Housing prices and multiple employment nodes: is the relationship nonmonotonic?

Osland, L. and Pryce, G. (2012) Housing prices and multiple employment nodes: is the relationship nonmonotonic? Housing Studies, 27(8), pp. 1182-1208. (doi: 10.1080/02673037.2012.728571)

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Abstract

Standard urban economic theory predicts that house prices will decline with distance from the central business district. Empirical results have been equivocal, however. Disjoints between theory and empirics may be due to a nonmonotonic relationship between house prices and access to employment arising from the negative externalities associated with proximity to multiple centres of employment. Based on data from Glasgow (Scotland), we use gravity-based measures of accessibility estimated using a flexible functional form that allows for nonmonotonicity. The results are thoroughly tested using recent advances in spatial econometrics. We find compelling evidence of a nonmonotonic effect in the accessibility measure and discuss the implications for planning and housing policy.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Pryce, Professor Gwilym
Authors: Osland, L., and Pryce, G.
College/School:College of Social Sciences > School of Social and Political Sciences > Urban Studies
Journal Name:Housing Studies
Publisher:Taylor and Francis
ISSN:0267-3037
ISSN (Online):1466-1810
Published Online:06 November 2012
Copyright Holders:Copyright © 2012 Taylor and Francis
First Published:First published in Housing Studies 27(8):1182-1208
Publisher Policy:Reproduced in accordance with the copyright policy of the publisher

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