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Surpluses in Disequilibrium Urban Land Markets
Author(s) -
Harris Curtis C.,
McConnell Virginia D.
Publication year - 1987
Publication title -
real estate economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.064
H-Index - 61
eISSN - 1540-6229
pISSN - 1080-8620
DOI - 10.1111/1540-6229.00437
Subject(s) - disequilibrium , metropolitan area , economics , land price , index (typography) , agricultural economics , econometrics , geography , medicine , archaeology , world wide web , computer science , ophthalmology
It is unlikely that urban land markets are in equilibrium. If land markets are out of equilibrium, zones within an urban area would have residential location surpluses. This paper shows how to derive and estimate an index of income surplus by residential zone. The procedure is applied to the Baltimore Metropolitan Area for 1978. Households should be at attracted to zones with high surpluses. A comparison of the estimated location surpluses and growth rates for the Baltimore area show this correspondence.