A Thermodynamic Formulation of Home Prices in a Monocentric City
In this work, we proposed a theoretical framework inspired by physical thermodynamics to explain the housing price distributions in monocentric cities. In the same spirit as the Alonso–Muth–Mills (AMM) model, we assume that the disposable income C=W−R(x)−Q(x) after renting a home a distance x from t...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
World Scientific Publishing
2020-06-01
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| Series: | Reports in Advances of Physical Sciences |
| Subjects: | |
| Online Access: | http://www.worldscientific.com/doi/epdf/10.1142/S242494242050005X |