scholarly journals Energy Performance Certificates and Its Capitalization in Housing Values in Sweden

2019 ◽  
Vol 11 (21) ◽  
pp. 6101 ◽  
Author(s):  
Mats Wilhelmsson
Keyword(s):  
Propensity Score ◽  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Energy Performance ◽  
Control Group ◽  
Propensity Score Method ◽  
Propensity Score Methods ◽  
Price Distribution ◽  
The Impact

The impact on energy performance certificates on housing prices has been investigated extensively in recent years. However, the results of these investigations are mixed. We add to the literature by more specifically controlling for potential biases, by employing a combination of alternative approaches to estimate the causal relationship between house prices and energy performance certificates. We use a traditional hedonic modeling approach, but we additionally employ propensity score methods to be able to compare treated houses with a control group. We also investigate the impact of the outliers, spatial dependency, and parameter heterogeneity of our estimates. Moreover, we use the quantile regression technique to test the hypothesis that the capitalization effect varies across the price distribution. Our results, analyzing more than 100,000 observations, indicate there is an upward bias if one is not controlling for outlier and selection bias. Regardless of the propensity score method approach, the results are lower than a model (around 3 percent capitalization, compared to 6 percent). However, our results do not support that the impact of energy performance certificates varies in the price distribution. Consequently, the certificates are not differently capitalized in the high-end housing price segment. Finally, our results support the hypothesis that the energy performance certificate should be more capitalized into house prices in the northern and colder parts of Sweden than in the southern regions.

International Real Estate Review

2015 ◽  
Vol 18 (2) ◽  
pp. 217-240
Author(s):  
Weida Kuang ◽  
◽  
Peng Liu ◽  
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
House Prices ◽  
Supply And Demand ◽  
Housing Prices ◽  
Consumer Price Index ◽  
Housing Price ◽  
Price Increases ◽  
Relationship Of ◽  
The Impact

In recent years, housing prices and inflation have been growing constantly in China. Higher house prices and higher inflation affect both household consumption and economic growth. We have developed a four-sector general equilibrium model of consumers, developers, firms, and the central bank to illustrate the relationship of house prices with inflation. The theoretical model demonstrates that house prices and inflation are positively correlated and endogenously determined. By using panel databases of 35 major cities in China during the period of 1996-2010, we find that the association between house prices and inflation is asymmetric. The impact of inflation on housing prices is greater than that of housing prices on inflation, which implies that housing prices effectively hedge inflation. Secondly, household income positively affects housing prices, but interest rates negatively influence housing prices. Accordingly, to curb soaring housing prices, policymakers not only should balance supply and demand, but also control for inflation. Thirdly, economic growth has less of an impact on inflation than housing prices. Hence, abnormal housing price increases are more likely to exacerbate inflation than economic growth. In addition, housing prices have a greater impact on inflation than rental prices, albeit the latter is a component of the consumer price index (CPI). Finally, money supply has much greater effects on inflation than housing prices and economic growth.

Has tourism driven house prices in Germany? Time-varying evidence since 1870

2021 ◽  
pp. 135481662110088
Author(s):  
Sefa Awaworyi Churchill ◽  
John Inekwe ◽  
Kris Ivanovski
Keyword(s):  
World War Ii ◽  
Historical Data ◽  
House Prices ◽  
Housing Prices ◽  
Time Varying ◽  
Data Set ◽  
Time Series Modelling ◽  
The Impact ◽  
Tourism Flows ◽  
Non Parametric

Using a historical data set and recent advances in non-parametric time series modelling, we investigate the nexus between tourism flows and house prices in Germany over nearly 150 years. We use time-varying non-parametric techniques given that historical data tend to exhibit abrupt changes and other forms of non-linearities. Our findings show evidence of a time-varying effect of tourism flows on house prices, although with mixed effects. The pre-World War II time-varying estimates of tourism show both positive and negative effects on house prices. While changes in tourism flows contribute to increasing housing prices over the post-1950 period, this is short-lived, and the effect declines until the mid-1990s. However, we find a positive and significant relationship after 2000, where the impact of tourism on house prices becomes more pronounced in recent years.

scholarly journals Multiscale Effects of Multimodal Public Facilities Accessibility on Housing Prices Based on MGWR: A Case Study of Wuhan, China

2022 ◽  
Vol 11 (1) ◽  
pp. 57
Author(s):  
Lingbo Liu ◽  
Hanchen Yu ◽  
Jie Zhao ◽  
Hao Wu ◽  
Zhenghong Peng ◽  
...  
Keyword(s):  
Public Service ◽  
House Prices ◽  
Housing Prices ◽  
Positive Influence ◽  
Policy Formulation ◽  
Public Facility ◽  
Factors Affecting ◽  
Public Facilities ◽  
Geographically Weighted Regression Model ◽  
The Impact

