By Ray Robinson (auth.)
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Extra info for Housing Economics and Public Policy
Reid's findings were supported by Muth (1960) who in the process Y: 44 Market Analysis of conducting a more extensive time series study (see next section) also included a cross section analysis of house values in relation to permanent income. On the basis of sample city averages for 1950, his work suggested a permanent income elasticity of 1. 7. Subsequent research has, however, suggested that the Reid and Muth results may have overestimated the permanent income elasticity. A second study by Lee (1968) used data for three separate years, 1960-2, collected by the Michigan Survey of Consumer Finances.
This takes place in the range C to D. At some point however, sellers/landlords will attempt to dispose of their property by cutting prices, and this will initiate a period of rapid price fall until the bottom of the next slump is reached, at point A or thereabouts. This slump will persist until demand once again rises sufficiently to reduce vacancies and raise prices. Complications of the type described above are probably sufficiently important to prevent the attainment of a long-run stock equilibrium in the housing market.
In this instance, the matrix has been constructed so that the sequential allocation process results in the set of buyer-house combinations shown on the diagonal. But other outcomes are obviously possible. For example, consider the introduction of another buyer with ceiling prices of 65, 55, 50, 45 and 40 in the place of buyer E. Let us call him buyer F. Now it is likely that F will buy dwelling (1) and each of the other buyers will, in consequence, be shifted to the next dwelling in the matrix row.
Housing Economics and Public Policy by Ray Robinson (auth.)