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A Dynamic Model Of Housing Production
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Book Synopsis A Dynamic Model of Housing Production by : Jan K. Brueckner
Download or read book A Dynamic Model of Housing Production written by Jan K. Brueckner and published by . This book was released on 1979 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper derives the optimal development strategy for a housing producer with perfect foresight in a steady-state environment where dwellings deteriorate as they age. Under the assumption of zero demolition costs, the solution is an infinite sequence of identical buildings. Building abandonment is shown to be possible with positive demolition costs. A solution highlighting the model's spatial properties is computed using Cobb-Douglas functions.
Book Synopsis A Dynamic Model of Housing Supply by : Alvin Murphy
Download or read book A Dynamic Model of Housing Supply written by Alvin Murphy and published by . This book was released on 2017 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a dynamic microeconometric model of housing supply. The model features forward-looking landowners who optimally choose both the timing and the nature of construction, while taking into account expectations about future prices and costs. The model is estimated using a unique dataset describing individual landowners in the San Francisco Bay Area. Results indicate that geographic and time-series variation in costs are key to understanding both when and where construction occurs. Furthermore, results show that landowners actively "time"' the market, which reduces the elasticity of supply, while pro-cyclical costs incentivize some landowners to build before price peaks.
Book Synopsis A Dynamic Model for the Construction of Low Cost Housing by : Hussein Ali H. Saleh
Download or read book A Dynamic Model for the Construction of Low Cost Housing written by Hussein Ali H. Saleh and published by . This book was released on 1970 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing and Neighborhood Dynamics by : John F. Kain
Download or read book Housing and Neighborhood Dynamics written by John F. Kain and published by Harvard University Press. This book was released on 1985 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assesses the effects of spatially concentrated programs for housing and neighborhood improvement. These programs provide direct assistance to low-income property owners in an attempt to arrest neighborhood decline and encourage revitalization. The authors used the Harvard Urban Development Simulation Model (HUDS) in evaluating these programs. HUDS, a large-scale computer model, represents the process of housing rehabilitation, the production and consumption of housing services, household moving decisions, and other determinant of neighborhood change. The model simulates the behavior of approximately 80,000 individual households in two hundred residential neighborhoods of various quality levels. Unlike more aggregate models of urban development, HUDS has the capacity to identify how specific housing policies affect individual households as well as particular neighborhoods. Since program evaluations are no better than the models on which they are based, the authors provide sufficient detail to permit those readers primarily interested in the policy analysis to assess the methodology and to understandhow the policies are represented in the model; a more technical discussion of the model is then presented in appendixes. Although the simulations focus on policies that induce central-city property owners to upgrade their properties and thus stimulate revitalization, many of the authors' findings are relevant to larger issues of urban development. For example, the analysis of how housing rehabilitation subsidies affect the investment behavior of nonsubsidized property owners provides insights about the link between initial upgrading and sustained neighborhood improvement. The analysis also demonstrates how differences in location, household, and housing stock characteristics affect a particular neighborhood's responsiveness to a common policy initiative.
Book Synopsis A dynamic model of housing price determination by : Robert F. Engle
Download or read book A dynamic model of housing price determination written by Robert F. Engle and published by . This book was released on 1982 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pharmaceutical Product Branding Strategies by : Mark Paich
Download or read book Pharmaceutical Product Branding Strategies written by Mark Paich and published by CRC Press. This book was released on 2009-03-02 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This updated Second Edition details how marketers, forecasters, and brand planners can achieve optimal success by building internally consistent simulation models to project future behavior of patients, physicians, and R&D processes. By introducing the reader to the complexities facing many pharmaceutical firms, specifically issue
Book Synopsis A Dynamic Model of Housing Demand with Transaction Costs by : Leonard Emanuel Burman
Download or read book A Dynamic Model of Housing Demand with Transaction Costs written by Leonard Emanuel Burman and published by . This book was released on 1985 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Dynamic Model of Housing Price by : Robert F. Engle
Download or read book A Dynamic Model of Housing Price written by Robert F. Engle and published by . This book was released on 1982 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Dynamic Model of Housing Demand by :
Download or read book A Dynamic Model of Housing Demand written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the housing market including non-convex adjustment costs from buying and selling a home, credit constraints from minimum downpayment requirements and uncertainty about the evolution of incomes and home prices. We argue that these features are critical for capturing salient features of housing demand observed in the PSID. After estimating the model we use it to simulate how consumer behavior responds to house price and income declines as well as tightening credit. These experiments are motivated by the U.S. recession starting in December of 2007 that saw large falls in home prices, large negative income shocks for many households and tightening credit standards. In the short run, relatively few households adjust their housing stock. Households respond instead by reducing non-housing consumption and reducing wealth because they wish to avoid losing their home and the associated adjustment costs. Households that adjust in the short run are those hit with a series of bad shocks, such as a negative income shock and a home price decline. A larger proportion of households do adjust their consumption in the long run, increasing their housing stock since housing is less expensive. However, such changes may occur several years after the shocks listed above
Download or read book Housing Dynamics written by Ping Wang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: To fill the knowledge gap that previous studies ignore either housing or internal urban structure and to enable better fit with important stylized facts, we construct a two-sector optimal growth model of housing where housing is produced by land and housing structure/household durables. We explicitly model within-city locational choice. Housing services derive positive utility but are decayed away from the city center. Our model enables a full characterization of the dynamic paths of housing and housing and land prices. The model is then calibrated to fit part of the stylized facts: faster growth of housing structure/household durables than housing, faster growth of land prices than housing prices, and downward housing price and land rent gradients within a city. The calibrated model can then be used to predict the remaining untargeted part of stylized facts: a locationally steeper land rent gradient than the housing price gradient, relatively flatter housing quantity and price gradients in larger cities with flatter population gradients and moderate rise in the housing expenditure share. The calibrated model can be further used to yield additional insights on housing dynamics and spatial distribution. We find nonhomotheticities in housing preference and housing production are crucial for realistic model predictions.
