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A General Equilibrium Spatial Model of Housing Quality and Quantity

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Author Info

  • Richard Arnott

    ()
    (Boston College)

  • Ralph Braid

    (Wayne State University)

  • Russell Davidson

    (Queen's University)

  • David Pines

    (Tel-Aviv University)

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 (floor area), and other goods. On the supply side, developers choose the structural density and time path of quality (which depends on construction quality and maintenance) of buildings. Under a certain set of assumptions, existence and uniqueness of equilibrium are proved, and its comparative static/dynamic properties are determined.

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File URL: http://fmwww.bc.edu/EC-P/wp307.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 307..

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Length: 43 pages
Date of creation: Aug 1995
Date of revision:
Handle: RePEc:boc:bocoec:307

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Phone: 617-552-3670
Fax: +1-617-552-2308
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Web page: http://fmwww.bc.edu/EC/
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Keywords: Housing; space;

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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. Anas, Alex, 1978. "Dynamics of urban residential growth," Journal of Urban Economics, Elsevier, vol. 5(1), pages 66-87, January.
  3. 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.
  4. Wheaton, William C., 1982. "Urban spatial development with durable but replaceable capital," Journal of Urban Economics, Elsevier, vol. 12(1), pages 53-67, July.
  5. Arnott, Richard J., 1980. "A simple urban growth model with durable housing," Regional Science and Urban Economics, Elsevier, vol. 10(1), pages 53-76, March.
  6. Brueckner, Jan K., 1980. "A vintage model of urban growth," Journal of Urban Economics, Elsevier, vol. 8(3), pages 389-402, November.
  7. 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.
  8. 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.
  9. Wheaton, William C., 1974. "A comparative static analysis of urban spatial structure," Journal of Economic Theory, Elsevier, vol. 9(2), pages 223-237, October.
  10. Wheaton, William C., 1982. "Urban residential growth under perfect foresight," Journal of Urban Economics, Elsevier, vol. 12(1), pages 1-21, July.
  11. 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.
  12. 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.
  13. Wheaton, William C., 1977. "A bid rent approach to housing demand," Journal of Urban Economics, Elsevier, vol. 4(2), pages 200-217, April.
  14. Fujita, Masahisa, 1982. "Spatial patterns of residential development," Journal of Urban Economics, Elsevier, vol. 12(1), pages 22-52, July.
  15. 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.
  16. 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.
  17. 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.
  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. 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.
  20. Brueckner, Jan K., 1981. "A dynamic model of housing production," Journal of Urban Economics, Elsevier, vol. 10(1), pages 1-14, July.
  21. 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.
  22. 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.
  23. 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.
  24. Fujita, Masahisa, 1976. "Spatial patterns of urban growth: Optimum and market," Journal of Urban Economics, Elsevier, vol. 3(3), pages 209-241, July.
  25. 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.
  26. 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.
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Citations

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Cited by:
  1. 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.
  2. Wei-Bin Zhang, 2011. "Economic growth with space and fiscal policies with housing and public goods," Journal of Economic Studies, Emerald Group Publishing, vol. 38(4), pages 452-482, September.
  3. 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.
  4. 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.
  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. 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.

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