Housing submarkets and the lattice of substitution

Auteur(s) et Affiliation(s)



Description :
This paper analyses the micro-economic conceptualization of housing submarkets proposed by Rapkin and Grigsby, which defined market areas in terms of dwelling substitutability. Firstly, they address the following questions: what are the practical benefits? ; what way are existing approaches likely to be inadequate for demarcating substitutability-based submarkets? and what are the prospects for developing a substitutability metric that will make the Rapkin–Grigsby definition empirically feasible?. Then, a new measure is proposed, based on the cross-price elasticity of price (CPEP), which is illustrated using data for Glasgow, Scotland.


Type de document :
Article de périodique

Source :
Urban studies (Harlow), issn : 0042-0980, 2013, vol. 50, n°. 13, p. 2689-2699, nombre de pages : 11, Références bibliographiques : 2 p.

Date :
2013

Editeur :
Pays édition : Royaume-Uni, Harlow, Longman Group