International Real Estate Review

2010 ◽  
Vol 13 (2) ◽  
pp. 117-133
Author(s):  
Michio Naoi ◽  
◽  
Kazuto Sumita ◽  
Keyword(s):  
Risk Premium ◽  
Housing Prices ◽  
Housing Price ◽  
Earthquake Risk ◽  
Earthquake Probability ◽  
Risk Indices ◽  
Individual Unit ◽  
Negative Effect ◽  
Estimated Risk ◽  
The Individual

The relationships between seismic risk and rental and owner- occupied housing prices in the whole of Japan are examined . The empirical results from hedonic regressions with earthquake risk indices suggest that: (1) earthquake occurrence probability has a significantly negative effect on monthly housing rent, (2) the effect of earthquake probability seems to depend on the characteristics of the individual housing unit (e.g. age of dwelling) for owner-occupied housing, (3) the estimated risk premium is much larger for older buildings, and (4) the share of quake-resistant dwellings in the neighborhood area is significantly and positively related to the housing price of the individual unit. These results suggest that anti-seismic policies that target specific groups of dwellings, such as rental houses and older buildings, help to mitigate welfare loss due to earthquakes.

Residential properties, resources of basic education and willingness price of buyers

2014 ◽  
Vol 4 (3) ◽  
pp. 227-242 ◽  
Author(s):  
Hao Zhang ◽  
Zhong-fei Li
Keyword(s):  
Basic Education ◽  
Housing Prices ◽  
Housing Price ◽  
Educational Resources ◽  
Allocation Mechanism ◽  
Content Type ◽  
Education Resources ◽  
Standards Of Living ◽  
Residential Properties ◽  
The Individual

Purpose – China's resource allocation mechanism in education has become an important factor in determining residential access to educational resources. The purpose of this paper is to analyze the impacts made by the individual natures of buyers, the external environment, as well as the characteristics of residential properties on the willingness price of buyers. The study's aim is to lay theoretical foundations for the determination of problems related with the matters under consideration. Design/methodology/approach – Using the panel data of 54 districts and counties in Beijing, Shanghai, Guangzhou and Shenzhen, the study unifies macro factors and micro factors in a model for empirical analysis. Findings – Basic education resources can affect housing prices via the “capitalization of education.” The degree of those educational resources’ influence on willingness price changes according to personal income levels, standards of living, housing price fluctuations, the convenience of the residential area and the degrees of urbanization in a district. The greater the buyer's income and standard of living is, the higher is their willingness price. Buyers in urbanized areas prefer increases in educational resources. Increased educational resources increase the values of residential downtown areas. In developed areas with private educational facilities, the role of educational resources in influencing property prices is relatively small. Originality/value – This paper uses data concerning the consumption and investment of residential properties to build a theoretical model for the willingness price of buyers. It unifies macro factors and micro factors in a single model and presents new results about basic education resources and the willingness price of buyers under different conditions.

The longer it has been since the last earthquake, the longer the expected time till the next?

1989 ◽  
Vol 79 (5) ◽  
pp. 1439-1456
Author(s):  
Paul M. Davis ◽  
David D. Jackson ◽  
Yan Y. Kagan
Keyword(s):  
Affirmative Answer ◽  
Recurrence Time ◽  
Earthquake Risk ◽  
Parameter Estimates ◽  
Earthquake Probability ◽  
Expected Time ◽  
San Andreas ◽  
Estimated Risk ◽  
Characteristic Earthquakes ◽  
Variance Estimates

Abstract We adopt a lognormal distribution for earthquake interval times, and we use a locally determined rather than a generic coefficient of variation, to estimate the probability of occurrence of characteristic earthquakes. We extend previous methods in two ways. First, we account for the aseismic period since the last event (the “seismic drought”) in updating the parameter estimates. Second, in calculating the earthquake probability we allow for uncertainties in the mean recurrence time and its variance by averaging over their likelihood. Both extensions can strongly influence the calculated earthquake probabilities, especially for long droughts in regions with few documented earthquakes. As time passes, the recurrence time and variance estimates increase if no additional events occur, leading eventually to an affirmative answer to the question in the title. The earthquake risk estimate begins to drop when the drought exceeds the estimated recurrence time. For the Parkfield area of California, the probability of a magnitude 6 event in the next 5 years is about 34 per cent, much lower than previous estimates. Furthermore, the estimated 5-year probability will decrease with every uneventful year after 1988. For the Coachella Valley segment of the San Andreas Fault, the uncertainties are large, and we estimate the probability of a large event in the next 30 years to be 9 per cent, again much smaller than previous estimates. On the Mojave (Pallett Creek) segment the catalog includes 10 events, and the present drought is just approaching the recurrence interval, so the estimated risk is revised very little by our methods.

