Housing Economics and Public Policy

This book is a timely assessment of 20 years of progress in the field of housing economics and its application to policy and practice. Two decades on from the publication of Duncan Maclennan's influential Housing Economics, 16 leading housing experts - both academics and policy makers from across the world - now honour Maclennan's contributions.

The chapters here present a contemporary survey of key issues in housing, from urban housing markets and sub-market modelling, to the economics of social housing, the basis for housing planning, economic analysis of neighbourhoods, and the connections between academic work and policy development.

For students, researchers and practitioners in housing, urban economics and social policy, Housing Economics and Public Policy:

. provides up to date and comprehensive reviews of major areas of the housing economics literature

. sheds light on the economic, social and spatial processes that affect housing

. includes discussion of major areas of cutting edge housing economics research and identifies continuing gaps

. presents a synthesis of housing economics research on both sides of the Atlantic

. assesses the impact of theory on policy and practice

Introduction 1

Urban Housing Models 22

Segmentation, Adjustment and Disequilibrium 38

Transactions Costs and Housing Markets 56

Hedonic Pricing Models: A Selective and Applied Review 67

Housing, Random Walks, Complexity and The Macroeconomy 90

Taxation, Subsidies and Housing Markets 110

The Economics of Social Housing 135

Neighbourhood Dynamics and Housing Markets 153

Access To Home Ownership In The United States: The Impact Of Changing Perspectives On Constraints To Tenure
Choice 172

Planning Regulation and Housing Supply In A Market System 193

Economics and Housing Planning 218

The Right To Buy In Britain 235

The Political Economy of Housing Research 248

Policy and Academia: An Assessment 268

References 283

Index 319

'this remarkable collection of chapters by leading housing experts provides a wealth of comment and information' Building Engineer July 2003

'Thought -provoking... it offers a robust assessment of the role of economics in planning' Urban Studies, July 2004

'I heartily recommend a read' Bruce Duncan, Chair RICS Regeneration Forum

'An excellent and varied book which offers a well-documented and fairly comprehensive view of the current insights of housing economists. Recommended reading for economists, policy officals and academics.' International Planning Studies, Feb 2004

Anthony O'Sullivan is the editor of Housing Economics and Public Policy, published by Wiley.

Kenneth Gibb is the editor of Housing Economics and Public Policy, published by Wiley. This book is a timely assessment of 20 years of progress in the field of housing economics and its application to policy and practice. Two decades on from the publication of Duncan Maclennan's influential Housing Economics, 16 leading housing experts - both academics and policy makers from across the world - now honour Maclennan's contributions.

The chapters here present a contemporary survey of key issues in housing, from urban housing markets and sub-market modelling, to the economics of social housing, the basis for housing planning, economic analysis of neighbourhoods, and the connections between academic work and policy development.

For students, researchers and practitioners in housing, urban economics and social policy, Housing Economics and Public Policy:

. provides up to date and comprehensive reviews of major areas of the housing economics literature
. sheds light on the economic, social and spatial processes that affect housing
. includes discussion of major areas of cutting edge housing economics research and identifies continuing gaps
. presents a synthesis of housing economics research on both sides of the Atlantic
. assesses the impact of theory on policy and practice