Download or read book The Behavior of Home Buyers in Boom and Post Boom Markets written by Karl E. Case and published by . This book was released on 1988 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: A questionnaire survey looked at home buyers in May 1988 in two "boom" cities currently experiencing rapid price increases (Anaheim and San Francisco), a "post-boom" city whose home prices are stable or falling a couple years after rapid price increase (Boston) and a "control" city where home prices had been very stable (Milwaukee). Home buyers in the boom cities had much higher expectations for future price increases, and were more influenced by investment motives. The interpretations that people place on the boom are not usually related to any concrete news event; there are instead oft-repeated cliches about home prices. This suggests that sudden real estate booms have, at least in part, a social, rather than rational or economic, basis. There is evidence for excess demand in boom markets and excess supply in the post-boom market; there appear to be various reasons for this: notions of fairness, intrinsic worth, popular theories about prices, coordination problems, and simple mistakes.
Download or read book The Great Housing Bubble written by Lawrence Roberts and published by Monterey Cypress LLC. This book was released on 2008 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed analysis of the psychological and mechanical causes of the biggest rally, and subsequent fall, of housing prices ever recorded. Examines the causes of the breathtaking rise in prices and the catastrophic fall that ensued to answer the question on every homeowner's mind: "Why did house prices fall?"--Page 4 of cover
Download or read book Market Volatility written by Robert J. Shiller and published by MIT Press. This book was released on 1992-01-30 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market Volatility proposes an innovative theory, backed by substantial statistical evidence, on the causes of price fluctuations in speculative markets. It challenges the standard efficient markets model for explaining asset prices by emphasizing the significant role that popular opinion or psychology can play in price volatility. Why does the stock market crash from time to time? Why does real estate go in and out of booms? Why do long term borrowing rates suddenly make surprising shifts? Market Volatility represents a culmination of Shiller's research on these questions over the last dozen years. It contains reprints of major papers with new interpretive material for those unfamiliar with the issues, new papers, new surveys of relevant literature, responses to critics, data sets, and reframing of basic conclusions. Included is work authored jointly with John Y. Campbell, Karl E. Case, Sanford J. Grossman, and Jeremy J. Siegel. Market Volatility sets out basic issues relevant to all markets in which prices make movements for speculative reasons and offers detailed analyses of the stock market, the bond market, and the real estate market. It pursues the relations of these speculative prices and extends the analysis of speculative markets to macroeconomic activity in general. In studies of the October 1987 stock market crash and boom and post-boom housing markets, Market Volatility reports on research directly aimed at collecting information about popular models and interpreting the consequences of belief in those models. Shiller asserts that popular models cause people to react incorrectly to economic data and believes that changing popular models themselves contribute significantly to price movements bearing no relation to fundamental shocks.
Download or read book State of the Union written by Reynolds Farley and published by Russell Sage Foundation. This book was released on 1995-03-02 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Census is a most valuable source of information about our lives; these volumes make the story it has to tell accessible to all who want to know." —Lee Rainwater, Center for Advanced Study in the Behavioral Sciences "A lucid and balanced overview of major trends in the United States and essential reading for policymakers. State of the Union is a reality check that provides the factual basis for policy analysis."—Peter Gottschalk, Boston College State of the Union: America in the 1990s is the definitive new installment to the United States Census Series, carrying forward a tradition of census-based reports on American society that began with the 1930 Census. These two volumes offer a systematic, authoritative, and concise interpretation of what the 1990 Census reveals about the American people today. •Volume One: Economic Trends focuses on the schism between the wealthy and the poor that intensified in the 1980s as wages went up for highly educated persons but fell for those with less than a college degree. This gap was reflected geographically, as industries continued their migration from crumbling inner cities to booming edge cities, often leaving behind an impoverished minority population. Young male workers lost ground in the 1980s, but women made substantial strides, dramatically reducing the gender gap in earnings. The amount of family income devoted to housing rose over the decade, but while housing quality improved for wealthy, older Americans, it declined for younger, poorer families. •Volume Two: Social Trends examines the striking changes in American families and the rapid shifts in our racial and ethnic composition. Americans are marrying much later and divorcing more often, and increasing numbers of unmarried women are giving birth. These shifts have placed a growing proportion of children at risk of poverty. In glaring contrast, the elderly were the only group to make gains in the 1980s, and are now healthier and more prosperous than ever before. The concentrated immigration of Asians and Latinos to a few states and cities created extraordinary pockets of diversity within the population. Throughout the 1990s, the nation will debate questions about the state of the nation and the policies that should be adopted to address changing conditions. Will continued technological change lead to even more economic polarization? Will education become an increasingly important factor in determining earnings potential? Did new immigrants stimulate the economy or take jobs away from American-born workers? Will we be able to support the rapidly growing population of older retirees? State of the Union will help us to answer these questions and better understand how well the nation is adapting to the pervasive social and economic transformations of our era. A Volume in the Russell Sage Foundation Census Series
Download or read book Choices Values and Frames written by Daniel Kahneman and published by Cambridge University Press. This book was released on 2000-09-25 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.
