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The Spatial Dimension Of House Prices
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Book Synopsis The Spatial Dimension of House Prices by : Yunlong Gong
Download or read book The Spatial Dimension of House Prices written by Yunlong Gong and published by . This book was released on 2017-04-12 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research discovers the spatial regularities of house prices across Chinese prefecture cities in an economic common area and investigates the underlying formation process. It reveals an uneven distribution of house prices across cities, with those large and/or higher-tier cities and their neighbours having significantly higher house prices. Such an uneven pa����ern of house prices demonstrates the agglomeration spillovers in the interurban housing market. Two forms of spillovers are empirically examined. The first is the urban hierarchy distance effect, which is related to the position of a city in a hierarchical urban system. In general, the distance penalty of higher-tier urban centres is confirmed, that is, all else being equal, the further away a city is from the higher-tier city, the lower the house price. The second form of spillovers relates to a city's position in a city network system, in which no hierarchical structure is imposed. In such a situation, the spillovers arise from the interaction with neighbouring cities and it is found that a city that has larger neighbours tends to have higher house prices. These two forms of spillovers are somewhat correlated with each other because a higher-tier city is always associated with a larger urban size.
Book Synopsis The Spatial Dimension of US House Price Developments by : Katharina Pijnenburg
Download or read book The Spatial Dimension of US House Price Developments written by Katharina Pijnenburg and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Spatio-Temporal Model of House Prices in the Us by : Sean Holly
Download or read book A Spatio-Temporal Model of House Prices in the Us written by Sean Holly and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to apply recent advances in the econometrics of panel data to a problem that has a clear spatial dimension. We model the dynamic adjustment of real house prices using data at the level of US States. In the last decade, in most OECD countries there has been a significant rise in real house prices. This attracted the attention of many international organisations and central banks. In this paper we consider interactions between housing markets by examining the extent to which real house prices at the State level are driven by fundamentals such as real income, as well as by common shocks, and determine the speed of adjustment of house prices to macroeconomic and local disturbances. We take explicit account of both cross sectional dependence and heterogeneity. This allows us to find a cointegrating relationship between house prices and incomes and to identify a small role for real interest rates. Using this model we then examine the role of spatial factors, in particular the effect of contiguous states by use of a weighting matrix. We are able to identify a significant spatial effect, even after controlling for State specific real incomes, and allowing for a number of unobserved common factors.
Book Synopsis House Price Methodology by : Marko Hannonen
Download or read book House Price Methodology written by Marko Hannonen and published by Suomen E-painos Oy. This book was released on with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This booklet discusses some major methodological issues relating to the construction of house price models on a macro level. There is no single method that always produces the optimal results; the choice of a particular approach, method, theory, model and technique is context-dependent. This is especially true in housing markets, where a multitude of different submarkets exist. The methodology chosen should be based on sound theory, from which the basic concepts of analysis can be derived. This booklet discusses the use of potential models, which can be constructed using a general field theory, and which act as a theoretical foundation for further analysis. If we use potential models for house price analysis we can discover additional features from the data set that other approaches would simply miss. This e-book presents a pragmatic overview of key methodological concerns with the emphasis on the use of potential models. Theoretical methodological questions are left unanswered, and are not even presented in this text, since they have little relevancy to real-world modelling questions.
Book Synopsis Spatial Dimensions of Public Policy by : J. T. Coppock
Download or read book Spatial Dimensions of Public Policy written by J. T. Coppock and published by Elsevier. This book was released on 2013-10-22 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial Dimensions of Public Policy deals with the spatial dimensions of public policy with particular reference to resource management, urban development, regional development, and poverty alleviation. Emphasis is on the geographer's actual and potential contributions to public policy. Comprised of 15 chapters, this book begins with an introduction to the nature of geographers' contributions to public policy and the reasons why they have not been as effective as the relationships between their interests and important issues of public policy might suggest. The next chapter describes how policy decisions are made in Canada and reviews the nature of disciplinary contributions to governmental decision-making at the highest level. Subsequent chapters focus on regional policy and broad issues of world strategy; specific contributions to public policy, particularly in the United Kingdom; spatial aspects of pollution policy; and policies outside the United Kingdom. Energy policy in Western Europe is discussed, together with a geographer's contribution to addressing environmental problems in New Zealand; the difficulties of achieving an accurate population census of Nigeria; and the reshaping of the legislative and congressional districts of the State of Washington. This monograph will be of interest to geographers and public policymakers.
Book Synopsis Putting Time Into Space by : Jean Dubé
Download or read book Putting Time Into Space written by Jean Dubé and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Relationships between past events, future expectations and present decisions, typically examined through a temporal prism within applied economics, have been lately moving to the spatial dimension through spatial econometrics. However, violations of the “arrow of time”, and thus causality, have been identified in spatial econometric techniques applied to spatio-temporal data consisting of observations each at a specific location and distinct moment in time. A comprehensive review classifies for the first time several redresses to this issue in a currently fragmented literature. This paper puts back the temporal dimension into spatial Hedonic Pricing models through a unique specification of a spatio-temporal model that successfully isolates three effects: First, past sale prices affecting current prices, which exemplifies the “sales comparison” approach. Second, a contemporaneous peer effect that is occurring within the narrow time frame of interaction between market participants prior to a sale. Third, the signals of sellers' expectations are captured in the asking prices of other houses not yet sold, while the buyer is active in the market. This affects the final sale price, due to strategic behaviour and anchoring. This is the first instance that effects other than the own asking price can be handled in such models. In “boom” market conditions, this mechanism introduces the expectation of increasing prices to the hedonic price function, potentially contributing to housing market "bubble” propagation.