The layout of public service facilities and their accessibility are important factors affecting spatial justice. Previous studies have verified the positive influence of public facilities accessibility on house prices; however, the spatial scale of the impact of various public facilities accessibility on house prices is not yet clear. This study takes transportation analysis zone of Wuhan city as the spatial unit, measure the public facilities accessibility of schools, hospitals, green space, and public transit stations with four kinds of accessibility models such as the nearest distance, real time travel cost, kernel density, and two step floating catchment area (2SFCA), and explores the multiscale effect of public services accessibility on house prices with multiscale geographically weighted regression model. The results show that the differentiated scale effect not only exists among different public facility accessibilities, but also exists in different accessibility models of the same sort of facility. The article also suggests that different facilities should adopt its appropriate accessibility model. This study provides insights into spatial heterogeneity of urban public service facilities accessibility, which will benefit decision making in equal accessibility planning and policy formulation for the layout of urban service facilities.

scholarly journals Are There Any Housing Bubbles in Turkey?

2021 ◽  
Author(s):  
Özge Korkmaz ◽  
Ebru Çağlayan Akay ◽  
Hoşeng Bülbül
Keyword(s):  
Housing Market ◽  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Economic Fundamentals ◽  
The Past ◽  
Price Increases ◽  
Long Time ◽  
Housing Bubbles ◽  
Turkish Lira

It is very important that the housing market, which meets the most basic need of people is needed for shelter from the past to the present, has a stable structure. The instability structure of the housing market is generally associated with the presence of housing bubbles. The deviation of housing prices from their basic value and not being able to be explained by economic fundamentals leads to the formation of housing bubbles. Housing bubbles can lead to permanent losses, as it may take a long time to return to normal prices. For Turkey as a developing country, it is important to identify an unstable structure in house prices discuss the basic economic factors related to this. After the global increases in housing prices, inflation, and depreciation in the Turkish lira, Turkey has become the country with the highest housing price increases globally in 2020. In the study, the presence of bubbles in the housing market for Ankara, Izmir, Istanbul, and Turkey in general, was investigated by SADF and GSADF unit root tests for the period 2010:01-2021:02. In this context, the study examines the presence of bubbles in housing prices for Ankara, Izmir, Istanbul, and Turkey in general, which are the three cities with the highest price increases. As a result of the study, the presence of bubbles in the housing market has been determined for Ankara, Istanbul, Izmir, and Turkey in general.

Dynamic effects and spatial heterogeneity of land supply on housing price: evidence from Nanchang, China

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Zhijiang Wu ◽  
Yongxiang Wang ◽  
Wei Liu
Keyword(s):  
Spatial Heterogeneity ◽  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Dynamic Effects ◽  
Negative Effects ◽  
Land Supply ◽  
Content Type ◽  
Major Factors ◽  
The City

Purpose Economic fundamentals are recognized as determining factors for housing on the city level, but the relationship between housing price and land supply has been disputed. This study aims to examine what kind of impact housing prices have on land supply and whether there is heterogeneity in different regional spaces. Design/methodology/approach This study collects the relevant data of land supply and housing prices in Nanchang from 2010 to 2018, constructs a vector autoregression (VAR) model, including one external factor and four internal factors of land supply to explore the dynamic effects and spatial heterogeneity of land supply on housing prices through regression analysis. Also, the authors use the geographic detector to analyze the spatial heterogeneity of housing prices in Nanchang. Findings This study found that the interaction between land supply and housing price is extremely complex because of the significant differences in the study area; the variables of land supply have both positive and negative effects on housing price, and the actual effect varies with the region; and residential land and GDP are the two major factors leading to the spatial heterogeneity in housing price. Research limitations/implications The dynamic effects of land supply on housing price are mainly reflected in the center and edge of the city, the new development area, and the old town, which is consistent with the spatial pattern of the double core, three circles and five groups in Nanchang. Originality/value This is a novel work to analyze the dynamic effects of land supply on house prices, instead of a single amount of land supply or land prices. Furthermore, the authors also explore the spatial heterogeneity according to the regional characteristics, which is conducive to targeted policymaking.

Using Propensity Scores to Reduce Selection Bias in Mathematics Education Research

2010 ◽  
Vol 41 (2) ◽  
pp. 147-168 ◽  
Author(s):  
Suzanne E. Graham
Keyword(s):  
Education Research ◽  
Mathematics Education ◽  
Propensity Score ◽  
Selection Bias ◽  
Propensity Scores ◽  
Mathematics Education Research ◽  
Causal Inferences ◽  
Propensity Score Methods ◽  
Mathematics Classrooms ◽  
The Impact

Selection bias is a problem for mathematics education researchers interested in using observational rather than experimental data to make causal inferences about the effects of different instructional methods in mathematics on student outcomes. Propensity score methods represent 1 approach to dealing with such selection bias. This article describes general principles underlying propensity score methods and illustrates their application to mathematics education research using 2 examples investigating the impact of problem-solving emphasis in mathematics classrooms on students' subsequent mathematics achievement and course taking. Limitations of the method are discussed.