Book Synopsis Housing Dynamics by : Edward L. Glaeser
Download or read book Housing Dynamics written by Edward L. Glaeser and published by . This book was released on 2012 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: The key stylized facts of the housing market are positive serial correlation of price changes at one year frequencies and mean reversion over longer periods, strong persistence in construction, and highly volatile prices and construction levels within markets over time. We calibrate a dynamic model of housing in the spatial equilibrium tradition of Rosen and Roback to see whether such a model can generate these facts. With reasonable parameter values, this model readily explains the mean reversion of prices over five year periods, but cannot explain the observed positive serial correlation at higher frequencies. The model predicts the positive serial correlation of new construction that we see in the data and the volatility of both prices and quantities in the typical market, and it can account for substantial variation on construction intensity across markets. However, the model cannot explain the most volatile markets in terms of low frequency price changes. More research is needed to determine whether measurement error-related data smoothing or market inefficiency can best account for the persistence of high frequency price changes. With respect to the extremely high house price change volatility in certain coastal markets, more research is needed to ascertain whether shocks to interest rates or better measurement of local income variability can match this moment of data without appealing to some type of animal spirits.
Book Synopsis A Dynamic Model of the Housing Market by : Jeffrey E. Zabel
Download or read book A Dynamic Model of the Housing Market written by Jeffrey E. Zabel and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: While the hedonic property value model and recently developed computable general equilibrium urban models assume the housing market is in equilibrium, recent years have witnessed extreme circumstances such as large changes in housing prices, high levels of mortgage default, and high levels of foreclosure that bring into question this assumption. This highlights the need for a better understanding of the dynamics of the housing market and the mechanisms that drive and sustain periods of disequilibrium. In this analysis, I develop and estimate a dynamic model of the housing market where vacancies naturally arise as the error correction mechanism.I estimate this model using annual U.S. panel data at the MSA level for 1990-2011. The results show that when there is excess demand, prices rise when vacancies fall but prices do not fall when there is excess supply and vacancies rise. This is consistent with the belief that prices are sticky downwards and hence prolong housing downturns. On the other hand, when there is excess supply, there is a relatively stronger decline in new housing in response to a rise in vacancies and much less of a new housing reaction when there is excess demand and vacancies fall. Furthermore, when I allow for a structural shift in the housing market brought on by the Great Recession (2006-2011), I find that the housing market became more responsive on both sides - excess supply and demand - during this period.
Book Synopsis Regional and Urban Economics Parts 1 & 2 by : Richard J. Arnott
Download or read book Regional and Urban Economics Parts 1 & 2 written by Richard J. Arnott and published by Routledge. This book was released on 2013-06-20 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of the first section of the "Fundamentals of Pure and Applied Economics" series, "Regional and Urban Economics: Parts One and Two" is an encyclopaedia containing eight titles: This volume highlights original contributions in regional and urban economics, concentrating mainly on urban economic theory. The contributions focus on the treatment of space in economic theory. Drawing on the body of literature developed by Von Thunen, Christaller and Losch, these chapters explore empirical, theoretical and applied aspects of urban and regional economics which can be divided into the following areas: Location Theory, "Jean Jaskold Gabszewicz, Jacques-Francois Thisse, Masahisa Fujita "and" Urs Schwiezer" Urban Public Finance, "David E. Wildasin" Urban Dynamics and Urban Externalities, "Takahiro Miyao "and" Yoshitsugu" "Kanemoto" Systems of Cities and Facility Location,
Book Synopsis Handbook of Regional and by : Peter Nijkamp
Download or read book Handbook of Regional and written by Peter Nijkamp and published by Elsevier. This book was released on 1986 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second volume of the Handbook presents professional surveys of all the important topics in urban economics. The first section contains 6 surveys on locational analysis, the second, 5 surveys of specific urban markets, and the third part presents 5 surveys of government policy issues. The book brings together exhaustive research by distinguished scholars from many countries. It is the only complete survey volume of urban economics and should serve as a reference volume to scholars and graduate students for many years. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes
Book Synopsis A Dynamic Model of Demand for Houses and Neighborhoods by : Patrick J. Bayer
Download or read book A Dynamic Model of Demand for Houses and Neighborhoods written by Patrick J. Bayer and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a tractable model of neighborhood choice in a dynamic setting along with a computationally straightforward estimation approach. This approach uses information about neighborhood choices and the timing of moves to recover moving costs and preferences for dynamically-evolving housing and neighborhood attributes. The model and estimator are potentially applicable to the study of a wide range of dynamic phenomena in housing markets and cities. We focus here on estimating the marginal willingness to pay for non-marketed amenities - neighborhood racial composition, air pollution, and violent crime - using rich dynamic data. Consistent with the time-series properties of each amenity, we find that a static demand model understates willingness to pay to avoid pollution and crime but overstates willingness to pay to live near neighbors of one's own race. These findings have important implications for the class of static housing demand models typically used to value urban amenities.
Book Synopsis The Housing Boom and Bust by : Thomas Sowell
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 Location Theory written by J. Gabszewicz and published by Taylor & Francis. This book was released on 2013-06-17 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyses the economic theory of urban land use in both its positive and normative aspects.
