This paper examines urban residential location and rent determination within a city populated by consumers acting with perfect foresight. In this setting, the consumption and saving decisions of city residents are determined jointly with their choice of location, thereby offering an initial step...

This paper presents a model of a regional housing market where households choose among competing employment opportunities offered by cities within a given system. The equilibrium requirement imposed in the model requires that households be indifferent among all locations both within their...

This paper describes residential development and location choice within a community subject to future natural hazards of uncertain severity. This is accomplished by constructing an equilibrium model of housing markets where locations are differentiated by both risk of loss due to natural hazards...

Federal relief and insurance programs for households living in areas subject to natural disasters have evolved in the absence of private insurance. Conventional wisdom suggests that these programs serve only to subsidize those choosing to live in hazardous areas at the expense of the taxpaying...

Despite both empirical and anecdotal evidence suggesting the importance of common systematic factors determining price appreciation in residential real estate markets, the existing literature focuses almost exclusively on the impact of local variables. This paper presents a theoretical model of...