ABSTRACT
Why consumption rather than location theory is more applicable - Residential market is economically imperfect - Earlier work stresses locational aspects of spatial structures but are not useful for prediction - And consumption studies are not much better - Role of subjective (psychological) values - A new model explained and stated in formal terms - Important role of the spectrum of residential amenities at the margin - Empirical evidence found in Baton Rouge, La. - Inferences.
