Download or read book Stochastic Choice Models and Spatial Price Equilibria in Rental Housing Markets written by Alex Anas and published by . This book was released on 1981 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Housing Boom and Bust written by Thomas Sowell and published by Basic Books (AZ). This book was released on 2009-05-12 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.

Download or read book Choice and Allocation Models for the Housing Market written by J. Rouwendal and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is generally agreed that food, clothing and shelter are the three basic material needs of all people. A simple test for the successfulness of any economic system may therefore be the extent to which it succeeds in providing the population with these commodities. One would conjecture that in the countries that are generally considered as highly developed there would be no problems at all with their availability. And although this conjecture is to a large extent, confirmed by the evidence, it is nevertheless surprising that in western economies with the high per capita incomes housing is still an important object for public concern. Food and clothing are abundantly available in these countries, but the provision of housing is often an object of serious policy concern. To mention one striking example : in the Netherlands there still exist official figures that mention housing shortages of ten thousends of dwellings. This state of affairs is not mentioned here to motivate an exaggerated view on housing problems in Western countries. The situation in the Netherlands and comparable countries is indeed much better than that in underdeveloped countries and a comparison with developing countries would presumably show figures which are comparable to those for food or clothing. The point I want to make is that even in highly developed market economies where the availability of food and clothing is quite satisfactory, the availability of dwellings often is not.

Download or read book Using Locational Equilibrium Models to Evaluate Housing Price Indexes written by Holger Sieg and published by . This book was released on 2000 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses how the properties of locational equilibrium models can be used to evaluate approaches for constructing price indexes for heterogeneous houses. Housing markets play a key role in locational equilibrium models. Prices for houses determine that implicit costs that households bear when locating in a given community. We evaluate a variety of price indexes all relying on hedonic models for predicting interjurisdictional housing prices. The application uses a unique panel data set of housing transactions in Southern California. The rank predictions of different models are robust with respect to the hedonic model and the composite commodity definition used in aggregation. They do not depend significantly on the spatial or temporal definitions used to define the choice set of local housing markets. Finally, housing price estimates are strongly correlated with education and environmental amenities

Download or read book Household Choice and Urban Structure written by Paul A. Waddell and published by Routledge. This book was released on 2018-08-10 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1997. The aim of this book is to explore urban modelling traditions, identify key limitations and contributions and to develop a more general model within a discrete choice framework. The scope of the effort is on household choices regarding residential location, workplace and housing tenure. It is the first systematic effort to analyze the structure and sequence of the choices made by households regarding residential location and workplace. The implications for urban theory, model development and policy analysis are substantial.

Download or read book Emergent Phenomena in Housing Markets written by Lidia Diappi and published by Springer Science & Business Media. This book was released on 2012-08-04 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The housing market, like every market, is the product of thousands of interacting buyers and sellers driven by different interests. But unlike other markets, the housing market is able to profoundly transform the socioeconomic structure and the image of a city. Very often, changes in urban space are the result of the imperceptible operation of a multitude of micro-transformations which act with such great energy and decisiveness that they can transform the ‘DNA’ of entire urban neighborhoods. These qualitative novelties, unpredictable and non-deducible on the basis of the previous properties, are defined emergences. Namely emergence means a ‘pattern formation’ characterized by a self-organizing process driven by non-linear dynamics. This book explores housing market emergence in light of three different phenomena: search for housing, social polarization, and gentrification. The book is divided into two parts. The first part presents contributions on modelling emergence of different phenomena, formalised in multi-agent systems. The second part gathers empirical research and analyses aimed at supporting the findings of the models.

Download or read book Spatial Interaction Models written by Lina Mallozzi and published by Springer. This book was released on 2017-04-04 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Facility location theory develops the idea of locating one or more facilities by optimizing suitable criteria such as minimizing transportation cost, or capturing the largest market share. The contributions in this book focus an approach to facility location theory through game theoretical tools highlighting situations where a location decision is faced by several decision makers and leading to a game theoretical framework in non-cooperative and cooperative methods. Models and methods regarding the facility location via game theory are explored and applications are illustrated through economics, engineering, and physics. Mathematicians, engineers, economists and computer scientists working in theory, applications and computational aspects of facility location problems using game theory will find this book useful.

