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On the Duality of Opportunity and Price in a Multisectoral Model of an Urban Housing Market

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  • P C Emmi

    (Department of Geography, University of Utah, Salt Lake City, UT 84112, USA)

Abstract

Previously unrecognized relationships between housing opportunities, residential mobility, and housing prices are identified within a multisectoral model of vacancy transfers within a local housing market. The relationships are identified by presenting the vacancy-transfer model as a simple linear program. The primal program seeks a vector of vacancy transfers which minimizes the volume of new stock additions among market sectors required to satisfy a prespecified vector of primary vacancy demand. The dual program seeks a vector of shadow housing-prices which maximizes the value of units absorbed by primary demand while insuring that quasi-rents are driven to zero. Thus, a duality between vacancy transfers and housing price is identified, and the role of new stock development costs in housing price determination is defined.

Suggested Citation

  • P C Emmi, 1984. "On the Duality of Opportunity and Price in a Multisectoral Model of an Urban Housing Market," Environment and Planning A, , vol. 16(5), pages 615-628, May.
    • Handle: RePEc:sae:envira:v:16:y:1984:i:5:p:615-628
    DOI: 10.1068/a160615
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    References listed on IDEAS

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    1. Gary Sands, 1977. "A Vacancy Transfer Model of the Structure of the Local Housing Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 5(1), pages 128-138, March.
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