Housing supply elasticity: empirical evidence for Bogotá

Authors

  • Dusan Paredes
  • Enrique Gilles
  • Carlos Páez
  • Antonio Avendaño

Keywords:

Price elasticity, Bogota, Supply curve, Real estate markets, Housing

Abstract

Despite the literature on urban economics has devoted a lot of attention to analyzing housing demand and its adjustment dynamics across markets, not a similar attention has been given to housing supply. In particular, there is limited knowledge on the way the supply curve would help to understand the urban equilibrium in highly dynamic markets as that of Bogota in Colombia. This article characterizes housing supply by stating the relationship between the value of housing and the price of urban land. We  estimate Bogota’s housing supply curve using information available for 2008. Results suggest that market adjustment after demand shocks occurs through quantities.

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Author Biographies

Dusan Paredes

Profesor Asociado. Universidad Católica del Norte, Antofagasta, CHILE.

Enrique Gilles

Profesor Titular, Universidad EAN. Bogotá D.C., COLOMBIA.

Carlos Páez

Profesor, Universidad Católica del Norte. Antofagasta, CHILE.

Antonio Avendaño

Subsecretario Secretaría Distrital de Planeación. Bogotá D.C., COLOMBIA.

Published

2020-11-11

How to Cite

Paredes, D. ., Gilles, E. ., Páez, C. ., & Avendaño, A. . (2020). Housing supply elasticity: empirical evidence for Bogotá. RAN - Revista Academia & Negocios, 4(2), 35-46. Retrieved from https://revistas.udec.cl/index.php/ran/article/view/2550

Issue

Section

Research Article

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