Residential change and economic choice behavior |
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Authors: | André De Palma Claude Lefevre |
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Institution: | Universite Catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium;Université Libre de Bruxelles, B-1050 Bruxelles, Belgium |
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Abstract: | Theory of economic choice behavior is applied to construct a dynamic model of residential change at the neighborhood scale. The utility of a neighborhood depends on the investor's decisions, and two different specifications are considered. In the first, these decisions result from a strategy fixed a priori. The model can then be easily studied. The second is concerned with the simplified case of a single neighborhood and supposes that the housing price and quality are dependent on maintenance expenditures viewed as a function of the number of individuals living in the neighborhood. It is then shown how different processes of residential change can be generated by purely economic factors. |
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