Implicit amenity prices and the location of retirees in England and Wales
Implicit amenity prices and the location of retirees in England and Wales
General equilibrium models in which compensation for local amenities occurs in both housing and labour markets have been widely used to generate implicit amenity prices and regional quality of life indices. An implication and prospective test of such models is that individuals who are outside the labour market have an incentive to locate in regions where amenities are capitalized into wages. In this article we construct a measure of the extent of amenity capitalization into wages for each county in England and Wales. We then test the multimarket amenity model by applying this measure to county-level data on the location of retirees. Our results provide strong support for the model.
1466-4291
Stewart, Geoff
a94573f3-bb92-416f-ba18-3c6272224d18
Lee, J.
4b45ec6a-e52e-415c-acb7-7cb17ed57cbe
15 May 2009
Stewart, Geoff
a94573f3-bb92-416f-ba18-3c6272224d18
Lee, J.
4b45ec6a-e52e-415c-acb7-7cb17ed57cbe
Stewart, Geoff and Lee, J.
(2009)
Implicit amenity prices and the location of retirees in England and Wales.
Applied Economics Letters, .
Abstract
General equilibrium models in which compensation for local amenities occurs in both housing and labour markets have been widely used to generate implicit amenity prices and regional quality of life indices. An implication and prospective test of such models is that individuals who are outside the labour market have an incentive to locate in regions where amenities are capitalized into wages. In this article we construct a measure of the extent of amenity capitalization into wages for each county in England and Wales. We then test the multimarket amenity model by applying this measure to county-level data on the location of retirees. Our results provide strong support for the model.
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Retirees-AEL-revised.pdf
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Published date: 15 May 2009
Identifiers
Local EPrints ID: 155739
URI: http://eprints.soton.ac.uk/id/eprint/155739
ISSN: 1350-4851
PURE UUID: 35837fb4-c6d5-4073-a423-cc3b8f9bab0b
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Date deposited: 28 May 2010 13:35
Last modified: 14 Mar 2024 01:40
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Author:
Geoff Stewart
Author:
J. Lee
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