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  • 1
    Electronic Resource
    Electronic Resource
    SPATIAL BARRIERS AND INFORMATION PROCESSING IN HOUSING MARKETS: AN EMPIRICAL INVESTIGATION OF THE EFFECTS OF THE CONNECTICUT RIVER ON HOUSING RETURNS (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 36 (1996), S. 0 
    Details
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: . Relative to financial securities markets, information is a scarce commodity in real estate markets. If information diffuses quickly in real estate markets, then we can infer that telecommunications play an important role. On the other hand, spatial barriers such as rivers can slow down the assimilation of relevant information if face-to-face contacts are an important source of information. We examine whether and how the Connecticut River (along with bridges) alters the nature and strength of spatial diffusion of information on housing returns. We report strong evidence that the Connecticut River slows down the spatial diffusion of information and that its effects are consistent with face-to-face contact, as opposed to telecommunications.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9787.1996.tb01108.x
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  • 2
    Electronic Resource
    Electronic Resource
    INTERDEPENDENT BEHAVIOR WITH RELOCATION COSTS: THE COMPARATIVE STATICS OF SPATIAL HISTORY (1986)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 26 (1986), S. 0 
    Details
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes: Relocation costs are a form of sunk costs because they are relevant to new entrants, not to agents at their existing locations. With sufficiently high relocation costs, initial (historically given) locations and other conditions determine the equilibrium assignment of agents to locations. Comparative static results depend on initial conditions, i.e., history matters and historical persistence can be characterized.The model suggests empirically-relevant results which can be tested by collecting data on relocation and transportation costs. For example, appropriate levels of these costs imply that suburbanization always occurs with the entry of new firms. Sequential entry strategies may be adopted by existing firms which earn pure profits. This may be contrasted with traditional NUE models which predict changes in the boundaries of central zones.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9787.1986.tb00330.x
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  • 3
    Electronic Resource
    Electronic Resource
    THE INTRAMETROPOLITAN LOCATION OF OFFICE ACTIVITIES (1980)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 20 (1980), S. 0 
    Details
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9787.1980.tb00655.x
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  • 4
    Electronic Resource
    Electronic Resource
    THE ELASTICITY OF SUBSTITUTION OF NONLAND FOR LAND: A RECONCILIATION OF DIVERSE ESTIMATES (1981)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 21 (1981), S. 0 
    Details
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9787.1981.tb00686.x
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  • 5
    Electronic Resource
    Electronic Resource
    A GENERAL MODEL OF EQUILIBRIUM LOCATIONS (1983)
    Oxford, UK : Blackwell Publishing Ltd
    Journal of regional science 23 (1983), S. 0 
    Details
    ISSN: 1467-9787
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9787.1983.tb01004.x
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  • 6
    Electronic Resource
    Electronic Resource
    Effects of Federal Economic Development Programs (1986)
    Oxford, UK : Blackwell Publishing Ltd
    Growth and change 17 (1986), S. 0 
    Details
    ISSN: 1468-2257
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-2257.1986.tb00928.x
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  • 7
    Electronic Resource
    Electronic Resource
    Revisions in Repeat-Sales Price Indexes: Here Today, Gone Tomorrow? (1999)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 27 (1999), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Price indexes based on the repeat-sales model are revised all the way to the beginning of the sample every time a new quarter of information becomes available. Revisions can adversely affect practitioners. In this paper we examine this revision process both theoretically and empirically. The theory behind the repeat-sales method says that revisions should lower the standard error of the estimated indexes; we prove that, in fact, the revised index is more efficient than the original one. This implies that large samples should make revisions trivial. However, our data, and the Freddie-Fannie data, suggest that revisions are large, insensitive to sample size and systematic; revisions are more likely to be downward than upward. In Los Angeles and Fairfax, revisions are usually downward and statistically significant. This bias in initial repeat-sales estimates is caused by sample selectivity; properties with only one or two years between sales do not appreciate at the same rate as other properties. We hypothesize that these “flips” are improved (possibly cosmetically) between sales. One implication of our analysis is that flips should be removed or downweighted before calculating repeat-sales indexes. The same model estimated without flips appears free of bias. We find small increases in efficiency from adding up to 4,300 observations to a base of 1,200.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00767
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  • 8
    Electronic Resource
    Electronic Resource
    The Impact of Inclusionary Zoning on the Location and Type of Construction Activity (1981)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 9 (1981), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper models the impact of an inclusionary zoning ordinance on a local housing market. Markets are segmented spatially and by the mix of housing characteristics. The paper develops a framework which explains how households and builders make rational choices among alternative segments. This implies that they can react to inclusionary zoning by relocating away from the impacted sector. Therefore, the introduction of inclusionary zoning should be preceded by a study of alternative market segments. For example, the presence of attractive alternatives will allow developers and households to exit the market segments impacted by inclusionary zoning. This would cause a decline in construction activity in the covered sector.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00253
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  • 9
    Electronic Resource
    Electronic Resource
    A Model of Localized Mortgage Lending Behavior (1980)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 8 (1980), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Loan administration costs and the costs of search for information about risk are found to be determinants of spatial interest rate differentials. These costs are independent of dollar loan size; therefore, rational lending policies can produce higher interest rates (or lower term to maturity) in low-income communities. But the premium (lower maturity) should be related to lower loan size and risk differentials. Public policy should be directed toward compiling and verifying an information bank which would allow lenders to search efficiently for information about risk.An empirical methodology designed to test for mortgage deficiency in minority areas was developed through case studies. This indicated the utility of specifying the supply and demand for mortgages at the neighborhood level of aggregation. Trends in neighborhood property values were identified as important and overlooked measures of lending risk. Further exploration of the hypothesis that Spanish-speaking areas are mortgage deficient is suggested by the cases.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00215
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  • 10
    Electronic Resource
    Electronic Resource
    Imperfect Information and Investor Inferences From Housing Price Dynamics (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 23 (1995), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We examine characteristics of housing price dynamics that may be consistent with rational learning and not simply irrational feedback trading. We find significant patterns of temporal and spatial diffusion that are more amenable to explanations that allow for rational components. First, we execute our tests not simply on housing price changes, but on town-by-town differentials from regional average price changes. Second, we find significant relationships with own and neighboring town differentials, but not with control groups of non-neighboring towns. Third, we find that population density, a proxy for scale economies in information production, accelerates the diffusion process. Test were performed on quarterly data for large samples from Connecticut and the San Francisco area, employing method of moments estimators.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00665
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