Download or read book XVI International Conference SIDT2009 Milan 29 30 June 2009 Transport Management and Land use Effect in Presence of Unusual Demand written by Umberto Crisalli and published by Maggioli Editore. This book was released on 2009 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Microstructure of Housing Markets written by Alina Arefeva and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation studies the implications of search frictions and pricing mechanisms for house prices. Many economists believe that US house prices fluctuate over time between booms and busts, and are volatile relative to fundamentals, such as rents or income in a local housing market. This excess volatility is a puzzle relative to conventional models of house prices in the literature. My dissertation aims to explain this puzzle. To explain the high volatility of house prices I substitute hypothesis of the Nash bargaining price determination, prevailing in the literature, with the auction price determination. With Nash bargaining a seller bargains with a buyer one-to-one. In practice, especially so in booms, a seller deals with multiple buyers simultaneously and sells to the highest bidder. A natural way to model this is to use an auction model. When house prices are determined in an auction instead of Nash bargaining, house prices fluctuate more, which helps explain the volatility of house prices and fluctuations between booms and busts. The dissertation consists of two related essays on the microstructure of the housing markets. The first essay explores the consequences of the pricing mechanisms for the quantitative behavior of the house prices over time in an equilibrium search model of a local housing market. The second essay asks whether the equilibrium allocations of these search models are constrained efficient. The first essay shows that the type of the pricing mechanism crucially affects the volatility of the house prices in response to the shocks to a local housing market. Specifically, if the house prices are determined in auctions rather than by one-to-one negotiation a la Nash bargaining, then the house prices are four to fifteen time more volatile if shocks to the housing market affect the participation of buyers, for example, shock to the inflow of buyers or rents. If the shocks affect the discount factor or the expectation of the housing services, then it is the opposite, that is the house prices are more volatile in the Nash bargaining model than in the auction model. Many economists agree that the housing boom-bust episode 2000-2007 was fueled by the inflow of the buyers due to the decrease in the mortgage lending standards. For these types of shocks, the auction model produces highly volatile house price growth, high enough to match the observed volatility in the local housing markets in the US. The intuition for higher volatility in the auctions as compared to the Nash bargaining comes from the differences in the outside options of the seller in the two models. The seller in the Nash bargaining model negotiates with only one buyer per period, while the seller in the auction model can meet several buyers at the same time. Thus, in the auction model the outside option of the seller is to wait till tomorrow to potentially meet several buyers, while in the Nash bargaining model the seller can enjoy a company of only one buyer. In the hot market there are many interested buyers on the market which is capitalized in the option value to sell. Because of the sensitivity of the option value to sell to the current state of the market, the house prices fluctuate more. The second essay asks whether the dynamic equilibrium model of the random search with auctions, proposed in the first essay, produces a socially efficient allocation, constrained by search frictions. The main result is that the equilibrium random search model with an auction produces an inefficient allocation. The inefficiency in the random search model comes from the monopoly power of the seller in the auction model. Buyers are visiting sellers without observing the ex-post terms of trade, and, after the meeting has occurred, the seller becomes a local monopolist, because the buyer has to incur search and waiting costs to meet another seller. The distortion can be corrected by allowing the sellers to advertise and commit to the trading mechanisms by posting the reservation price for the auction and commit to this price. Having observed these prices, the buyers then direct their search to the seller with the most attractive terms or with least competition. This alleviates the externality present in the random search model. The paper extends this result from the static setting, analyzed in the literature, to the dynamic setting.

Download or read book Environment Planning written by and published by . This book was released on 1987 with total page 894 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Analysis of Neighbourhood Quality Neighbourhood Reputation and the Housing Market written by M. J. Koopman and published by IOS Press. This book was released on 2012 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally presented as the author's thesis (doctoral)--Delft University of Technology, Delft, 2012.

