Journal article

Property Market Efficiency: An Institutional Economics Perspective

Keogh G, D'Arcy E ...see all

Urban Stud, vol. 36, issue 13 (1999) pp. 2401-2414

  • 2

    Readers

    Mendeley users who have this article in their library.
  • N/A

    Citations

    Citations of this article.
Sign in to save reference

Abstract

This paper reassesses the debate around property market efficiency and introduces an institutional perspective. It considers property market efficiency in terms of the specific characteristics of property itself and the processes through which property is used and traded. It argues that the institutional dimension fundamentally alters the concept of efficiency and leads to a partial and contingent judgement on achieved efficiency. Instead of seeking a judgement on whether the 'property market' as an entity is efficient, the institutional approach allows the possibility that 'property market process' may be efficient for some market participants but not for others. It also introduces a time dimension, suggesting the need to assess the adaptability of property market process as economic and social conditions change.

Get free article suggestions today

Mendeley saves you time finding and organizing research

Sign up here
Already have an account ?Sign in

Find this document

Authors

  • Geoffrey Keogh

  • Eamonn D'Arcy

Cite this document

Choose a citation style from the tabs below

Save time finding and organizing research with Mendeley

Sign up for free