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A general equilibrium spatial model of housing quality and quantity

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  • Arnott, Richard
  • Braid, Ralph
  • Davidson, Russell
  • Pines, David

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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  • Arnott, Richard & Braid, Ralph & Davidson, Russell & Pines, David, 1999. "A general equilibrium spatial model of housing quality and quantity," Regional Science and Urban Economics, Elsevier, vol. 29(3), pages 283-316, May.
  • Handle: RePEc:eee:regeco:v:29:y:1999:i:3:p:283-316
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    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Wheaton, William C., 1982. "Urban spatial development with durable but replaceable capital," Journal of Urban Economics, Elsevier, vol. 12(1), pages 53-67, July.
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    7. 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.
    8. 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.
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    12. 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.
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    Cited by:

    1. Kristof Dascher, 2014. "Federal coordination of local housing demolition in the presence of filtering and migration," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 21(3), pages 375-396, June.
    2. 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.
    3. Wei-Bin Zhang, 2011. "Interregional economic growth with transportation and residential distribution," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 46(1), pages 219-245, February.
    4. Juan C. Medina & Robert R. Reed & Ejindu S. Ume, 2015. "The asymmetric effects of monetary policy on housing across the level of development," Estudios Regionales en Economía, Población y Desarrollo. Cuadernos de Trabajo de la Universidad Autónoma de Ciudad Juárez. 30, Cuerpo Académico 41 de la Universidad Autónoma de Ciudad Juárez, revised 01 Nov 2015.
    5. Zhang, Wei-Bin, 2013. "The impact of transport, land and fiscal policy on housing and economic geography in a small, open growth model," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 6(1), pages 89-100.
    6. Wei-Bin Zhang, 2008. "Growth and residential distribution with economic structure and amenity: A synthesis of Solow-Uzawa's growth, Alonso's urban, and Muth's housing models," Papers in Regional Science, Wiley Blackwell, vol. 87(2), pages 277-303, June.
    7. 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.
    8. 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.
    9. Shin-Kun Peng & Ping Wang, 2009. "A Normative Analysis of Housing-Related Tax Policy in a General Equilibrium Model of Housing Quality and Prices," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 11(5), pages 667-696, October.
    10. Wei-Bin Zhang, 2010. "Growth, economic structure, and residential distribution of a small city," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 57(1), pages 47-78, March.

    More about this item

    JEL classification:

    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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