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Author : Leonard Emanuel Burman
Publisher :
ISBN 13 :
Total Pages : 370 pages
Book Rating : 4.:/5 (319 download)
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:
Author : Man Cho
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book House Price Dynamics written by Man Cho and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last decade, the number of studies dealing with dynamic movements of house prices has been rapidly increasing. Main contributive factors for this trend include better availability of extensive micro data sets, the progress in various dynamic modeling techniques, and heightened business applications. The current article aims to review the main theoretical, empirical, and methodological issues related to analyzing house price dynamics. The theoretical issue that received the most attention in the literature was the informational efficiency of the housing market. Despite the housing literature's short history on this topic, 29 papers, all focusing on residential real estate market, were identified and reviewed. The general conclusion from these studies supports our intuition that real estate markets are not efficient: that is, short-run intertemporal changes in house prices and excess returns are found to be positively serially correlated. There is also some evidence of mean reversion. However, the reviewed studies are generally short in developing a trading rule that can consistently yield above-normal returns, mainly due to substantial transaction costs in the housing market. There are also numerous recent studies that propose alternative models for estimating house price indices and measuring excess returns. These suggested models and related methodological issues are also surveyed to document the current state of research in this area. The paper concludes by discussing future research directions and some promising new modeling techniques.
Author : José Miguel Sánchez
Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (319 download)
Download or read book An Estimable Dynamic Model of Housing Tenure Choice written by José Miguel Sánchez and published by . This book was released on 1992 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas Sowell
Publisher : Basic Books (AZ)
ISBN 13 : 0465018807
Total Pages : 194 pages
Book Rating : 4.4/5 (65 download)
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.
Author : Gideon Frans Magnus
Publisher :
ISBN 13 : 9781124717951
Total Pages : 63 pages
Book Rating : 4.7/5 (179 download)
Download or read book The Dynamics of Prices, Liquidity, and Vacancies in the Housing Market written by Gideon Frans Magnus and published by . This book was released on 2011 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent housing market crash coincided with a sharp increase in average selling times. In other words there was a sharp decrease in liquidity. Around the same time there was also a substantial increase in the vacancy rate. I examine what caused these events, and whether they were related in any way. I formulate a multi-sector neoclassical growth model featuring a housing market with search frictions. The model includes shocks to the production technologies of both consumption and construction goods. In addition, when agents move they pay a stochastically varying transaction cost. I estimate the model using U.S. data spanning the last half century. Although house prices and liquidity display a regular seasonal co-movement, they are otherwise essentially unrelated. Prices appear to be primarily determined by productivity in the consumption sector, liquidity by transaction costs, and vacancies by productivity in the construction sector.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (129 download)
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
Author : E. James Jennings
Publisher :
ISBN 13 :
Total Pages : 310 pages
Book Rating : 4.:/5 ( download)
Download or read book The Demand for Housing Emphasizing the Probability of Purchase written by E. James Jennings and published by . This book was released on 1981 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick J. Bayer
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (744 download)
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 41 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.
Author : Geoffrey Meen
Publisher : Springer Science & Business Media
ISBN 13 : 1461516730
Total Pages : 279 pages
Book Rating : 4.4/5 (615 download)
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.
Author : David Edwin Harrington
Publisher :
ISBN 13 :
Total Pages : 482 pages
Book Rating : 4.:/5 (89 download)
Download or read book An Intertemporal Model of Housing Demand written by David Edwin Harrington and published by . This book was released on 1984 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick J. Bayer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (744 download)
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.
Author : Alvin Murphy
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (13 download)
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.
Author : Peter Nijkamp
Publisher : Elsevier
ISBN 13 : 9780444821386
Total Pages : 804 pages
Book Rating : 4.8/5 (213 download)
Download or read book Handbook of Regional and Urban Economics written by Peter Nijkamp and published by Elsevier. This book was released on 1986 with total page 804 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fifteen essays in this handbook are divided into four parts. Part I surveys basic spatial and spatially related research; Part II surveys literature on specific urban markets; Part III is devoted to studies of urban development and problems in developing countries.; Part IV contains papers on specific urban problems and sectors.
Author : Lu Han
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book The Effects of Price Uncertainty on Home Purchase Decisions Over the Life-Cycle written by Lu Han and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a life-cycle model of housing demand for repeated home purchase market with uncertain house prices and lumpy transaction costs. By extending the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes, I derive optimal home purchase decision rules and the housing risk premium. This allows me to characterize a self-hedging mechanism in an incomplete market: households use earlier accumulated housing wealth to hedge against the future housing cost risk. As a result, the direction of the effects of price uncertainty on housing demand depends critically on households' future housing consumption plans. When price uncertainty increases, households consume (and thereby invest in) less housing if they plan to realize the housing wealth gain. However, they will instead take bigger housing positions if they plan to move to a bigger home in a correlated housing market in the future.
Author : Richard J. Arnott
Publisher : Routledge
ISBN 13 : 1134352891
Total Pages : 680 pages
Book Rating : 4.1/5 (343 download)
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 680 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,
Author : Lina El-Jahel
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Trading in the Housing Market written by Lina El-Jahel and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: High predictability of returns on housing suggests pervasive irrationality on the part of market participants. In this paper, we show that with small transactions costs, returns may remain highly predictable even if the market contains substantial numbers of risk neutral, rational speculators. The reason is that option values associated with the transactions costs substantially delay arbitrage transactions. Our model can generate positive short-run and negative long-run autocorrelation in returns on housing similar to those identified by past empirical studies.
Author : Lu Han
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (129 download)
Download or read book Hedging House Price Risk in the Presence of Lumpy Transaction Costs written by Lu Han and published by . This book was released on 2009 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a life-cycle model of housing demand with uncertain house prices and lumpy transaction costs. The paper extends the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes. This allows the characterization of a self-hedging mechanism in an incomplete housing market: households use earlier accumulated housing wealth to hedge against future housing cost risk. As a result, the direction of the effect of price uncertainty on housing demand depends critically on households' future housing consumption plans. When price uncertainty increases, households consume (and thereby invest in) less housing if they plan to realize the housing wealth gain. However, they will instead take bigger housing position if they plan to move to a bigger home in a correlated housing market in the future.