Download or read book Technical Analysis written by Charles D. Kirkpatrick II and published by FT Press. This book was released on 2010-11-08 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: Already the field's most comprehensive, reliable, and objective guidebook, Technical Analysis: The Complete Resource for Financial Market Technicians, Second Edition has been thoroughly updated to reflect the field's latest advances. Selected by the Market Technicians Association as the official companion to its prestigious Chartered Market Technician (CMT) program, this book systematically explains the theory of technical analysis, presenting academic evidence both for and against it. Using hundreds of fully updated illustrations, the authors explain the analysis of both markets and individual issues, and present complete investment systems and portfolio management plans. They present authoritative, up-to-date coverage of tested sentiment, momentum indicators, seasonal affects, flow of funds, testing systems, risk mitigation strategies, and many other topics. This edition thoroughly covers the latest advances in pattern recognition, market analysis, and systems management. The authors introduce new confidence tests; cover increasingly popular methods such as Kagi, Renko, Kase, Ichimoku, Clouds, and DeMark indicators; present innovations in exit stops, portfolio selection, and testing; and discuss the implications of behavioral bias for technical analysis. They also reassess old formulas and methods, such as intermarket relationships, identifying pitfalls that emerged during the recent market decline. For traders, researchers, and serious investors alike, this is the definitive book on technical analysis.
Download or read book Sharing America s Neighborhoods written by Ingrid Gould Ellen and published by Harvard University Press. This book was released on 2000 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an encouraging report on the state of racial integration in American neighborhoods. It shows that while the majority are racially segregated, a substantial and growing number are integrated, and remain so for years. Still, many integrated neighborhoods unravel quickly, and the book explores the root causes.
Download or read book Essays in History written by Charles Poor Kindleberger and published by University of Michigan Press. This book was released on 1999 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classic Kindleberger: Engaging and stimulating reading on eclectic topics in finance, economics, and the life of this captivating author
Download or read book The Blackwell Companion to the Economics of Housing written by Susan J. Smith and published by John Wiley & Sons. This book was released on 2010-01-22 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Blackwell Companion to the Economics of Housing willhelp students and professionals alike to explore key elements ofthe housing economy: home prices, housing wealth, mortgage debt,and financial risk. Features 24 original essays, including an editorialintroduction and three section overviews Includes 39 world-class authors from a mix of educational andfinancial organizations in the UK, Europe, Australia, and NorthAmerica Broadly-based, scholarly, and accessible, serving students andprofessionals who wish to understand how today’s housingeconomy works Profiles the role and relevance of housing wealth; themismanagement of mortgage debt; and the pitfalls and potential ofhedging housing risk Key topics include: the housing price bubble and crash; thesubprime mortgage crisis in the US and its aftermath; the linksbetween housing wealth, the macroeconomy, and the welfare ofhome-occupiers; the mitigation of credit and housing investmentrisks Specific case studies help to illustrate concepts, along withnew data sets and analyses to illustrate empirical points
Download or read book Urban Finance Under Siege written by Thomas R. Swartz and published by Routledge. This book was released on 2016-09-16 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: An account of the later years of Tsarism. Witte presents portraits of the statesmen around him, explains the problem of bringing the economy to a level commensurate with Russia's putative position as the greatest land power in the world and the effort to create a constitutional monarchy.
