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Drs. Muth And Mills Meet Dr. Tiebout: Integrating Location-Specific Amenities Into Multi-Community Equilibrium Models

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  • Dennis Epple
  • Brett Gordon
  • Holger Sieg

Abstract

We consider the problem of integrating spatial amenities into locational equilibrium models with multiple jurisdictions. We provide sufficient conditions under which models that assume a single housing price in each community continue to apply in the presence of location-specific amenities that vary both within and across communities. If these conditions are satisfied, the models, estimation methods, and results in Epple and Sieg (1999) are valid in the presence of (potentially unobserved) location-specific amenities. We also show how to construct sufficient statistics that capture location specific spatial heterogeneity. We apply these techniques using data from the Pittsburgh metropolitan area. We find that these amenity measures capture proximity to important local employment centers as well as heterogeneity in school quality within a given school district. Copyright (c) 2009, Wiley Periodicals, Inc.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Regional Science.

Volume (Year): 50 (2010)
Issue (Month): 1 ()
Pages: 381-400

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Handle: RePEc:bla:jregsc:v:50:y:2010:i:1:p:381-400

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-4146

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Cited by:
  1. Elena G. Irwin, 2010. "New Directions For Urban Economic Models Of Land Use Change: Incorporating Spatial Dynamics And Heterogeneity," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 65-91.
  2. Yannis M. Ioannides & Giorgio Topa, 2009. "Neighborhood Effects: Accomplishments and Looking Beyond Them," Discussion Papers Series, Department of Economics, Tufts University 0736, Department of Economics, Tufts University.
  3. Dennis Epple & Michael Peress & Holger Sieg, 2010. "Identification and Semiparametric Estimation of Equilibrium Models of Local Jurisdictions," American Economic Journal: Microeconomics, American Economic Association, vol. 2(4), pages 195-220, November.
  4. Eric Hanushek & Kuzey Yilmaz, 2010. "Household Location and Schools in Metropolitan Areas with Heterogeneous Suburbs: Tiebout, Alonso, and Government Policy," Discussion Papers 09-012, Stanford Institute for Economic Policy Research.

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