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A filtering model with steady-state housing

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  • Arnott, Richard J.
  • Braid, Ralph M.

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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Suggested Citation

  • Arnott, Richard J. & Braid, Ralph M., 1997. "A filtering model with steady-state housing," Regional Science and Urban Economics, Elsevier, vol. 27(4-5), pages 515-546, August.
  • Handle: RePEc:eee:regeco:v:27:y:1997:i:4-5:p:515-546
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    References listed on IDEAS

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    1. 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.
    2. Richard Arnott & Russell Davidson & David Pines, 1983. "Housing Quality, Maintenance and Rehabilitation," Review of Economic Studies, Oxford University Press, vol. 50(3), pages 467-494.
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    4. 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.
    5. 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.
    6. 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.
    7. 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.
    8. 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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    14. 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.
    15. 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.
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    Cited by:

    1. 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.
    2. Rosenthal, Stuart S. & Ross, Stephen L., 2015. "Change and Persistence in the Economic Status of Neighborhoods and Cities," Handbook of Regional and Urban Economics, Elsevier.
    3. 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.
    4. 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.

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    JEL classification:

    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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