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A Filtering Model with Steady-State Housing

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Author Info

  • Richard Arnott

    ()
    (Boston College)

  • Ralph Braid

    (Wayne State University)

Abstract

This paper presents a filtering model of the housing market which is similar to Sweeney's (1974b), except that the maintenance technology is such that housing can be maintained at a constant quality level as well as downgraded, and population at each income level grows continuously over time. In equilibrium, at each moment of time, some housing is allowed to deteriorate in quality, and other housing is maintained in a steady-state interval of qualities.

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File URL: http://fmwww.bc.edu/EC-P/wp301.pdf
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Bibliographic Info

Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 301..

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Length: 44 pages
Date of creation: Feb 1995
Date of revision:
Handle: RePEc:boc:bocoec:301

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Web page: http://fmwww.bc.edu/EC/
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Keywords: filtering; housing; maintenance;

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References

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  1. 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.
  2. Papageorgiou, Yorgos Y. & Pines, David, 1990. "The logical foundations of urban economics are consistent," Journal of Economic Theory, Elsevier, vol. 50(1), pages 37-53, February.
  3. 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.
  4. Michel, P., 1980. "On the Transversality Condition in Infinite Horizon Optimal Problems," Cahiers de recherche 8024, Universite de Montreal, Departement de sciences economiques.
  5. Ohls, James C., 1975. "Public policy toward low income housing and filtering in housing markets," Journal of Urban Economics, Elsevier, vol. 2(2), pages 144-171, April.
  6. O'Flaherty Brendan, 1993. "Abandoned Buildings: A Stochastic Analysis," Journal of Urban Economics, Elsevier, vol. 34(1), pages 43-74, July.
  7. Berliant, Marcus & ten Raa, Thijs, 1991. "On the continuum approach of spatial and some local public goods or product differentiation models: Some problems," Journal of Economic Theory, Elsevier, vol. 55(1), pages 95-120, October.
  8. White, Michelle J., 1986. "Property taxes and urban housing abandonment," Journal of Urban Economics, Elsevier, vol. 20(3), pages 312-330, November.
  9. 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.
  10. Berliant, Marcus, 1991. "Comments on: 'On the foundations of land use theory: Discrete versus continuous populations' by Y. Asami, M. Fujita and T.E. Smith," Regional Science and Urban Economics, Elsevier, vol. 21(4), pages 639-645, December.
  11. Berliant, Marcus & Papageorgiou, Yorgos Y. & Wang, Ping, 1990. "On welfare theory and urban economics," Regional Science and Urban Economics, Elsevier, vol. 20(2), pages 245-261, September.
  12. Rothenberg, Jerome & Galster, George C. & Butler, Richard V. & Pitkin, John R., 1991. "The Maze of Urban Housing Markets," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226729510, March.
  13. Gerber, Robert I., 1986. "Efficiency of markets for heterogeneous, indivisible housing," Regional Science and Urban Economics, Elsevier, vol. 16(3), pages 407-419, August.
  14. Braid, Ralph M., 1984. "The effects of government housing policies in a vintage filtering model," Journal of Urban Economics, Elsevier, vol. 16(3), pages 272-296, November.
  15. Asami, Y. & Fujita, M. & Smith, T. E., 1991. "On the foundations of land use theory : Discrete versus continuous populations," Regional Science and Urban Economics, Elsevier, vol. 20(4), pages 473-508, February.
  16. 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.
  17. Beckmann, Martin J., 1969. "On the distribution of urban rent and residential density," Journal of Economic Theory, Elsevier, vol. 1(1), pages 60-67, June.
  18. Zame, William R, 1987. "Competitive Equilibria in Production Economies with an Infinite-Dimensional Commodity Space," Econometrica, Econometric Society, vol. 55(5), pages 1075-1108, September.
  19. Braid, Ralph M., 1981. "The short-run comparative statics of a rental housing market," Journal of Urban Economics, Elsevier, vol. 10(3), pages 286-310, November.
  20. Sweeney, James L, 1974. "Quality, Commodity Hierarchies, and Housing Markets," Econometrica, Econometric Society, vol. 42(1), pages 147-67, January.
  21. Asami, Y. & Fujita, M. & Smith, T. E., 1991. "Reply to comments by Berliant," Regional Science and Urban Economics, Elsevier, vol. 21(4), pages 647-648, December.
  22. 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.
  23. Braid, Ralph M., 1986. "The comparative statics of a filtering model of housing with two income groups," Regional Science and Urban Economics, Elsevier, vol. 16(3), pages 437-448, August.
  24. Jones, Larry E., 1983. "Existence of equilibria with infinitely many consumers and infinitely many commodities : A theorem based on models of commodity differentiation," Journal of Mathematical Economics, Elsevier, vol. 12(2), pages 119-138, October.
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Citations

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Cited by:
  1. Dominik Weiß & Claus Michelsen, 2011. "The improvement of housing conditions in post com-munist Germany – Market Mechanisms and Subsidy Impacts," ERSA conference papers ersa11p505, European Regional Science Association.
  2. Kaneko, Mamoru & Ito, Tamon & Osawa, Yu-ichi, 2006. "Duality in comparative statics in rental housing markets with indivisibilities," Journal of Urban Economics, Elsevier, vol. 59(1), pages 142-170, January.
  3. Rosenthal, Stuart S., 2008. "Old homes, externalities, and poor neighborhoods. A model of urban decline and renewal," Journal of Urban Economics, Elsevier, vol. 63(3), pages 816-840, May.

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