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Housing Market Search Behavior and Expected Utility Theory: 2. The Process of Search

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  • W A V Clark

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

  • T R Smith

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

Abstract

This paper presents the second part of a study of an expected utility theory of housing market search. The basic disequilibrium theory of search is recapitulated, and a direct estimate of the stress function ψ i t is calculated from individual data on households during the process of search (the longitudinal sample) and households who had already bought a house (the retrospective sample). Although the tests are simple and approximate and are not without problems, we conclude that the direct test yields results which are in accordance with the theory. Additional explanatory analyses of the process of search focused on the interrelationship of household characteristics, housing attributes, search effort, and search strategy. The descriptive data on temporal and spatial search emphasize the importance of realtor involvement in search, the constraints (on search) of stage in the household life cycle, and the differences in search activities for new and ‘used’ housing.

Suggested Citation

  • W A V Clark & T R Smith, 1982. "Housing Market Search Behavior and Expected Utility Theory: 2. The Process of Search," Environment and Planning A, , vol. 14(6), pages 717-737, June.
    • Handle: RePEc:sae:envira:v:14:y:1982:i:6:p:717-737
    DOI: 10.1068/a140717
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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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