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Housing Market Search Behavior and Expected Utility Theory: 1. Measuring Preferences for Housing

Author

Listed:
  • T R Smith

    (Department of Geography, University of California at Santa Barbara, Santa Barbara, CA 93106, USA)

  • W A V Clark

    (Department of Geography, University of California at Los Angeles, Los Angeles, CA 90024, USA)

Abstract

This is the first of two papers examining housing market search in a Los Angeles market. In this paper, we derive and analyze utility functions for housing for each individual in two groups of subjects. The utility functions are derived from an experimental setting, in which house price, floor space, construction quality, and neighborhood quality are varied. The functions are found to be essentially compatible with a linear model. They are used to predict the ratings of real houses and the ratings of the expected value of future search. These ratings are compared with actual ratings obtained from subjects during search. The results suggest that the actual or predicted ratings may be employed in a direct test of a simple expected utility theory of search, and further research along these lines appears justified.

Suggested Citation

  • T R Smith & W A V Clark, 1982. "Housing Market Search Behavior and Expected Utility Theory: 1. Measuring Preferences for Housing," Environment and Planning A, , vol. 14(5), pages 681-698, May.
    • Handle: RePEc:sae:envira:v:14:y:1982:i:5:p:681-698
    DOI: 10.1068/a140681
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    Cited by:

    1. Elizabeth Bruch & Joffre Swait, 2019. "Choice Set Formation in Residential Mobility and Its Implications for Segregation Dynamics," Demography, Springer;Population Association of America (PAA), vol. 56(5), pages 1665-1692, October.
    2. van Ommeren, Jos & Rietveld, Piet & Nijkamp, Peter, 1997. "Commuting: In Search of Jobs and Residences," Journal of Urban Economics, Elsevier, vol. 42(3), pages 402-421, November.
    3. Lierop, W.F.J. van & Nijkamp, P., 1986. "Disaggregate residential choice models : review and case study," Serie Research Memoranda 0044, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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