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Price and Income Elasticities of Demand for Housing Characteristics in the City of Barcelona

  • Jaume Garcia
  • Josep Maria Raya

Garcia J. and Raya J. M. Price and income elasticities of demand for housing characteristics in the city of Barcelona, Regional Studies. This paper estimates price and income elasticities of demand for housing characteristics using the information of properties appraised in the city of Barcelona (1998-2001). It employs a two-stage approach, estimating hedonic price equations for different districts in order to estimate subsequently the corresponding demand equations. The results allow an analysis to be made of the complementarity or substitutability relationships among the characteristics analysed, and also to catalogue these characteristics as goods. By knowing the price, cross and income elasticities of housing characteristics, policy recommendations can be made about the type of housing units that are the most desirable to be subsidized. [image omitted] Garcia J. et Raya J. M. Les elasticites par rapport au prix et au revenu de la demande de caracteristiques particulieres du logement a Barcelone, Regional Studies. A partir des donnees sur l'immobilier a Barcelone (de 1998 a 2001), cet article cherche a estimer les elasticites par rapport au prix et au revenu de la demande de caracteristiques particulieres du logement. On emploie une facon a deux temps qui estime des equations de prix hedonistes pour divers districts afin d'estimer par la suite les equations de demande correspondantes. Les resultats permettent d'analyser jusqu'a quel point les caracteristiques analysees sont complementaires et substituables, et de classer aussi ces caracteristiques comme biens. En connaissant le prix, les elasticites croisees et les elasticites par rapport au revenu des caracteristiques du logement, on peut faire des recommandations de politique quant aux unites de logement les plus susceptibles d'etre subventionnees. Modeles hedonistes Elasticites Demande de logement Garcia J. und Raya J. M. Preis- und Einkommenselastizitat der Nachfrage nach Wohnungsmerkmalen in der Stadt Barcelona, Regional Studies. In diesem Beitrag schatzen wir die Preis- und Einkommenselastizitat der Nachfrage nach Wohnungsmerkmalen mit Hilfe von Informationen uber die in der Stadt Barcelona im Zeitraum von 1998 bis 2001 bewerteten Merkmale. Zum Einsatz kommt ein zweistufiger Ansatz, bei dem zunachst die hedonischen Preisgleichungen fur verschiedene Bezirke geschatzt werden, um anschliessend die entsprechenden Nachfragegleichungen zu schatzen. Die Ergebnisse ermoglichen eine Analyse der Komplementaritats- und Ersetzbarkeitsbeziehungen zwischen den untersuchten Merkmalen; ebenso lassen sich diese Merkmale als Guter katalogisieren. Bei einer Kenntnis der Preis-, Kreuz- und Einkommenselastizitat von Wohnungsmerkmalen lassen sich Empfehlungen fur die Politik formulieren, was die Art der Wohnungseinheiten anbelangt, deren Subvention am wunschenswertesten ist. Hedonische Modelle Elastizitaten Wohnungsnachfrage Garcia J. y Raya J. M. Elasticidades de precios e ingresos en la demanda de caracteristicas de la vivienda en la ciudad de Barcelona, Regional Studies. En este articulo calculamos las elasticidades de precios e ingresos en la demanda de las caracteristicas de la vivienda usando informacion sobre las propiedades valoradas en la ciudad de Barcelona (1998-2001). Empleamos un enfoque bifasico, estimando las ecuaciones de precios hedonicos para los diferentes distritos a fin de calcular posteriormente las correspondientes ecuaciones de la demanda. Los resultados permiten un analisis de las relaciones de complementariedad o sustituibilidad entre las caracteristicas analizadas; tambien podemos catalogar estas caracteristicas como mercancias. Al conocer las elasticidades cruzadas, de precios y de ingresos de las caracteristicas de las viviendas, pueden realizarse recomendaciones politicas acerca del tipo de viviendas que se deberian subvencionar. Modelos hedonicos Elasticidades Demanda de viviendas

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Article provided by Taylor & Francis Journals in its journal Regional Studies.

Volume (Year): 45 (2011)
Issue (Month): 5 ()
Pages: 597-608

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Handle: RePEc:taf:regstd:v:45:y:2011:i:5:p:597-608
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