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.

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: 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.

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 Cynipid gall growth dynamics and enemy attack: effects of gall size, toughness and thickness

1999 ◽  
Vol 28 (2) ◽  
pp. 211-218 ◽  
Author(s):  
Geraldo W. Fernandes ◽  
Mário M. Espírito-Santo ◽  
Maurício L. Faria
Keyword(s):  
Multiple Regression ◽  
Wall Thickness ◽  
Natural Enemies ◽  
Growth Dynamics ◽  
Maturation Stage ◽  
Regression Analyses ◽  
The Third ◽  
Galling Insects

Galling insects have developed many strategies to preclude or reduce the attack by natural enemies, such as an increased wall thickness early in the season, and switching to larger and tougher walls later in the maturation stage. In this study, we observed the efficiency of each one of these parameters in reducing mortality of the leaf galling wasp Atrusca caprone Weld (Hymenoptera: Cynipidae), on Quercus turbinella Greene (Fagaceae), during the three months of gall development (June-August). Gall diameter and wall toughness increased from the first to the third month of the study (ANOVA, Diameter: F = 88.73, p < 0.0001; ANOVA, Toughness: F = 26.13, p < 0.0001). However, gall wall thickness increased from June to July, decreasing in August (ANOVA, F = 35.84, p < 0.0001). Gall survivorship was only 2 % in June, increasing to 10 % in July and to 29.3 % in August. Multiple regression analyses showed that only gall wall toughness influenced gall susceptibility to parasitoid attack (r² = 0.52, F = 13.84, p < 0.01). Gall survivorship was very low in the first month due probably to low wall toughness, which led to a higher success of oviposition by parasitoids during this phase. These results suggest that the first month is critical to gall establishment, and the galls which are not parasitized at this stage are less likely to be attacked later.

scholarly journals Potential Implementation of Lightweight Steel Panel System in Affordable Housing Project: Developers Perspective

2020 ◽  
Vol 11 (3) ◽  
Author(s):  
Misriyanti Saikah ◽  
◽  
Narimah Kasim ◽  
Rozilah Kasim ◽  
◽  
...  
Keyword(s):  
Construction Industry ◽  
Affordable Housing ◽  
Housing Price ◽  
Housing Demand ◽  
Housing Quality ◽  
Housing Construction ◽  
Housing Project ◽  
Middle Income ◽  
Steel Panel ◽  
Lightweight Steel

Utilization of Industrialized Building System (IBS) becomes increasingly dominant in the construction of affordable housing in Malaysia. Theoretically, utilization of IBS system can benefit to reduce the affordable housing price due to the less labor involvement and short constructions time. However, current IBS usage in housing construction still cannot fulfill the affordable housing demand especially in term of price and housing quality. Recent study reveals the lack adoption of IBS component in construction industry mainly caused by poor perception among stakeholder toward the system. Hence, some alterations in the supply of the IBS component essential to being prepared in order to reach the price target to permit all middle-income groups to own the quality house. Construction industry also can explore the other types of IBS system focusing on lightweight types such as wood or steel system which clearly could give benefit to the housing industry on faster works and high housing quality. Due to strong and durable characteristic of lightweight steel panel, it can be seen as an alternative component to be explored to enhance construction practices of affordable housing project. Therefore, the main purpose of this study is to identify the potential of lightweight steel panel system to be implemented for affordable housing project. Accordingly, for the highlight in reducing affordable housing price integrate with provision of good quality housing this research focus on feedback from developer about the proposed lightweight steel panel system. This research conducted an interview with six project managers with more than three years working experience in housing construction project at South of Peninsular Malaysia. Developer’s experience in affordable housing project mainly for landed house is coinciding because of lightweight steel panel system suitability for not more than two stories house. The result reveals that, respondent prefer to the advantages of lightweight steel panel system in term of faster installation works, low maintenance work, flexibility and smart construction. In conclusion, the ability of the system to decrease housing price at the same time sustain the desired quality of housing will increase ability and satisfaction for middle-income earner to own the house.

