On the role of transaction costs and property rights in housing markets

Jaffe, Austin J.

doi:10.1080/02673039608720866

Cited by 27 publications

(13 citation statements)

References 14 publications

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“…In addition, institutional analysis of housing problems, in both its old and new traditions, has recently received renewed attention (Gibb & Marsh, 2000;Wallace, 2004). Ideas from New Institutional Economics have been relatively prominent in housing economics (Jaffe, 1996). These offer a potentially fruitful means of conceptualising and analysing the behaviour of market actors.…”

Section: Structure and Operation Of Local Housing Markets 173mentioning

confidence: 99%

Microeconomic Perspectives on the Structure and Operation of Local Housing Markets

Watkins

2008

Housing Studies

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This paper provides a highly selective review of the voluminous literature on the economic analysis of local housing markets. It is suggested that, although it often appears that mainstream economics is more concerned with improving technical elements of the modelling approach than enhancing our understanding of how markets function, there is in fact a rich literature that is largely concerned with explaining market processes and dynamics and with the impact of policy interventions on the workings of the market. The housing economics literature is more methodologically diverse than many housing analysts might expect and, in the UK and Europe in particular, this has helped stimulate several new developments in local market analysis. These advancements have been associated, in part, with improvements in statistical techniques and conceptual models. This has resulted in renewed interest in the treatment of neighbourhood segmentation and complex spatial processes in local market analysis. It is argued that further progress might be made by abducting insights from qualitative analysis in order to improve the specification of models and in their refinement and development.

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Section: Structure and Operation Of Local Housing Markets 173mentioning

confidence: 99%

Microeconomic Perspectives on the Structure and Operation of Local Housing Markets

Watkins

2008

Housing Studies

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“…It has provided an important theoretical foundation for cost-benefit analysis and community impact evaluation (Lichfield, 2003), which are widely practised by planners. The growth of new institutional economics over the past two decades represents a challenge to traditional welfare economics since it suggests that market failure can be better tackled by creating more clearly defined property rights capable of reducing transaction costs through minimising risk and uncertainty (Jaffe, 1996). New institutional economics, which is widely regarded as a key development in contemporary mainstream economics (Fine & Milonakis, 2009), should be seen as an extension of neo-classical economics, even though it operates with less formality (Samuels, 1995).…”

Section: The Changing Face Of Mainstream Economicsmentioning

confidence: 99%

Planners as Market Actors: Rethinking State–Market Relations in Land and Property

Adams

Tiesdell

2010

Planning Theory & Practice

124

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This paper challenges the dichotomous distinction between planning and the market promoted by mainstream economists, by arguing that markets should be seen as socially constructed not given. Drawing on recent developments in institutional and behavioural economics, it contends that what is required is not for planners to become market actors, but rather to realise they are already "market actors" intricately involved in framing and re-framing property markets. By highlighting planners' potential to re-make, rather than merely accept, market conditions, the paper calls for state-market relations in land and property to be accorded a central place within the new spatial planning.

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“…Formal property markets rely on a host of institutional arrangements, organisations and actors to structure and facilitate exchange (see Keogh and D'Arcy, 1999;Jaffe, 1996), including statutes, land registries, listing agreements, contracts, estate agents, conveyancers and lawyers. These work to reduce transaction costs in these markets.…”

Section: Property and Poverty Alleviation: A Survey Of The Literaturementioning

confidence: 99%

Informal Urban Property Markets and Poverty Alleviation: A Conceptual Framework

Mooya

Cloete

2007

Urban Studies

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In the context of increasing urbanisation, growth of informal settlements and the urbanisation of poverty, this article suggests a conceptual framework to link urban informal property markets and poverty alleviation. Using conceptual tools of the new institutional economics, principally theories of transaction costs and property rights, the framework describes theoretical conditions under which property markets may be a mechanism for capital accumulation for the urban poor. The article highlights knowledge gaps in the literature and argues that the institutional approach holds the most promise for analysing the interface between informal property markets and poverty alleviation.

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On the role of transaction costs and property rights in housing markets

Cited by 27 publications

References 14 publications

Microeconomic Perspectives on the Structure and Operation of Local Housing Markets

Microeconomic Perspectives on the Structure and Operation of Local Housing Markets

Planners as Market Actors: Rethinking State–Market Relations in Land and Property

Informal Urban Property Markets and Poverty Alleviation: A Conceptual Framework

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