Implicit amenity prices and the location of retirees in England and Wales
General equilibrium models in which compensation for local amenities occurs in both housing and labour markets have been widely used to generate implicit amenity prices and regional quality of life indices. An implication and prospective test of such models is that individuals who are outside the labour market have an incentive to locate in regions where amenities are capitalised into wages. In this paper we construct a measure of the extent of amenity capitalisation into wages for each county in England and Wales. We then test the multimarket amenity model by applying this measure to county-level data on the location of retirees. Our results provide strong support for the model
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- Graves, Philip E & Waldman, Donald M, 1991. "Multimarket Amenity Compensation and the Behavior of the Elderly," American Economic Review, American Economic Association, vol. 81(5), pages 1374-81, December.
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The Review of Economics and Statistics,
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"Compensating Differentials in Emerging Labor and Housing Markets: Estimates of Quality of Life in Russian Cities,"
IZA Discussion Papers
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- Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December.
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