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Article: A spatial portfolio theory of household location choice

TitleA spatial portfolio theory of household location choice
Authors
KeywordsCommuting distance
Housing demand
Multiple workplaces
Price gradient
Traveling frequency
Issue Date2011
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/jtrangeo
Citation
Journal Of Transport Geography, 2011, v. 19 n. 4, p. 584-590 How to Cite?
AbstractClassical residential location choice models were constructed as uncertainty-free. Using the expected utility theorem, urban researchers have dealt with different types of uncertainties, such as uncertain income, uncertain housing price and uncertain transportation cost, etc. This paper, however, considers uncertain traveling frequencies in two-workplace setting, a novel theory on the emergence of a new centre between two existing CBDs can then be formulated. It can be regarded as a spatial portfolio theory as the theory predicts that household location choice would strike a balance between commuting cost savings (return) and variance of the savings (risk). Empirical evidence on the housing transaction price gradient changes in Hong Kong supports the theory. © 2010 Elsevier Ltd.
Persistent Identifierhttp://hdl.handle.net/10722/125364
ISSN
2015 Impact Factor: 2.09
2015 SCImago Journal Rankings: 1.734
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorYiu, CYen_HK
dc.date.accessioned2010-10-31T11:26:58Z-
dc.date.available2010-10-31T11:26:58Z-
dc.date.issued2011en_HK
dc.identifier.citationJournal Of Transport Geography, 2011, v. 19 n. 4, p. 584-590en_HK
dc.identifier.issn0966-6923en_HK
dc.identifier.urihttp://hdl.handle.net/10722/125364-
dc.description.abstractClassical residential location choice models were constructed as uncertainty-free. Using the expected utility theorem, urban researchers have dealt with different types of uncertainties, such as uncertain income, uncertain housing price and uncertain transportation cost, etc. This paper, however, considers uncertain traveling frequencies in two-workplace setting, a novel theory on the emergence of a new centre between two existing CBDs can then be formulated. It can be regarded as a spatial portfolio theory as the theory predicts that household location choice would strike a balance between commuting cost savings (return) and variance of the savings (risk). Empirical evidence on the housing transaction price gradient changes in Hong Kong supports the theory. © 2010 Elsevier Ltd.en_HK
dc.languageengen_HK
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/jtrangeoen_HK
dc.relation.ispartofJournal of Transport Geographyen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsNOTICE: this is the author’s version of a work that was accepted for publication in [Journal Of Transport Geography]. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in PUBLICATION, [VOL 19, ISSUE 4, (JUL 2011)] DOI 10.1016/j.jtrangeo.2010.06.012-
dc.subjectCommuting distanceen_HK
dc.subjectHousing demanden_HK
dc.subjectMultiple workplacesen_HK
dc.subjectPrice gradienten_HK
dc.subjectTraveling frequencyen_HK
dc.titleA spatial portfolio theory of household location choiceen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0966-6923&volume=&spage=&epage=&date=2010&atitle=A+Spatial+Portfolio+Theory+of+Household+Location+Choiceen_HK
dc.identifier.emailYiu, CY: ecyyiu@hkucc.hku.hken_HK
dc.identifier.authorityYiu, CY=rp01035en_HK
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.jtrangeo.2010.06.012en_HK
dc.identifier.scopuseid_2-s2.0-79957491204en_HK
dc.identifier.hkuros175591en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-79957491204&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume19en_HK
dc.identifier.issue4en_HK
dc.identifier.spage584en_HK
dc.identifier.epage590en_HK
dc.identifier.isiWOS:000292427700012-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridYiu, CY=9248825800en_HK
dc.identifier.citeulike7593291-

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