Abstract
Bogotá has undergone a significant spatial transformation in recent years. Subcenters of employment and commerce have formed at peripheral locations, and these have become surrounded by high-density residential activity. This paper uses several large data sets to describe and analyze these changes. We estimate multicentric density and land value gradients for the years 1973 and 1985, and then explore how housing producers respond to changes in land prices, by calculating a land-capital substitution elasticity. The results slow clearly the declining relevance of the monocentric model over time, and also provide an explanation for the densification of the city.
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