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A general equilibrium spatial model of housing quality and quantity

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  • Arnott, Richard
  • Braid, Ralph
  • Davidson, Russell
  • Pines, David

Abstract

This paper examines the properties of stationary-state general equilibrium in a monocentric city with durable housing. On the demand side, identical households choose location, housing quality and quantity, and other goods. On the supply side, developers choose the structural density and time path of building quality. Under a certain set of assumptions, existence and uniqueness of equilibrium are proved, and its comparative static/dynamic properties determined.

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Bibliographic Info

Article provided by Elsevier in its journal Regional Science and Urban Economics.

Volume (Year): 29 (1999)
Issue (Month): 3 (May)
Pages: 283-316

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Handle: RePEc:eee:regeco:v:29:y:1999:i:3:p:283-316

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References

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  1. T Akita & M Fujita, 1982. "Spatial development processes with renewal in a growing city," Environment and Planning A, Pion Ltd, London, vol. 14(2), pages 205-223, February.
  2. Richard J. Arnott, 1978. "A Simple Urban Growth Model with Durable Housing," Working Papers 284, Queen's University, Department of Economics.
  3. Braid, Ralph M., 1988. "Uniform spatial growth with perfect foresight and durable housing," Journal of Urban Economics, Elsevier, vol. 23(1), pages 41-59, January.
  4. Pines, David & Sadka, Efraim, 1986. "Comparative statics analysis of a fully closed city," Journal of Urban Economics, Elsevier, vol. 20(1), pages 1-20, July.
  5. Brueckner, Jan K., 1980. "Residential succession and land-use dynamics in a vintage model of urban housing," Regional Science and Urban Economics, Elsevier, vol. 10(2), pages 225-240, June.
  6. Fujita, Masahisa & Smith, Tony E., 1987. "Existence of continuous residential land-use equilibria," Regional Science and Urban Economics, Elsevier, vol. 17(4), pages 549-594, November.
  7. Arnott, Richard & Davidson, Russell & Pines, David, 1983. "Housing Quality, Maintenance and Rehabilitation," Review of Economic Studies, Wiley Blackwell, vol. 50(3), pages 467-94, July.
  8. Anas, Alex, 1978. "Dynamics of urban residential growth," Journal of Urban Economics, Elsevier, vol. 5(1), pages 66-87, January.
  9. Alex Anas & Richard Arnott, 1989. "Dynamic Housing Market Equilibrium with Taste Heterogeneity," Discussion Papers 834, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  10. Wheaton, William C., 1982. "Urban spatial development with durable but replaceable capital," Journal of Urban Economics, Elsevier, vol. 12(1), pages 53-67, July.
  11. Arnott, Richard & Pines, David & Sadka, Efraim, 1986. "The effects of an equiproportional transport improvement in a fully-closed Monocentric City," Regional Science and Urban Economics, Elsevier, vol. 16(3), pages 387-406, August.
  12. Cooke, Timothy W. & Hamilton, Bruce W., 1984. "Evolution of urban housing stocks: A model applied to Baltimore and Houston," Journal of Urban Economics, Elsevier, vol. 16(3), pages 317-338, November.
  13. Wheaton, William C., 1982. "Urban residential growth under perfect foresight," Journal of Urban Economics, Elsevier, vol. 12(1), pages 1-21, July.
  14. Fujita, Masahisa, 1976. "Spatial patterns of urban growth: Optimum and market," Journal of Urban Economics, Elsevier, vol. 3(3), pages 209-241, July.
  15. Arnott, Richard & Davidson, Russell & Pines, David, 1986. "Spatial aspects of housing quality, density, and maintenance," Journal of Urban Economics, Elsevier, vol. 19(2), pages 190-217, March.
  16. Brueckner, Jan K., 1981. "A dynamic model of housing production," Journal of Urban Economics, Elsevier, vol. 10(1), pages 1-14, July.
  17. Wheaton, William C., 1974. "A comparative static analysis of urban spatial structure," Journal of Economic Theory, Elsevier, vol. 9(2), pages 223-237, October.
  18. Sweeney, James L., 1974. "A commodity hierarchy model of the rental housing market," Journal of Urban Economics, Elsevier, vol. 1(3), pages 288-323, July.
  19. Wheaton, William C., 1977. "A bid rent approach to housing demand," Journal of Urban Economics, Elsevier, vol. 4(2), pages 200-217, April.
  20. Arnott, Richard, 1987. "Economic theory and housing," Handbook of Regional and Urban Economics, in: E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 2, chapter 24, pages 959-988 Elsevier.
  21. Brueckner, Jan K., 1980. "A vintage model of urban growth," Journal of Urban Economics, Elsevier, vol. 8(3), pages 389-402, November.
  22. Hochman, Oded & Pines, David, 1982. "Costs of Adjustment and the Spatial Pattern of a Growing Open City," Econometrica, Econometric Society, vol. 50(6), pages 1371-91, November.
  23. Brueckner, Jan K., 1983. "The economics of urban yard space: An "implicit-market" model for housing attributes," Journal of Urban Economics, Elsevier, vol. 13(2), pages 216-234, March.
  24. Brueckner, Jan K., 1987. "The structure of urban equilibria: A unified treatment of the muth-mills model," Handbook of Regional and Urban Economics, in: E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 2, chapter 20, pages 821-845 Elsevier.
  25. Fujita, Masahisa, 1982. "Spatial patterns of residential development," Journal of Urban Economics, Elsevier, vol. 12(1), pages 22-52, July.
  26. Braid, Ralph M., 1991. "Residential spatial growth with perfect foresight and multiple income groups," Journal of Urban Economics, Elsevier, vol. 30(3), pages 385-407, November.
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Citations

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Cited by:
  1. Alex Anas & Richard Arnott, 1989. "Dynamic Housing Market Equilibrium with Taste Heterogeneity," Discussion Papers 834, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  2. Bento, Antonio M. & Franco, Sofia F. & Kaffine, Daniel T., 2011. "Effectiveness of housing revitalization subsidies in the presence of zoning," Regional Science and Urban Economics, Elsevier, vol. 41(3), pages 196-206, May.
  3. Lin, C.-C.Chu-Chia & Mai, Chao-Cheng & Wang, Ping, 2004. "Urban land policy and housing in an endogenously growing monocentric city," Regional Science and Urban Economics, Elsevier, vol. 34(3), pages 241-261, May.
  4. Wei-Bin Zhang, 2011. "Interregional economic growth with transportation and residential distribution," The Annals of Regional Science, Springer, vol. 46(1), pages 219-245, February.
  5. Wei-Bin Zhang, 2010. "Growth, economic structure, and residential distribution of a small city," International Review of Economics, Springer, vol. 57(1), pages 47-78, March.
  6. Kristof Dascher, 2014. "Federal coordination of local housing demolition in the presence of filtering and migration," International Tax and Public Finance, Springer, vol. 21(3), pages 375-396, June.

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