Book Synopsis Modelling House Prices by : Marko Hannonen
Download or read book Modelling House Prices written by Marko Hannonen and published by Suomen E-painos Oy. This book was released on with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This booklet is a final complement to the series of investigations (”A Field Theory of House Prices”, ISBN 978-952-6613-36-9 and ”Nonstandard House Price Theory”, ISBN 978-952-6613-66-6) on the fundamental nature of house prices, which is, strictly speaking, a mathematical question. As in the earlier e-books on the scientific essence of house prices by the author, this booklet analyses house prices using the concept of a vector field. The fundamental idea underlying this e-book is that housing demand, housing supply and house prices can be investigated not as scalar functions but as genuine vector fields.
Book Synopsis A Field Theory of House Prices by : Marko Hannonen
Download or read book A Field Theory of House Prices written by Marko Hannonen and published by Suomen E-painos Oy. This book was released on with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the essential ideas of the field theory of house prices. This theory combines some fundamental concepts of classical physics and standard economics, providing a new, alternative way of thinking about house prices. In the field theory of house prices a new concept of analysis is defined: house prices by distance from the CBD (Central Business District). In traditional neoclassical economics, house prices are analysed directly without including the location element of a house. The field theory, however, takes location explicitly into account by analysing house prices divided by the distance from the CBD. The main ideas of the field theory are also applicable to the land markets and facilities markets, where location plays a significant role in the analysis of property prices. The author is a Doctor of Science (Technology), whose research interest focuses on applied mathematics and economics.
Book Synopsis Modelling Spatial Housing Markets by : Geoffrey Meen
Download or read book Modelling Spatial Housing Markets written by Geoffrey Meen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.
Book Synopsis Proceedings of the Fifteenth International Conference on Management Science and Engineering Management by : Jiuping Xu
Download or read book Proceedings of the Fifteenth International Conference on Management Science and Engineering Management written by Jiuping Xu and published by Springer Nature. This book was released on 2021-07-30 with total page 871 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers the proceedings of the fifteenth International Conference on Management Science and Engineering Management (ICMSEM 2021) held on August 1-4, 2021, at the University of Castilla-La Mancha (UCLM), Toledo, Spain. The proceedings contains theoretical and practical research of decision support systems, complex systems, empirical studies, sustainable development, project management, and operation optimization, showing advanced management concepts and demonstrates substantial interdisciplinary developments in MSEM methods and practical applications. It allows researchers and practitioners in management science and engineering management (MSEM) to share their latest insights and contribution. Meanwhile, it appeals to readers interested in these areas, especially those looking for new ideas and research directions.
Book Synopsis Estimating Spillover Effects in the English Housing Market by : Beulah Chelva
Download or read book Estimating Spillover Effects in the English Housing Market written by Beulah Chelva and published by . This book was released on 2017 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a spatio-temporal model of house price changes in England, allowing for heterogeneity in spatial effects between districts and the separation of the spatial dimension from the impact of common factors. We model house price growth from January 1995 to August 2016 across 325 local authority districts.The renewed interest in the analysis of cross-sectional dependence has led to a range of novel techniques in modelling cross-dependent systems. Despite the considerable spatial literature concerning house prices, studies often fail to assess the level of cross-sectional dependency. Models incorrectly specified for spatial connections where factor dependence persists can engender spurious outcomes pertaining to the strength and prevalence of cross-sectional dependence. We endeavour to fill this gap in the literature by applying the novel methods developed by Aquaro et al. (2015) and Bailey et al. (2016) to the English housing market. In reference to the ripple effect hypothesis, our results indicate a more nuanced spatial impact than the theory implies, where areas with higher levels of economic activity find stronger spillover effects that are not unique to London but also districts surrounding cities such as Manchester and Nottingham. Furthermore, the variation in spatial dependence across districts demonstrate how delineating the housing market by regions fails to sufficiently allow for spatial heterogeneity.
Book Synopsis Nonstandard House Price Theory by : Marko Hannonen
Download or read book Nonstandard House Price Theory written by Marko Hannonen and published by Suomen E-painos Oy. This book was released on with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an e-book about a dynamic field theory of house prices, which simplifies the ideas in the author’s previous work, A Field Theory of House Prices (ISBN 978-952-6613-36-9). The text provides new, highly workable ideas based on the major ideas of classical physics combined with the major ideas of classical economics. This synthesis is known as a dynamic field theory of house prices. This is a novel theory that provides a unified, general framework for decision-making that can be applied to any macro-level question about house prices. In order to understand the ideas of this e-book, it is assumed that the reader has a basic understanding of mathematics, which is the language of exact science. The workability of the ideas presented in this e-book are demonstrated using some real, large data sets. These empirical results are documented in the presented material. The local disposable income and the interest variable typically applied in Finland are the ”pushing forces” that generate the demand field. The supply side is the ”attracting force” that does not influence the house prices in the samples investigated, but is still a force that exists. What is a house price? What are the demand field and supply field of housing? This book explains these issues.
