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2017 | OriginalPaper | Chapter
5. Identification of Housing Submarkets by Urban Configurational Features
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Abstract
Rosen (1974) introduced the idea of the hedonic price model in an equilibrium market with complete competition, and the marginal implicit price estimated for the characteristics of property is equal to marginal people’s willingness to pay for these housing attributes. However, the housing market is not a uniform entity; rather, it could be considered as distinctive segments across space, and the segmentation of demand and supply in geography could lead to the spatial disequilibrium. Although there is a general agreement among researchers that housing submarkets exist, there is no single and coherent definition of a housing submarket (Adair et al. 1996; Watkins 2001).