Measuring the housing sector’s contribution to GDP in emerging market countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Arthur Acolin ◽  
Marja Hoek-Smit ◽  
Richard K. Green
Keyword(s):  
Emerging Market ◽  
Housing Price ◽  
Community Resilience ◽  
National Account ◽  
Housing Sector ◽  
Informal Housing ◽  
Content Type ◽  
Emerging Market Countries ◽  
Housing Services ◽  
Housing Investments

Purpose This paper aims to document the economic importance of the housing sector, as measured by its contribution to gross domestic product (GDP), which is not fully recognized. In response to the joint economic and health crises caused by the COVID-19 pandemic, there is an opportunity for emerging market countries to develop and implement inclusive housing strategies that stimulate the economy and improve community health outcomes. However, so far housing does not feature prominently in the recovery plans of many emerging market countries. Design/methodology/approach This paper uses national account data and informal housing estimates for 11 emerging market economies to estimate the contribution of housing investments and housing services to the GDP of these countries. Findings This paper finds that the combined contribution of housing investments and housing services represents between 6.9% and 18.5% of GDP, averaging 13.1% in the countries with information about both. This puts the housing sector roughly on par with other key sectors such as manufacturing. In addition, if the informal housing sector is undercounted in the official national account figures used in this analysis by 50% or 100%, for example, then the true averages of housing investments and housing services’ contribution to GDP would increase to 14.3% or 16.1% of GDP, respectively. Research limitations/implications Further efforts to improve data collection about housing investments and consumption, particularly imputed rent for owner occupiers and informal activity require national government to conduct regular household and housing surveys. Researcher can help make these surveys more robust and leverage new data sources such as scraped housing price and rent data to complement traditional surveys. Better data are needed in order to capture housing contribution to the economy. Practical implications The size of the housing sector and its impact in terms of employment and community resilience indicate the potential of inclusive housing investments to both serve short-term economic stimulus and increase long-term community resilience. Originality/value The role of housing in the economy is often limited to housing investment, despite the importance of housing services and well-documented methodologies to include them. This analysis highlights the importance of housing to the economy of emerging market countries (in addition to all the non-GDP related impact of housing on welfare) and indicate data limitation that need to be addressed to further strengthen the case for focusing on housing as part of economic recovery plans.

International Real Estate Review

2002 ◽  
Vol 5 (1) ◽  
pp. 133-145
Author(s):  
Wen-chieh Wu ◽  
◽  
Sue-Jing Lin ◽  
Keyword(s):  
Standard Error ◽  
Housing Price ◽  
Demand Estimation ◽  
Housing Demand ◽  
Group Effect ◽  
Group Level ◽  
Random Group ◽  
Elasticity Of Demand ◽  
The Us ◽  
Income Elasticity Of Demand

This paper examines the random group effect, which has usually not been considered in traditional housing demand studies. Frequently, group level variables are used in housing demand estimation due to the data constraint. For instance, the US Index of Housing Price per administrative area is often used to measure the housing price when estimating the US price elasticity of demand for housing, and the average household income is often used as a proxy for the individual income in Taiwan when estimating the income elasticity of demand for housing. Econometricians argue that the traditional OLS estimation, when the random group effect is ignored, has been considered to have a downward bias in the estimated standard error. By following Amemiya (1978) and Borjas and Sueyoshi (1994), we propose a two-stage estimation technique to estimate housing demand with the random group effect. Using Taiwan’s cross-sectional survey data, we found that the standard error of the estimated coefficient for the group level income variable is underestimated in the traditional unadjusted OLS specification. This finding suggests that there may be a danger of spurious regression in the traditional OLS housing demand estimation.

