The elasticity of substitution in urban housing production: A VES approach |
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Authors: | C F Sirmans Associate Professor James B Kau Associate Professor Cheng F Lee Associate Professor |
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Institution: | University of Georgia USA;University of Georgia USA;University of Illinois at Urbana-Champaign USA |
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Abstract: | Many of the models which have been developed to explain urban spatial structure and land-use patterns rest on the properties of production functions. Differing factor price ratios within urban areas, particularly land prices, result in capital-land ratios exemplified by high-rise apartments and single-family dwellings. The purpose of this paper is to explore a new functional form for the housing production function. Specifically, a variable elasticity of substitution production function is proposed and some preliminary empirical evidence is provided using data for single-family housing. |
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