Book Synopsis The Econometrics of Multi-dimensional Panels by : Laszlo Matyas
Download or read book The Econometrics of Multi-dimensional Panels written by Laszlo Matyas and published by Springer. This book was released on 2017-07-26 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the econometric foundations and applications of multi-dimensional panels, including modern methods of big data analysis. The last two decades or so, the use of panel data has become a standard in many areas of economic analysis. The available models formulations became more complex, the estimation and hypothesis testing methods more sophisticated. The interaction between economics and econometrics resulted in a huge publication output, deepening and widening immensely our knowledge and understanding in both. The traditional panel data, by nature, are two-dimensional. Lately, however, as part of the big data revolution, there has been a rapid emergence of three, four and even higher dimensional panel data sets. These have started to be used to study the flow of goods, capital, and services, but also some other economic phenomena that can be better understood in higher dimensions. Oddly, applications rushed ahead of theory in this field. This book is aimed at filling this widening gap. The first theoretical part of the volume is providing the econometric foundations to deal with these new high-dimensional panel data sets. It not only synthesizes our current knowledge, but mostly, presents new research results. The second empirical part of the book provides insight into the most relevant applications in this area. These chapters are a mixture of surveys and new results, always focusing on the econometric problems and feasible solutions.
Book Synopsis House Prices: Changing the City World by : Pengfei Ni
Download or read book House Prices: Changing the City World written by Pengfei Ni and published by Springer Nature. This book was released on 2019-11-20 with total page 623 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report was jointly launched by the National Academy of Economic Strategy of the Chinese Academy of Social Sciences and UN-HABITAT. Using the indicator system and objective data, the competitiveness of 1,035 global cities was evaluated in detail. The report measures the development pattern of global urban competitiveness as a whole, and the gap between the relevant parties and the ideal state. It has refreshed people's past perceptions of urban rankings and confirmed that the science and technology innovation center cities and central cities of emerging economies have begun to break the inherent global cities and they have entered the ranks of the most urban competitiveness.While paying attention to the comparison of competitiveness among cities, this report further promotes the perspective to the pattern and trend change of global economic and social development from the perspective of city. The followings are new findings: First, information technology has increasingly become the primary driving force for urban development; Second, it is the three meridians that divide the global urban population and economic differentiation; Third, the soft links between cities gradually dominate the global urban system; Fourth, the formation of new global cities is beginning.
Book Synopsis The Microstructures of Housing Markets by : Susan J. Smith
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 217 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.
Book Synopsis Instruments of Planning by : Rebecca Leshinsky
Download or read book Instruments of Planning written by Rebecca Leshinsky and published by Routledge. This book was released on 2015-08-11 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Instruments of Planning: Tensions and Challenges for more Equitable and Sustainable Cities critically explores planning’s instrumentality to deliver important social and environmental outcomes in neoliberal planning landscapes. Because each instrument is unique and may be tailored to its own jurisdictional needs, Instruments of Planning is a compendium of case studies from urban regions in Australia, Canada, the United States and Europe, providing readers with a collection that critically challenges the role and potential of planning instruments and instrumentality across a range of contexts. Instruments of Planning captures the political, institutional, and economic challenges that confront planning. It examines planning instruments designed to assist with strategic planning and implementation, and considers the role that technology plays in unpacking and understanding complexity in planning. Written by Rebecca Leshinsky and Crystal Legacy of RMIT University in Melbourne, Australia, this book fills the gap in planning theory about the instrumentality of planning in the neoliberal urban context. It is essential reading for students, urban researchers, policy analysts and planning practitioners.
Book Synopsis Economic Analysis of Neighbourhood Quality, Neighbourhood Reputation and the Housing Market by : M. Koopman
Download or read book Economic Analysis of Neighbourhood Quality, Neighbourhood Reputation and the Housing Market written by M. Koopman and published by IOS Press. This book was released on 2012-02-29 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Residents know exactly what their neighbourhood is like. House-hunters, on the other hand, must find out for themselves about the intangible social quality of a neighbourhood. As a simple rule of thumb, neighbourhood reputation can offer them an assessment of neighbourhood quality. In this research, regression analyses are applied to test whether neighbourhood reputations are being used as a proxy measure for neighbourhood quality in residential mobility choices and establishing the price of homes. The empirical results go beyond answering this research question. What price, for instance, do residents place on liveability? Why does urban restructuring so often fail to change the social make-up of an area, despite a marked increase in owner-occupation? Why does gentrification appear to emerge spontaneously, while deliberate attempts to gentrify an area often fail? How does a neighbourhood acquire that ‘golden edge’? This book also provides the answers to the above policy-oriented questions.
