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Implicit amenity prices and the location of retirees in England and Wales

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 capitalised into wages. In this paper we construct a measure of the extent of amenity capitalisation 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
0966-4246
914
University of Southampton
Lee, J.
4b45ec6a-e52e-415c-acb7-7cb17ed57cbe
Stewart, G.
1ddf7ac5-91ac-4470-b8b4-a61d13d5951c
Lee, J.
4b45ec6a-e52e-415c-acb7-7cb17ed57cbe
Stewart, G.
1ddf7ac5-91ac-4470-b8b4-a61d13d5951c

Lee, J. and Stewart, G. (2009) Implicit amenity prices and the location of retirees in England and Wales (Discussion Papers in Economics and Econometrics, 914) Southampton, UK. University of Southampton 8pp.

Record type: Monograph (Discussion Paper)

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 capitalised into wages. In this paper we construct a measure of the extent of amenity capitalisation 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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Published date: 2009

Identifiers

Local EPrints ID: 71068
URI: http://eprints.soton.ac.uk/id/eprint/71068
ISSN: 0966-4246
PURE UUID: 16823f5e-ce8f-497c-ab60-0b7d7b20b7ca

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Date deposited: 13 Jan 2010
Last modified: 13 Mar 2024 20:20

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Contributors

Author: J. Lee
Author: G. Stewart

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