Housing price gradient with two workplaces - An empirical study in Hong Kong [An article from: Regional Science and Urban Economics]

This digital document is a journal article from Regional Science and Urban Economics, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
The classical land market model assumes a one-workplace scenario. However, with the globalization trend, travel between two workplaces is becoming more and more common. This paper develops a residential location choice model based on the classical land market model, but relaxes the assumption of a single workplace. The unit housing price is shown to be higher for housing which is closer to the more frequently traveled workplace, and the price gradient is also shown to have changed, with respect to the relative visiting frequencies of the workplaces. Empirical evidence is given by studying housing prices along a major railway in Hong Kong. The results have important implications on the predictive power of polycentric models.