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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