Market Equilibrium Analysis
Richard L. PARLI (1) and
Norman G. MILLER (2)
The Valuation Journal, 2017, vol. 12, issue 2, 100-119
This article extends the previous work of authors like Mueller, Pyhrr, Smith, Rosen, and others on real estate cycles. The definition of market equilibrium is explored, and a new definition is offered identifying stable rental rates as the key indicator. Research on the application of the new definition is presented and a second definition ? equilibrium vacancy ? is proffered. Finally, possible applications for the new approach to market equilibrium analysis are presented.
JEL-codes: D46 R21 R31 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:vaj:journl:v:12:y:2017:i:2:p:100-119
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