On the Duality of Opportunity and Price in a Multisectoral Model of an Urban Housing Market

P C Emmi
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P C Emmi: Department of Geography, University of Utah, Salt Lake City, UT 84112, USA

Environment and Planning A, 1984, vol. 16, issue 5, 615-628

Abstract: Previously unrecognized relationships between housing opportunities, residential mobility, and housing prices are identified within a multisectoral model of vacancy transfers within a local housing market. The relationships are identified by presenting the vacancy-transfer model as a simple linear program. The primal program seeks a vector of vacancy transfers which minimizes the volume of new stock additions among market sectors required to satisfy a prespecified vector of primary vacancy demand. The dual program seeks a vector of shadow housing-prices which maximizes the value of units absorbed by primary demand while insuring that quasi-rents are driven to zero. Thus, a duality between vacancy transfers and housing price is identified, and the role of new stock development costs in housing price determination is defined.

Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:sae:envira:v:16:y:1984:i:5:p:615-628

DOI: 10.1068/a160615

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