Download or read book Modern Real Estate Portfolio Management written by Susan Hudson-Wilson and published by John Wiley & Sons. This book was released on 2000-06-15 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents include real estate investment strategy, public and private equity, public and private debt, allocation across the real estate asset class, and more.
Download or read book The 1985 94 global real estate cycle its causes and consequences written by Bertrand Renaud and published by World Bank Publications. This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stock Market Crashes and Speculative Manias written by Eugene Nelson White and published by Edward Elgar Publishing. This book was released on 1996 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of articles published between the 1920s and the 1990s on speculative manias and stock market crashes, highlighting their similarities. Looks at the mania for tulips in Holland in the 17th century, schemes to refinance government debt in 18th-century France and Britain, the volatile American stock and real estate markets of the 19th century, and parallels between the stock market crashes of 1929 and 1987. Raises basic questions about the stability of capital markets and the potential for regulation. No index. Annotation copyright by Book News, Inc., Portland, OR
Download or read book Inefficient Markets written by Andrei Shleifer and published by OUP Oxford. This book was released on 2000-03-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The efficient markets hypothesis has been the central proposition in finance for nearly thirty years. It states that securities prices in financial markets must equal fundamental values, either because all investors are rational or because arbitrage eliminates pricing anomalies. This book describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets. Behavioral finance models both explain the available financial data better than does the efficient markets hypothesis and generate new empirical predictions. These models can account for such anomalies as the superior performance of value stocks, the closed end fund puzzle, the high returns on stocks included in market indices, the persistence of stock price bubbles, and even the collapse of several well-known hedge funds in 1998. By summarizing and expanding the research in behavioral finance, the book builds a new theoretical and empirical foundation for the economic analysis of real-world markets.
Download or read book The Microstructures of Housing Markets written by Susan J. Smith and published by Routledge. This book was released on 2013-10-31 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.
Download or read book Handbook of Economic Expectations written by Ruediger Bachmann and published by Elsevier. This book was released on 2022-11-04 with total page 876 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Economic Expectations discusses the state-of-the-art in the collection, study and use of expectations data in economics, including the modelling of expectations formation and updating, as well as open questions and directions for future research. The book spans a broad range of fields, approaches and applications using data on subjective expectations that allows us to make progress on fundamental questions around the formation and updating of expectations by economic agents and their information sets. The information included will help us study heterogeneity and potential biases in expectations and analyze impacts on behavior and decision-making under uncertainty. - Combines information about the creation of economic expectations and their theories, applications and likely futures - Provides a comprehensive summary of economics expectations literature - Explores empirical and theoretical dimensions of expectations and their relevance to a wide array of subfields in economics
Download or read book The New Financial Order written by Robert J. Shiller and published by Princeton University Press. This book was released on 2009-02-09 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his best-selling Irrational Exuberance, Robert Shiller cautioned that society's obsession with the stock market was fueling the volatility that has since made a roller coaster of the financial system. Less noted was Shiller's admonition that our infatuation with the stock market distracts us from more durable economic prospects. These lie in the hidden potential of real assets, such as income from our livelihoods and homes. But these ''ordinary riches,'' so fundamental to our well-being, are increasingly exposed to the pervasive risks of a rapidly changing global economy. This compelling and important new book presents a fresh vision for hedging risk and securing our economic future. Shiller describes six fundamental ideas for using modern information technology and advanced financial theory to temper basic risks that have been ignored by risk management institutions--risks to the value of our jobs and our homes, to the vitality of our communities, and to the very stability of national economies. Informed by a comprehensive risk information database, this new financial order would include global markets for trading risks and exploiting myriad new financial opportunities, from inequality insurance to intergenerational social security. Just as developments in insuring risks to life, health, and catastrophe have given us a quality of life unimaginable a century ago, so Shiller's plan for securing crucial assets promises to substantially enrich our condition. Once again providing an enormous service, Shiller gives us a powerful means to convert our ordinary riches into a level of economic security, equity, and growth never before seen. And once again, what Robert Shiller says should be read and heeded by anyone with a stake in the economy.
