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An Equilibrium Model of Sorting in an Urban Housing Market: The Causes and Consequences of Residential Segregation AgEcon
Bayer, Patrick; McMillan, Robert; Rueben, Kim.
This paper presents a new equilibrium framework for analyzing economic and policy questions related to the sorting of households within a large metropolitan area. We estimate the model using restricted-access Census data that precisely characterize residential and employment locations for households the San Francisco Bay Area, yielding accurate measures of preferences for a wide variety of housing and neighborhood attributes across different types of household. We use these estimates to explore the causes and consequences of racial segregation in general equilibrium. Our results indicate that, given the preference structure of households in the Bay Area, the elimination of racial differences in income and wealth would significantly increase the residential...
Tipo: Working or Discussion Paper Palavras-chave: Segregation; Sorting; Housing markets; Locational equilibrium; Residential choice; Discrete choice; Labor and Human Capital; Public Economics; H0; J7; R0; R2.
Ano: 2003 URL: http://purl.umn.edu/28503
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Equilibrium Welfare Impacts of the 1990 Clean Air Act Amendments in the Los Angeles Area AgEcon
Tra, Constant I..
This study develops a discrete choice locational equilibrium model to evaluate the benefits of the air quality improvements that occurred in the Los Angeles area following the 1990 Clean Air Act Amendments (CAAA). The discrete choice equilibrium approach accounts for the fact that air quality improvements brought about by the 1990 CAAA will change housing choices and prices. The study provides the first application of the discrete choice equilibrium framework (Anas, 1980, Bayer et al., 2005) to the valuation of large environmental changes. The study also provides new evidence for the distributional welfare impacts of the 1990 CAAA in the Los Angeles area. Households’ location choices are modeled according to the random utility framework of McFadden (1973)...
Tipo: Working or Discussion Paper Palavras-chave: Benefit analysis; Ozone improvement; Locational equilibrium; Discrete choice; Environmental Economics and Policy; H0; Q28; R13; R21.
Ano: 2007 URL: http://purl.umn.edu/7341
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Residential Segregation in General Equilibrium AgEcon
Bayer, Patrick; McMillan, Robert; Rueben, Kim.
This paper studies the causes and consequences of racial segregation using a new general equilibrium model that treats neighborhood compositions as endogenous. The model is estimated using unusually detailed restricted Census microdata covering the entire San Francisco Bay Area, and in combination with a rich array of econometric estimates, serves as a powerful tool for carrying out counterfactual simulations that shed light on the causes and consequences of segregation. In terms of causes, and contrasting with prior research, our GE simulations indicate that equalizing income and education across race would be unlikely to result in significant reductions in racial segregation, as minority households would sort into newly formed minority neighborhoods....
Tipo: Working or Discussion Paper Palavras-chave: Segregation; General equilibrium; Endogenous sorting; Urban housing market; Locational equilibrium; Counterfactual simulation; Discrete choice; Labor and Human Capital; H0; J7; R0; R2.
Ano: 2004 URL: http://purl.umn.edu/28517
Registros recuperados: 3
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