Housing submarkets and the lattice of substitution

Pryce, G. (2013) Housing submarkets and the lattice of substitution. Urban Studies, 50(13), pp. 2682-2699. (doi:10.1177/0042098013482502)

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Publisher's URL: http://dx.doi.org/10.1177/0042098013482502

Abstract

This paper aims to stimulate interest in the early micro-economic conceptualisation of housing submarkets proposed by Rapkin and Grigsby, which defined market areas in terms of dwelling substitutability. Three key questions need to be addressed if a return to the Rapkin–Grigsby approach is to be achievable and worthwhile. First, what are the practical benefits? (The paper highlights a range of potential research applications that would benefit from the substitutability approach.) Secondly, in what way are existing approaches likely to be inadequate for demarcating substitutability-based submarkets? (Four criteria are proposed for assessing submarket estimation methods which existing approaches fail to satisfy.) Thirdly, what are the prospects for developing a substitutability metric that will make the Rapkin–Grigsby definition empirically feasible? (A new measure is proposed, based on the cross-price elasticity of price (CPEP), which is illustrated using data for Glasgow, Scotland.)

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Pryce, Professor Gwilym
Authors: Pryce, G.
College/School:College of Social Sciences > School of Social and Political Sciences > Urban Studies
Journal Name:Urban Studies
Publisher:SAGE Publications
ISSN:0042-0980
ISSN (Online):1360-063X

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Project CodeAward NoProject NamePrincipal InvestigatorFunder's NameFunder RefLead Dept
471151Ideas FactoryGwilym PryceEngineering & Physical Sciences Research Council (EPSRC)EP/F037716/1SPS - URBAN STUDIES