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