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Towards Infusing Institutions and Agency into House Price Analysis

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  • Tom Kauko

    (OTB Research Irestitute for Housing, Urban and Mobility Studies, Delft University of Technology, Jaffalaan 9, Postbus 5030, NL-2600 GA Delft, The Netherlands, kauko@otb.tudelft.nl)

Abstract

The article puts forward the argument that housing market and property value models currently lack an adequate methodological basis. In order to improve the conceptual framework of the economic analysis of housing market behaviour, necessary institutional parameters need to be included. This, however, causes further difficulties, because some of the institutions are predominantly informal and operate at the cognitive level of market behaviour. While the problem of overstrict assumptions at the aggregate level has been tackled successfully, the next fundamental problem to solve is how to disaggregate feasibly the demand-side analysis. One possibility for this is to generate preference profiles of actors with different institutional backgrounds, using a multicriteria decision technique such as the analytical hierarchy process (AHP).

Suggested Citation

  • Tom Kauko, 2004. "Towards Infusing Institutions and Agency into House Price Analysis," Urban Studies, Urban Studies Journal Limited, vol. 41(8), pages 1507-1519, July.
    • Handle: RePEc:sae:urbstu:v:41:y:2004:i:8:p:1507-1519
    DOI: 10.1080/0042098042000226975
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    References listed on IDEAS

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    Cited by:

    1. Muhammad Umar Bello & Aliyu Ahmad Aliyu & David Martin @ Daud Juanil & Rozilah Kasim, 2017. "Real Estate Investment as a Panacea for Economic Instability in Nigeria: Evidence from Northeastern States of Nigeria," Traektoriâ Nauki = Path of Science, Altezoro, s.r.o. & Dialog, vol. 3(8(25)), pages 1001-1006, August.
    2. Liis Ojamäe, 2009. "Making Choices in the Housing Market: A Social Construction of Housing Values," Research in Economics and Business: Central and Eastern Europe, Tallinn School of Economics and Business Administration, Tallinn University of Technology, vol. 1(2).

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