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The Elasticity Of Capital–Land Substitution In The Housing Construction Sector Of A Rapidly Urbanized City: Evidence From Turkey

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  • Işıl Erol
  • Alper Güzel

Abstract

This paper estimates the elasticity of capital†land substitution for the housing market in Ankara, the capital city of Turkey. Using constant elasticity of substitution (CES) and variable elasticity of substitution (VES) production functions and cross†section data, the paper provides new information to compare the housing supply elasticity of Ankara with that of the USA and the UK cases. Our regression results reveal that housing supply in Ankara is highly inelastic due to the uniform construction regime of local authorities. Moreover, we find that there is a considerable spatial differentiation of urban land density measures within the capital city. Because of the incomplete urbanization process, the elasticity of capital†land substitution is significantly higher in the outer parts of the city.

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  • Işıl Erol & Alper Güzel, 2006. "The Elasticity Of Capital–Land Substitution In The Housing Construction Sector Of A Rapidly Urbanized City: Evidence From Turkey," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 18(2), pages 85-101, July.
    • Handle: RePEc:bla:revurb:v:18:y:2006:i:2:p:85-101
    DOI: 10.1111/j.1467-940X.2006.00113.x
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    Cited by:

    1. Jason Nassios & James Giesecke & Xianglong Locky Liu, 2024. "An impossible triangle? The impact of housing policy on affordability, accessibility, and efficiency," Centre of Policy Studies/IMPACT Centre Working Papers g-344, Victoria University, Centre of Policy Studies/IMPACT Centre.

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