Teaching the DiPasquale-Wheaton Model
Joseph DeSalvo ()
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Joseph DeSalvo: Department of Economics, University of South Florida
No 117, Working Papers from University of South Florida, Department of Economics
The DiPasquale-Wheaton (1992) model graphically determines rental price, asset price, newly constructed stock, and total stock in a real estate market. Despite its frequent use in academic research, few textbooks exposit the model. We conjecture this is due in part to the difficulty of deriving its comparative static results. We derive a supply curve that simplifies graphical analysis and perform a complete graphical comparative static analysis. Although the main objective of this paper is to encourage pedagogical usage of the model, an appendix provides a mathematical derivation of the comparative static results, which has not heretofore appeared in the literature.
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