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- W326938562 abstract "Publisher Summary This chapter reviews the demands of neighborhoods and their characteristics, in addition to concerns of importance for policies regarding private residential renewals. Urban economists have developed a powerful tool for studying residential demand by introducing location into the standard microeconomic model of consumer behavior. As in the standard consumer model, households in the urban model maximize satisfaction subject to a budget constraint. But in the urban model household satisfaction, household expenditures, or both of these quantities depend not only on the collection of commodities consumed but also on residential location. Any resident with a given income and a given utility function chooses among locations so as to find the combination of prices, trip costs, and amenities that maximizes satisfaction. The effects on residential choice of commodities acquired from the central business district are directly opposed to the effects of residential land. As tastes cannot be directly observed, links between utility functions and demographic characteristics can be conjectured but not proved. A neighborhood demand analysis, therefore, implies an equilibrium supply of neighborhoods that can be expected to persist in the absence of exogenous disturbance." @default.
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- W326938562 date "1979-01-01" @default.
- W326938562 modified "2023-09-27" @default.
- W326938562 title "Private Residential Renewal and the Supply of Neighborhoods" @default.
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- W326938562 doi "https://doi.org/10.1016/b978-0-12-636250-3.50012-x" @default.
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