e$ & inter-vivos gift (parent's age $j_g = 7$), estate (parent's age $J$) & goods \\
$\nu$, $\underline x$ & warm-glow weight and luxury shift & -- \\
$\varepsilon$, $\varepsilon_r$, $\delta_H$ & supply elasticities, depreciation of the stocks & -- \\
$\sigma$, $\eta_\rho$, $\eta_w$ & segmentation, rent and wage indexation to a surprise & -- \\
$\hat a_j(z)$ & ownership-entry threshold: smallest liquid wealth at which the age-$j$ renter buys & goods \\
$q_{RO}$, $q_{OO}$, $\lambda$ & child ownership given parent renter / owner; persistence $\lambda = q_{OO} - q_{RO}$ & -- \\
$\lambda^{CE}$ & consumption-equivalent variation (Section~\ref{sec:welfare}) & -- \\
\bottomrule
\end{tabular}
\begin{tablenotes}[flushleft]
\footnotesize
\item Units: ``goods'' = units of the consumption good; the numeraire of the simulations is the average 5-year labour income of a working-age household (E$[z]=1$). Source: research/model\_specification.md, Part B.
\end{tablenotes}
\end{threeparttable}
\end{table}