An Approach to Urban Modelling and Evaluation a Residential Model: 1. Theory

1973 ◽  
Vol 5 (5) ◽  
pp. 619-632 ◽  
Author(s):  
Patricia F Apps
Keyword(s):  
Housing Demand ◽  
Selling Price ◽  
Housing Characteristics ◽  
Urban Models ◽  
Urban Modelling ◽  
Housing Services ◽  
Demand Equations ◽  
Implicit Prices ◽  
Using Data ◽  
The Town

This is the first of three papers describing a model of housing demand. The present paper sets out the theoretical framework for the model, which is based on a number of recent theories in economics. The main interest in the research lies in the development of urban models for obtaining information directly relevant to the analysis of costs and benefits for alternative urban programs, in this case housing programs. The research for the housing model, therefore, is concerned with housing services, their relative demand prices, and demand equations for these services. The second paper, “A residential model: 2. Implicit prices for housing services”, contains results for demand prices for housing characteristics as services estimated by multiple regression analysis, using data for selling price and housing characteristics from the town of Reading, Berkshire. The research described in the third paper, “A residential model: 3. Demand equations for housing services”, includes results for the wide differences in prices for similar housing between tenure groups, and for demand equations for housing services at three levels of aggregation as a function of household attributes of income, social status, stage in family cycle, and household size.

An Approach to Urban Modelling and Evaluation a Residential Model: 2. Implicit Prices for Housing Services

1973 ◽  
Vol 5 (6) ◽  
pp. 705-717 ◽  
Author(s):  
Patricia F Apps
Keyword(s):  
Cost Benefit Analysis ◽  
Empirical Work ◽  
Housing Price ◽  
Cost Benefit ◽  
Housing Demand ◽  
Urban Modelling ◽  
Housing Services ◽  
Demand Equations ◽  
Implicit Prices ◽  
Using Data

This is the second of three papers which describe a model of housing demand, using data from the town of Reading, Berkshire. The first paper sets out the theoretical framework for the model. This second paper documents the results for housing price indices and implicit prices for housing services, or characteristics, such as accessibility to employment and to schools, floor space, age, storey height, and number of garages. The third paper contains results for housing demand equations at three levels of aggregation, and for the real annual costs paid for similar housing in different tenure groups. The research is concerned with ways of obtaining information which is directly relevant to cost-benefit analysis in urban planning, information concerning what are urban services, the relative prices for the services, and the types of environments that produce these services. While the empirical work is restricted by the available data to a cross-section study of demand, the approach might be usefully applied to all types of urban analyses which involve evaluation.

An Approach to Urban Modelling and Evaluation a Residential Model: 3. Demand Equations for Housing Services

1974 ◽  
Vol 6 (1) ◽  
pp. 11-31 ◽  
Author(s):  
Patricia F Apps
Keyword(s):  
Multiple Regression ◽  
Housing Price ◽  
Housing Demand ◽  
The Third ◽  
Housing Characteristics ◽  
Housing Costs ◽  
Urban Modelling ◽  
Housing Services ◽  
Demand Equations ◽  
Implicit Prices

This is the third of three papers describing a model of housing demand calibrated with data for Reading, Berkshire. The first paper, “A residential model: 1. Theory”, presents the assumptions and the theoretical framework for the model which is based on ideas in modern microeconomics. The second paper, “A residential model: 2. Implicit prices for housing services”, describes results for housing price indices, and implicit demand prices for housing characteristics and accessibility measures as services. This third paper contains demand equations, obtained by multiple regression, for housing services aggregated at three levels as a function of household attributes such as income, social status, household size, and stage in family cycle. Further, the paper includes a study of tenure where the real housing costs paid for similar housing by different households are calculated.