Download or read book Innovations in Travel Demand Modeling Papers written by and published by Transportation Research Board. This book was released on 2008 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 31 individual authored papers from the breakout sessions are contained in Volume 2"--Pub. desc.

Download or read book Network Infrastructure and the Urban Environment written by Lars Lundqvist and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 419 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume is the result of an international collaboration, which started with a conference at Smadalaro Gfrrd in Sweden. The workshop was supported by the National Science Foundation of the USA (INT-9215114) and by the Swedish National Road Administration, the Swedish Council for Building Research, the Swedish Transport and Communications Research Board and the Swedish Council for Planning and Coordination of Research. This support is gratefully acknow ledged. The collaboration started as a bilateral u.S.-Swedish endeavour but was soon widened to other scholars in Europe, Asia, Australia and South-America. Network Infrastructure and the Urban Environment is a policy area of growing importance. Sustainable cities and sustainable transport systems are necessary for attaining a sustainable development. The research and policy field, represented in this volume, comprises a number of challenging contrasts: - the contrast between infrastructure investments, mobility and environmental sustainability; - the contrast between policy contexts, modelling traditions and available decision support systems in various parts of the world; - the contrast between available best practice methods and the majority of models applied in planning; the contrast between static models of cross-sectionary equilibria and dynamic models of disequilibrium adjustments; and the contrast between state-of-the-art operationalland-use/transport models and new demands for land-use/transportlenvironment models due to changing policy contexts. Bridging some of these gaps constitutes important research tasks, that are discussed in the twenty-two chapters of this book. A number of emerging research directions are identified in the introduction and summary chapter.

Download or read book A Stochastic Approach to Model Housing Markets written by Bilgi Yilmaz and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to estimate the price changes in housing markets using a stochastic process, which is defined in the form of stochastic differential equations (SDEs). It proposes a general SDEs system on the price structure in terms of house price index and mortgage rate to establish an effective process. As an empirical analysis, it applies a calibration procedure to an SDE on monthly S&P/Case-Shiller US National Home Price Index (HPI) and 30-year fixed mortgage rate to estimate parameters of differentiable functions defined in SDEs. The prediction power of the proposed stochastic model is justified through a Monte Carlo algorithm for one-year ahead monthly forecasts of the HPI returns. The results of the study show that the stochastic processes are flexible in terms of the choice of structure, compact with respect to the number of exogenous variables involved, and it is a literal method. Furthermore, this approach has a relatively high estimation power in forecasting the national house prices.

Download or read book Recent Transportation Literature for Planning and Engineering Librarians written by University of California, Berkeley. Institute of Transportation Studies. Library and published by . This book was released on 1982 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Integrated Urban Models Volume 2 New Research and Applications of Optimization and Dynamics Routledge Revivals written by Stephen H. Putman and published by Routledge. This book was released on 2014-04-04 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following on from Integrated Models Volume 1: Policy Analysis of Transportation and Lane Use (Routledge Library Editions, 2006), this book bridges the gap between the scholars and the practitioners of transportation and land-use modelling. First published in 1991, chapters discuss model-calibration and model-solution problems, describe a series of numerical and policy analyses, and propose potential directions for location and land-use research. This reissue will be of particular value to undergraduate and postgraduate geography students with an interest in integrated urban modelling; in particular, the research conducted in the field over the past two decades.

Download or read book Land Use Modeling Conference Proceedings February 19 21 1995 written by and published by . This book was released on 1995 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sponsors of the Travel Model Improvement Program organized the Land Use Model Conference to bring together experts and practitioners in an effort to identify: (1) The needs for land use forecasting to meet the ISTEA requirements; (2) Other planning needs and mandates for land use forecasts; (3) Required improvements in existing procedures to address those needs; (4) Advances needed beyond improving the existing procedures; and (5) Research and development to accomplish the advances.