Residential location markets and urban transportation: Economic theory, econometrics, and policy analysis with discrete choice models

Abstract

As part of a discussion on urban economics, Part 1 of the book reviews the development of economic equilibrium theory concerning the housing market and incorporating stochastic utility maximization models of discrete choice. In Part 2, chapters discuss empirical estimation, policy application and extensions of an urban simulation model developed in Part 1. Census data from the Chicago standard metropolitan statistical area (SMSA) is used to estimate the demand- and supply-side models which represent households choosing a residential location and mode of travel for the journey to work. This formulation of demand integrates the methodology of travel demand measurement with the comparable measurement of residential location demand. The models are combined into an equilibrium simulation model which determines travel and residential choices, and is intended for the examination of business district transportation investment and policies. (TRRL)

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