Housing demand in Indian metros: a hedonic approach

2018 ◽  
Vol 13 (1) ◽  
pp. 19-55
Author(s):  
Debarpita Roy
Keyword(s):  
Ordinary Least Squares ◽  
Housing Demand ◽  
Sample Survey ◽  
Hedonic Price ◽  
Content Type ◽  
Household Level ◽  
Price Function ◽  
Hedonic Price Function ◽  
Housing Characteristics ◽  
Implicit Prices

Purpose This paper aims to understand housing demand of urban Indian households in terms of housing and household-level characteristics. Because a house is a bundle of certain characteristics which vary across houses, each characteristic has an implicit price. Finding this implicit price for certain important characteristics is the first objective of this study. The second objective of the paper is to compute the income elasticity and price elasticity of housing demand for these cities. Design/methodology/approach To achieve comparable estimates, household-level data from India’s National Sample Survey Organisation housing surveys for the years 2002 and 2008-2009 have been used. A hedonic price function is estimated using ordinary least squares (OLS) and Box-Cox functional forms to estimate the implicit prices of housing characteristics. This exercise is attempted for owned and rented houses separately. Demand function required for computing the elasticities, uses the hedonic price index derived from the implicit prices and household characteristics. Findings The study finds housing demand to be income elastic and price inelastic for the six cities across both the time periods. Originality/value Firstly, this study includes housing characteristics such as individual access to drinking water, modern sanitation facility, separate kitchen, condition of the structure, existence of a road with street light and whether the house is in a slum or non-slum area in the hedonic price function. These variables were not used in any of the earlier studies pertaining to India. Secondly, it uses the Box-Cox non-linear form to derive the hedonic price function, a specification not used earlier. Thirdly, this is the first study analysing housing demand across the six largest Indian cities.

scholarly journals Accuracy of Households’ Dwelling Valuations, Housing Demand and Mortgage Decisions: Israeli Case

2021 ◽  
Author(s):  
Alla Koblyakova ◽  
Larisa Fleishman ◽  
Orly Furman
Keyword(s):  
Academic Research ◽  
House Price ◽  
Housing Demand ◽  
Empirical Estimation ◽  
Cross Sectional ◽  
Price Expectations ◽  
Housing Services ◽  
House Price Expectations ◽  
Supply Side Factors

AbstractHousing policy, as well as academic research, are increasingly concerned with the role of bias in subjective dwelling valuations as a proximate measure of households’ house price expectations and their relationship with housing demand. This paper contributes to this area of study by exploring the possibility of simultaneous relationships between households’ price expectations and incentive to maximise the size of housing services demanded also accounting for the supply side factors and regional perspective. The empirical estimation takes the form of a system of a two simultaneous equations model applying two stage least squares estimation technique. Cross sectional estimations utilise data extracted from the Israeli Longitudinal Panel Survey (LPS) data. Applying the best available proxy for households’ price expectations, calculated as the ratio between subjective dwelling valuations (LPS) and the estimated market value of the same properties, research has identified the interrelated factors that simultaneously influence householders’ price expectations and housing demand. Results offer conceptual and empirical advantages, highlighting the imperfect nature of the housing market, as reflected by the inseparability of bias in subjective valuations and housing decisions.

scholarly journals Optimization of Electric Energy Sales Strategy Based on Probabilistic Forecasts

Energies ◽  
2020 ◽  
Vol 13 (5) ◽  
pp. 1045
Author(s):  
Joanna Janczura ◽  
Aleksandra Michalak
Keyword(s):  
Electric Energy ◽  
Selling Price ◽  
Optimization Scheme ◽  
Sales Strategy ◽  
Price Distribution ◽  
Probabilistic Forecasts ◽  
The Future ◽  
Using Data

In this paper we propose an optimization scheme for a selling strategy of an electricity producer who in advance decides on the share of electricity sold on the day-ahead market. The remaining part is sold on the complementary (intraday/balancing) market. To this end, we use probabilistic forecasts of the future selling price distribution. Next, we find an optimal share of electricity sold on the day-ahead market using one of the three objectives: maximization of the overall profit, minimization of the sellers risk, or maximization of the median of portfolio values. Using data from the Polish day-ahead and balancing markets, we show that the assumed objective is achieved, as compared to the naive strategy of selling the whole produced electricity only on the day-ahead market. However, an increase of the profit is associated with a significant increase of the risk.

