Combining Theoretical Approaches: The Case of Urban Land Value and Housing Market Dynamics
This article reviews the literature on urban land value formation and spatial housing market dynamics in a cross-disciplinary spirit. By doing so, an analytical device is elaborated based on the most relevant interpretative communities (i.e. schools, streams of thought) of urban (economic) research. The point of departure is general economic theory, and the goal is innovative and middle-range approaches. The key concepts stem from three different modes of analysis: the neoclassical; the neo-Marxist; and the institutionalist (and related theories). The idea is to combine the relevant ideas of each interpretative community into one model, which subsequently may be applied for further analysis of topics related to urban land value, such as property prices, housing submarkets, locational preferences and the physical and social quality of the neighbourhood as a synthesized theoretical framework.