Graaskamp, Institutional Economics, and the Real Estate Market

Abstract

This chapter examines the institutional content of Graaskamp’s thinking on the real estate process from the perspective of new institutional economics. Graaskamp’s institutional representation of market process focuses on the relationship between the property market and the wider economic and social system and thus fits well within earlier traditions of institutional analysis in urban land economics in the United States. However, Graaskamp does not break from these traditions and consider explicitly institutional issues within the property market itself, such as institutional change, the institutional structure of the market, and the institutional influences specific to particular groups of market actors or organizations. From the perspective of new institutional economics and drawing on evidence from property markets in the United Kingdom, the chapter maps out the core components of what a more holistic institutional paradigm of the real estate market might consider. As such it seeks to provide a logical extension of Graaskamp’s thinking on real estate process to include an explicit discussion of institutional concerns at the level of the property market itself.KeywordsReal EstateInstitutional EconomicReal Estate MarketProperty MarketReal Estate InvestmentThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.