scholarly journals SPANISH HOUSING MARKETS, 1904-1934: NEW EVIDENCE

2014 ◽  
Vol 32 (1) ◽  
pp. 119-150 ◽  
Author(s):  
Juan Carmona ◽  
Markus Lampe ◽  
Joan R. Rosés
Keyword(s):  
Housing Prices ◽  
Housing Markets ◽  
Housing Demand ◽  
Entire Period ◽  
Housing Supply ◽  
Using Data ◽  
New Evidence ◽  
Hedonic Index ◽  
Demographic Growth ◽  
Do So

ABSTRACTThis article makes the first systematic attempt to analyse quantitatively the evolution of Spanish housing markets from 1904 to 1934, a period of dramatic changes in housing demand as a consequence of substantial income and demographic growth. In order to do so, we collect a new database on houses sold and their prices using data from the Registrar's Yearbooks. Furthermore, we construct a new hedonic index of real housing prices for Spain and its provinces. To our surprise, we found that real housing prices rose slightly over the entire period and, hence, that housing supply responded effectively to new demand for housing.

Audience Characteristics and Bundling: A Hedonic Analysis of Magazine Advertising Rates

2002 ◽  
Vol 39 (2) ◽  
pp. 262-273 ◽  
Author(s):  
Martin A. Koschat ◽  
William P. Putsis
Keyword(s):  
Hedonic Analysis ◽  
Mixed Bundling ◽  
Implicit Prices ◽  
Using Data

Increasingly, magazines are able to offer potential advertisers all their readers (pure bundling), only specific reader segments (pure components pricing), or a combination of the two (mixed bundling). Using data on advertising rates and reader demographics, the authors estimate the implicit prices of reader characteristics within a hedonic framework. The results suggest that the magnitude of the price and revenue premiums earned by “unbundling” a magazine's readers can be substantial.

Assessment of HPAC urban modelling capabilities using data from the Joint Urban 2003 field experiment

2011 ◽  
Vol 44 (1/2/3/4) ◽  
pp. 24 ◽  
Author(s):  
Jeffry T. Urban ◽  
Steve Warner ◽  
Nathan Platt ◽  
James F. Heagy
Keyword(s):  
Field Experiment ◽  
Urban Modelling ◽  
Using Data

British Town Planning Ideology and the Welfare State

1975 ◽  
Vol 4 (3) ◽  
pp. 259-274 ◽  
Author(s):  
M. L. Harrison
Keyword(s):  
Land Use Planning ◽  
Social Issues ◽  
Town Planning ◽  
Planning System ◽  
Legal Context ◽  
Planning Institute ◽  
Using Data ◽  
Areas Of Interest ◽  
The Town ◽  
Theoretical Analyses

ABSTRACTThis paper relates the nature of planning thought to the administrative and legal context, and to possible welfare objectives. The question is raised as to whether town planners have become concerned with specific social benefits. An analysis of the preoccupations of planners is made, using data available in Royal Town Planning Institute literature. From branch meetings data, conclusions are drawn as to changing areas of interest. It is noted that planners did not develop a very strong preoccupation with specific social issues over the 1947–71 period. Factors that may have influenced the evolution of professional thought are then examined. In particular, a hypothesis is put forward that the nature of the planning machinery has been such as to deter discussion about specific welfare implications. Other factors have included traditions, alternative preoccupations, and a lack of coherent attempts to link theoretical analyses with implementation. The paper comments briefly upon the town planning approaches that would be necessary if a more definite welfare outcome were desired. Town and country planners have thought in terms of physical development standards mainly because of the character of the land use planning system.

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