Housing Prices and Multiple Employment Nodes: Is the Relationship Nonmonotonic?

作者：Osland Liv^*; Pryce Gwilym

来源：Housing Studies, 2012, 27(8): 1182-1208.

DOI：10.1080/02673037.2012.728571

• House prices
• rent gradients
• employment access
• externalities
• gravity models
• monotonic relationships

Standard urban economic theory predicts that house prices will decline with distance from the central business district. Empirical results have been equivocal, however. Disjoints between theory and empirics may be due to a nonmonotonic relationship between house prices and access to employment arising from the negative externalities associated with proximity to multiple centres of employment. Based on data from Glasgow (Scotland), we use gravity-based measures of accessibility estimated using a flexible functional form that allows for nonmonotonicity. The results are thoroughly tested using recent advances in spatial econometrics. We find compelling evidence of a nonmonotonic effect in the accessibility measure and discuss the implications for planning and housing policy.

• 出版日期2012