scholarly journals Precarious Suicide Behavior According to Housing Price Gap: A Case Study on South Korea

2021 ◽  
Vol 18 (18) ◽  
pp. 9877
Author(s):  
Sungik Kang ◽  
Hosung Woo ◽  
Ja-Hoon Koo
Keyword(s):  
South Korea ◽  
Urban Areas ◽  
Statistical Significance ◽  
Economic Inequality ◽  
Housing Prices ◽  
Housing Price ◽  
National Health Survey ◽  
Primary Analysis ◽  
The Impact

In 2018, the suicide rate in South Korea was the highest among the Organisation for Economic Co-operation and Development countries, and socioeconomic inequality has intensified. This study analyzes the impact relationship between suicidal impulses and economic inequality in South Korea. This study measures suicidal impulses thoughts National Health Survey Data and economic inequality based on the housing prices gap in the country. The primary analysis results were as follows: First, suicidal impulses were positively associated with the high index of housing price inequality; this correlation has become tight in recent years. Second, it was confirmed that the higher the income level, the higher the correlation between suicidal impulses with the index of housing price inequality. Third, the correlation between housing price inequality with suicidal impulse increased consistently in highly urbanized areas, but the statistical significance was low in non-urban areas.

scholarly journals Are Housing Prices Sustainable in 35 Large and Medium-Sized Chinese Cities? A Study Based on the Cheap Talk Game and Dynamic GMM

2021 ◽  
Vol 13 (22) ◽  
pp. 12791
Author(s):  
Jie Wang ◽  
Biyu Peng ◽  
Xiaohua Xia ◽  
Zhu Ma
Keyword(s):  
House Prices ◽  
Housing Prices ◽  
Housing Price ◽  
Cheap Talk ◽  
Purchase Decisions ◽  
Individual Housing ◽  
Economic Fundamentals ◽  
Definite Effect ◽  
True State ◽  
The Cost

Focusing on the rapid rise of China’s housing prices in recent years, in this paper, we construct a model using the cheap talk game that centers on how information receivers in a market make inferences about the true state of the information based on the cost-free signals they receive and then make decisions based on these inferences, which in turn affect market equilibrium. By constructing a cheap talk game model of house prices, we examine the correlation between market expectations, economic fundamentals, and individual housing purchase decisions. Then, we conduct an empirical analysis using the dynamic GMM method based on the panel data of 35 large and medium-sized cities in China. The analysis reveals that: (1) when the whole of society expects housing prices to rise, housing prices will rise regardless of the true state of economic fundamentals; (2) when information on economic fundamentals is accurate and reliable, home buyers tend to make purchase decisions based on such information, thus maximizing the utility of society as a whole; but when information on economic fundamentals is unreliable, home buyers tend to make purchase decisions according to their own housing price expectations, which is not conducive to the optimization of the utility of society as a whole; (3) the empirical results also reveal that expectations are a non-negligible factor in the rise of housing prices, and the coefficient of expectations exceeds that of each economic fundamental; this demonstrates the investment-driven attribute of the housing market in China. At the same time, economic fundamentals have a definite effect on housing prices, which implies that the rise of housing prices in China is supported by objective conditions.

scholarly journals Impact of Vitamin C and Thiamine Administration on Delirium-Free Days in Patients with Septic Shock

2020 ◽  
Vol 9 (1) ◽  
pp. 193 ◽  
Author(s):  
Jong Eun Park ◽  
Tae Gun Shin ◽  
Ik Joon Jo ◽  
Kyeongman Jeon ◽  
Gee Young Suh ◽  
...  
Keyword(s):  
Septic Shock ◽  
Propensity Score ◽  
Vitamin C ◽  
Control Group ◽  
Matched Pairs ◽  
Control Groups ◽  
Icu Delirium ◽  
Definition Of ◽  
And Control ◽  
The Impact

Sepsis is a common cause of delirium in the intensive care unit (ICU). Recently, vitamin C and thiamine administration has been gaining interest as a potential adjunct therapy for sepsis. We investigated the impact of early vitamin C and thiamine administration on ICU delirium-free days among critically ill patients in septic shock. We performed a single-center, retrospective study of patients who visited the emergency department (ED) from January 2017 to July 2018. We categorized patients into a treatment (received vitamin C and thiamine) and control group. We compared delirium-free days within 14 days after ICU admission using propensity score matching. Of 435 patients with septic shock, we assigned 89 propensity score-matched pairs to the treatment and control groups. The median delirium-free days did not differ between treatment (11, interquartile range [IQR] 5–14 days) and control (12, IQR 6–14 days) groups (p = 0.894). Secondary outcomes were not different between the two groups, including delirium incidence and 28-day mortality. These findings were consistent after subgroup analysis for patients who met the sepsis-3 definition of septic shock. Vitamin C and thiamine administration showed no association with ICU delirium-free days among patients in septic shock.

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