A Housing Price Model With Endogenous Externality Location
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A Housing Price Model With Endogenous Externality Location
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Author : Henry J. Munneke
language : en
Publisher:
Release Date : 2015
A Housing Price Model With Endogenous Externality Location written by Henry J. Munneke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This research explores the impact of mobile homes parks on the value of single-family homes. This is the first study that empirically analyzes the effect of mobile home parks on property values. The empirical methodology used attempts to address the potential identification problem that exists within this study; it is possible that mobile home parks are located in areas of relatively lower land values or next to other land uses that impact property values. To address this identification problem, mobile home park locations are treated as endogenous within the model and the mobile home parks are identified as being located in residential or non-residential areas. The results suggest a negative effect on the selling price of single- family dwellings in close proximity to mobile home parks located in residential areas.
Endogenous Sources Of Volatility In Housing Markets
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Author : Elliot Anenberg
language : en
Publisher:
Release Date : 2013
Endogenous Sources Of Volatility In Housing Markets written by Elliot Anenberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Economics categories.
This paper presents new empirical evidence that internal movement - selling one home and buying another - by existing homeowners within a metropolitan housing market is especially volatile and the main driver of fluctuations in transaction volume over the housing market cycle. We develop a dynamic search equilibrium model that shows that the strong pro-cyclicality of internal movement is driven by the cost of simultaneously holding two homes, which varies endogenously over the cycle. We estimate the model using data on prices, volume, time-on-market, and internal moves drawn from Los Angeles from 1988-2008 and use the fitted model to show that frictions related to the joint buyer-seller problem: (i) substantially amplify booms and busts in the housing market, (ii) create counter-cyclical build-ups of mismatch of existing owners with their homes, and (iii) generate externalities that induce significant welfare loss and excess price volatility.
Endogenous Gentrification And Housing Price Dynamics
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Author : Veronica Guerrieri
language : en
Publisher:
Release Date : 2010
Endogenous Gentrification And Housing Price Dynamics written by Veronica Guerrieri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Gentrification categories.
In this paper, we explore differential changes in house prices across neighborhoods within a city to better understand the nature of house price dynamics across cities. First, we document in detail that there is substantial and systematic heterogeneity in house price dynamics within a city during city wide housing price booms and busts. Second, we propose a new model of within city house price dynamics that is consistent with the empirical facts. We assume that there is a positive neighborhood externality: people like to live close to richer neighbors. We show that there is an equilibrium where households fully segregate based on their income. In response to positive housing demand shocks, the model predicts that the poor neighborhoods on the boundary with the rich ones are the most price elastic. We refer to this process as gentrification. We then empirically test this new mechanism against other mechanisms that could explain within city house price differences. We find strong support for the existence of endogenous gentrification in explaining housing price dynamics within a city. Finally, we show that even after controlling for other important determinants of land prices, the endogenous gentrification mechanism is still important in explaining cross city differences in house price dynamics.
Ibss Economics 1999
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Author : Compiled by the British Library of Political and Economic Science
language : en
Publisher: Psychology Press
Release Date : 2000-12-07
Ibss Economics 1999 written by Compiled by the British Library of Political and Economic Science and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12-07 with categories.
IBSS is the essential tool for librarians, university departments, research institutions and any public or private institution whose work requires access to up-to-date and comprehensive knowledge of the social sciences
Urban Research Monitor
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Author :
language : en
Publisher:
Release Date : 1998
Urban Research Monitor written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Community development categories.
Handbook On Transport Pricing And Financing
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Author : Alejandro Tirachini
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-05-09
Handbook On Transport Pricing And Financing written by Alejandro Tirachini and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-09 with Business & Economics categories.
Taking a comprehensive approach to two central, closely intertwined themes in the field of transport economics, this illuminating Handbook recognizes the critical socioeconomic importance of transport pricing and financing.
Prices Of Peers
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Author : Nikodem Szumilo
language : en
Publisher:
Release Date : 2019
Prices Of Peers written by Nikodem Szumilo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The paper identifies neighbourhood price spillovers in the housing market. Although this concept attracted some theoretical research and is strongly supported by practitioners, it has proven very difficult to show in empirical data. By using the linear-in-means model, which is routinely applied to identify endogenous effects in groups of peers, the study summarizes all threats to identification and demonstrates how they can be addressed by exploiting information asymmetry between buyers of different houses and delays in revealing transaction prices. The results show that a 1% increase in the price of a house increases its neighbour's price by up to 0.3%.
Housing Market Dynamics And The Future Of Housing Prices
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Author : Denise DiPasquale
language : en
Publisher:
Release Date : 1991
Housing Market Dynamics And The Future Of Housing Prices written by Denise DiPasquale and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Housing categories.
International Encyclopedia Of Housing And Home
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Author :
language : en
Publisher: Elsevier
Release Date : 2012-10-09
International Encyclopedia Of Housing And Home written by and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-09 with Social Science categories.
Available online via SciVerse ScienceDirect, or in print for a limited time only, The International Encyclopedia of Housing and Home, Seven Volume Set is the first international reference work for housing scholars and professionals, that uses studies in economics and finance, psychology, social policy, sociology, anthropology, geography, architecture, law, and other disciplines to create an international portrait of housing in all its facets: from meanings of home at the microscale, to impacts on macro-economy. This comprehensive work is edited by distinguished housing expert Susan J. Smith, together with Marja Elsinga, Ong Seow Eng, Lorna Fox O'Mahony and Susan Wachter, and a multi-disciplinary editorial team of 20 world-class scholars in all. Working at the cutting edge of their subject, liaising with an expert editorial advisory board, and engaging with policy-makers and professionals, the editors have worked for almost five years to secure the quality, reach, relevance and coherence of this work. A broad and inclusive table of contents signals (or tesitifes to) detailed investigation of historical and theoretical material as well as in-depth analysis of current issues. This seven-volume set contains over 500 entries, listed alphabetically, but grouped into seven thematic sections including methods and approaches; economics and finance; environments; home and homelessness; institutions; policy; and welfare and well-being. Housing professionals, both academics and practitioners, will find The International Encyclopedia of Housing and Home useful for teaching, discovery, and research needs. International in scope, engaging with trends in every world region The editorial board and contributors are drawn from a wide constituency, collating expertise from academics, policy makers, professionals and practitioners, and from every key center for housing research Every entry stands alone on its merits and is accessed alphabetically, yet each is fully cross-referenced, and attached to one of seven thematic categories whose ‘wholes' far exceed the sum of their parts
Endogenous Gentrification And Housing Price Dynamics
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Author : Veronica Guerrieri
language : en
Publisher:
Release Date : 2014
Endogenous Gentrification And Housing Price Dynamics written by Veronica Guerrieri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
In this paper, we begin by documenting substantial variation in house-price growth across neighborhoods within a city during citywide housing price booms. We then present a model which links house-price movements across neighborhoods within a city and the gentrification of those neighborhoods in response to a citywide housing-demand shock. A key ingredient in our model is a positive neighborhood externality: individuals like to live next to richer neighbors. This generates an equilibrium where households segregate based upon their income. In response to a citywide demand shock, higher-income residents will choose to expand their housing by migrating into the poorer neighborhoods that directly abut the initial richer neighborhoods. The in-migration of the richer residents into these border neighborhoods will bid up prices in those neighborhoods, causing the original poorer residents to migrate out. We refer to this process as “endogenous gentrification.” Using a variety of data sets and using Bartik variation across cities to identify city-level housing demand shocks, we find strong empirical support for the model's predictions.