Circulating insulin levels are related to bone density in normal postmenopausal women

1993 ◽  
Vol 265 (4) ◽  
pp. E655-E659 ◽  
Author(s):  
I. R. Reid ◽  
M. C. Evans ◽  
G. J. Cooper ◽  
R. W. Ames ◽  
J. Stapleton
Keyword(s):  
Body Weight ◽  
Postmenopausal Women ◽  
Multiple Regression ◽  
Vertebral Body ◽  
Fat Mass ◽  
Volumetric Density ◽  
Insulin Levels ◽  
The Third ◽  
Lumbar Vertebral Body ◽  
Total Body

We recently established that the dependence of bone mineral density (BMD) on body weight in women is mainly attributable to a close relationship between total body fat mass and BMD. The present study assesses whether this latter relationship might be contributed to by the hormones insulin or amylin, both of which may influence fat mass and calcium metabolism. Fifty-three normal postmenopausal women underwent a 75-g glucose tolerance test with measurement of plasma insulin and amylin concentrations every 30 min for 2 h. Body composition and BMD/height (to provide a quantity with the dimensions of volumetric density that is independent of body size) were measured by dual-energy X-ray absorptiometry, and volumetric density of the third lumbar vertebral body was calculated. Circulating insulin concentrations correlated with BMD/height and volumetric density of the third lumbar vertebral body (r = 0.28-0.52). They also were related to body weight (r = 0.34-0.56) and fat mass (r = 0.38-0.56) but were not independently related to lean mass on multiple regression. There were no consistent relationships between amylin levels and these variables. Multiple-regression analyses with fat mass and insulin levels as independent variables indicated that BMD/height of total body and femoral trochanter were primarily related to fat mass, whereas, in femoral neck, the significant relationship was with insulin. Volumetric density of the third lumbar vertebral body was related to insulin levels alone on this analysis.(ABSTRACT TRUNCATED AT 250 WORDS)

An analysis on housing affordability in Malaysian housing markets and the home buyers’ preference

2019 ◽  
Vol 13 (3) ◽  
pp. 375-392 ◽  
Author(s):  
Amy Soon ◽  
Consilz Tan
Keyword(s):  
Housing Policy ◽  
Affordable Housing ◽  
Urban Areas ◽  
Housing Price ◽  
Housing Markets ◽  
Housing Demand ◽  
Housing Affordability ◽  
Monthly Income ◽  
Content Type ◽  
Residential Units

Purpose This paper aims to investigate the housing preference and housing affordability in Malaysian housing markets. There is a lack of research on the gap between supply and demand of houses in this market. Urbanization has increased the demand of houses in urban areas. However, the high demand in residential units increases the housing price which causes the affordability level dropped. Besides, the residences that provided by developers do not meet the expectation of the home buyers. There are three attributes that examined in this research to understand the home buyers’ preference. Design/methodology/approach This paper provides quantitative analysis on the housing affordability and the home buyers’ preference. This paper presents the results on the home buyers’ housing affordability and buying preference on houses. In addition, the study further confirmed the significant relationship between monthly income and type of preferred house, as well as monthly income and range of housing affordability using cross-tabulation analysis. Findings The findings indicated that the housing price in the current market is not affordable by most of the homebuyers and there are certain attributes that important to home buyers which should not be neglected. Research limitations/implications This paper helps to shed light on the planning of Malaysian housing policy especially on the issue of providing affordable housing in urban areas. Practical implications Policymakers shall consider the elements of economics, social acceptance and feasibility of Malaysian housing policies to achieve sustainability in Malaysian housing markets. With the current government’s move to promote housing affordability amongst B40 income groups, local government and housing developers should work together in addressing housing demand in accordance to states and ensure that there is a more targeted housing policy. Social implications With the detailed analysis on the home buyers’ preference, it helps to promote sustainable housing developments in meeting basic housing needs and preference. Originality/value This is the first study to examine relationship between Malaysian housing affordability with monthly income and type of preferred house. In the meantime, the housing affordability is compared with mean housing price and type of perceived affordable house. The paper presented homebuyer’s preference in housing for the consideration of government and housing developers in providing affordable housing.

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