A Hedonic Approach to Residential Succession

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Abstract
A model of neighborhood turnover drawn from Bond and Coulson (1989) is proposed. The type of turnover process which is obtained is shown to depend mainly on the hedonic bid functions for housing and neighborhood quality. A demand system of four hedonic attributes is estimated. The main results are that the traditional model of filtering by age of unit does not occur, that filtering by housing size does. Tipping due to changes in median neighborhood income is also quite possible. Tipping through changes in racial composition appears less likely.

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