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Tweaking the DiPasquale–Wheaton–Colwell model

Tweaking the DiPasquale–Wheaton–Colwell model The so-called “four-quadrant” model (DiPasquale and Wheaton in R Estate Econ 20(1):181–197, 1992) is probably the most popular and most studied model of long-run equilibrium in aggregate housing markets. Nevertheless, it has some drawbacks. Colwell (J Hous Econ 11(1):24–39, 2002), therefore, adds new devices to the model (referred to as “tweaks”) to remove several important drawbacks. However, also the modified version of the “four-quadrant” model neglects a very important feature of housing markets: the search-and-matching process. Hence, we add to the DiPasquale–Wheaton–Colwell model the key features of this (time-consuming) process. This theoretical integration is relatively simple but economically profound, since the model is now characterised by a decentralised and uncoordinated equilibrium. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Letters in Spatial and Resource Science Springer Journals

Tweaking the DiPasquale–Wheaton–Colwell model

Lisi, Gaetano
Letters in Spatial and Resource Science , Volume 13 (2) – Aug 25, 2020
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References (12)

Publisher
Springer Journals
Copyright
Copyright © Springer-Verlag GmbH Germany, part of Springer Nature 2020
ISSN
1864-4031
eISSN
1864-404X
DOI
10.1007/s12076-020-00253-2
Publisher site
See Article on Publisher Site

Abstract

The so-called “four-quadrant” model (DiPasquale and Wheaton in R Estate Econ 20(1):181–197, 1992) is probably the most popular and most studied model of long-run equilibrium in aggregate housing markets. Nevertheless, it has some drawbacks. Colwell (J Hous Econ 11(1):24–39, 2002), therefore, adds new devices to the model (referred to as “tweaks”) to remove several important drawbacks. However, also the modified version of the “four-quadrant” model neglects a very important feature of housing markets: the search-and-matching process. Hence, we add to the DiPasquale–Wheaton–Colwell model the key features of this (time-consuming) process. This theoretical integration is relatively simple but economically profound, since the model is now characterised by a decentralised and uncoordinated equilibrium.

Journal

Letters in Spatial and Resource Science – Springer Journals

Published: Aug 25, 2020

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