Estimating the Income Elasticity of Demand for Housing: A Comparison of Traditional and Lorenz-Concentration Curve Methodologies |
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| Authors: | Julia L Hansen John P Formby WJames Smith |
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| Institution: | aDepartment of Economics, Western Washington University, Bellingham, Washington, 98226-9074;bDepartment of Economics, Finance and Legal Studies, University of Alabama, Tuscaloosa, Alabama, 35487-0224;cDepartment of Economics, University of Colorado—Denver, Denver, Colorado, 80217-3364 |
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| Abstract: | This paper provides a comparative analysis of traditional and Lorenz concentration curve (LC) approaches to estimating the income elasticity of demand for housing. Using data from the 1989 American Housing Survey, we compare LC results with those obtained from a traditional model in which tenure choice and housing demand are jointly determined, and which includes non-income determinants of demand. The comparison is intended to provide researchers with information concerning specific differences in empirical results obtained using the two approaches. |
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