The capstone integrates the earlier stages into a single statement of efficiency against equity, with housing-supply elasticity as the lever. It is scoped rather than estimated.
Variables
- Housing-supply elasticity (pending): how readily each area adds homes, the parameter that governs the split between the efficiency gain and the equity cost.
- Teleworkability exposure (pending): each area’s exposure to the remote-work shock through its occupation mix.
- Regional productivity (pending): output per worker or per hour by area, from ONS regional accounts, used to anchor the model.
- Estimated elasticities (from earlier stages): the demand, price and incidence responses estimated in stages 1 to 4, which the model takes as calibration targets.
Data source
Intended sources: ONS regional productivity (gross value added) to anchor the model, the external supply-elasticity and teleworkability measures above, and the elasticities estimated in the earlier stages. The external inputs are not yet acquired.
Summary statistics of the analysis variables
This stage is planned. It has no data of its own beyond the earlier stages’ outputs, so descriptive statistics are pending.
Method
Planned: a quantitative spatial general-equilibrium model calibrated to the estimated elasticities, with a sufficient-statistics welfare accounting that reports the aggregate efficiency gain net of the regressive incidence and an equivalent variation by household type, tenure and place. Counterfactuals vary the supply elasticity of receiving areas.