Research on the Formation Mechanism and Dynamic Factors of Commercial Housing Prices Based on the Correction Carey Model - Panel Data from Thirty-Five Key Cities

2013 ◽  
Vol 291-294 ◽  
pp. 1318-1322
Author(s):  
Feng Lan ◽  
Qian Gu
Keyword(s):  
Panel Data ◽  
Fixed Effects ◽  
Housing Prices ◽  
Housing Price ◽  
Dynamic Factors ◽  
Commercial Housing ◽  
Real Estate Prices ◽  
The Individual ◽  
Two Stages ◽  
Price Analysis

Since 2004, a nationwide commercial housing prices showing explosive growth, This paper use the Carey model studying the volatility of commodity housing price mechanism theory. By Carey theoretical correction model in 1998-2003 and 2004-2010, respectively, in two stages to establish the individual fixed effects and individual random effects panel data model focused on the monitoring of the Ministry of Construction of the 35 cities of the empirical testing of commercial housing price. Analysis concluded that the cost of land, building costs, per capita disposable income of urban residents, urban population, and psychological expectations is the main factors to promote China's real estate prices.

scholarly journals Analysis on the Housing Price Relationship Network of Large and Medium-Sized Cities in China Based on Gravity Model

2021 ◽  
Vol 13 (7) ◽  
pp. 4071
Author(s):  
Guancen Wu ◽  
Jing Li ◽  
Dan Chong ◽  
Xing Niu
Keyword(s):  
Gravity Model ◽  
Network Structure ◽  
Housing Prices ◽  
House Price ◽  
Housing Price ◽  
Urban Housing ◽  
Price Relationship ◽  
Relationship Network ◽  
The Individual ◽  
Integration Degree

The relationship among cities is getting closer, so are housing prices. Based on the sale price of stocking houses in thirty-five large and medium-sized cities in China from 2010 to 2021, this study established the modified gravity model and used the method of social network analysis to explore the spatial linkage of urban housing prices. The results show that: (1) from the overall network structure, the integration degree of housing price network in China is still at a low stage, and the influence of housing price is polarized; (2) from the individual network structure, Beijing, Shanghai, Shenzhen, Nanjing, Hangzhou, and Hefei have a higher degree of centrality. Chengdu, Xining, Kunming, Urumqi, and Lanzhou stay in an isolation position every year; (3) from the results of cohesive subgroup analysis, different cities play different roles in the block each year and have different influences on other cities. (4) Emergencies, such as outbreaks of COVID-19, also have an impact on the housing price network. Structural divergence among urban housing prices has become more pronounced, and the diversity of house price network has been somewhat reduced. Based on the above findings, this paper puts forward some recommendations for the healthy development of housing market from the perspective of housing price network.

scholarly journals HEDONIC ANALYSIS OF PRICE IN THE ISTANBUL HOUSING MARKET

2008 ◽  
Vol 12 (2) ◽  
pp. 125-138 ◽  
Author(s):  
Berna Keskin
Keyword(s):  
Housing Prices ◽  
Housing Price ◽  
Urban Housing ◽  
Earthquake Risk ◽  
Hedonic Price ◽  
Modelling Framework ◽  
Price Determinants ◽  
Housing Submarket ◽  
Living Area ◽  
Storey Building

The purpose of this paper is to explore the factors that affect housing prices in Istanbul. A hedonic price model is employed in order to examine housing price determinants with respect to property characteristics, socio‐economic characteristics, neighbourhood quality characteristics, and locational factors. The results reveal that housing prices are affected by these factors: living area size, being in a low storey building, being in a secured site (with swimming pool and garage), and age of the building. In addition to these determinants, the length of time the inhabitants have lived in Istanbul, the average income of the household, neighbour satisfaction and earthquake risk of the area have effects on the residential prices in Istanbul. Further research is suggested by constructing a second model that includes neighbourhood dummy variables as a proxy for submarkets, and a multi‐level modelling framework will be employed in order to analyse the urban housing submarket system. Santrauka Šiame darbe siekiama išnagrinėti veiksnius, kurie daro įtaką būsto kainoms Stambule. Pa si tel kus hedoninį kainų modelį, tyrinėjami būsto kainas lemiantys veiksniai, atsižvelgiant į nekilnojamojo turto charakteristikas, socialinius-ekonominius veiksnius, apylinkių kokybės bruožus ir vietos veiksnius. Rezultatai rodo, kad būsto kainoms įtaką daro tokie veiksniai: gy ve namosios teritorijos dydis, pastato aukštingumas, buvimas sklype ir pastato amžius. Be šių veiksnių, būsto kainas Stambule veikia ir laikas gyventas mieste, vidutinės namų ūkio pajamos, patinkantys kaimynai bei žemės drebėjimų rizika toje terito ri jo je. Siūloma atlikti tolesnius tyrimus, suformuojant antrą fi ktyviuosius apylinkių kintamuosius apimantį modelį, kuris bus taikomas kaip subrinkų pakaitalas, o naudojant daugialypę modeliavimo struktūrą bus siekiama išanalizuoti miesto būsto subrinkos sistemą.

Housing Inflation: Policy Guidelines from Shariah Perspective

2019 ◽  
Vol 16 (1) ◽  
pp. 70-81
Author(s):  
Azrul Azlan Iskandar Mirza ◽  
Asmaddy Haris ◽  
Ainulashikin Marzuki ◽  
Ummi Salwa Ahmad Bustamam ◽  
Hamdi Hakiem Mudasir ◽  
...  
Keyword(s):  
Content Analysis ◽  
Housing Prices ◽  
Construction Materials ◽  
Housing Price ◽  
Developed Countries ◽  
Control Element ◽  
Recent Issue ◽  
Analysis Methodology ◽  
The Government ◽  
Developing And Developed Countries

The soaring housing prices in Malaysia is not a recent issue. It is a global phenomenon especially in developing and developed countries, driven by factors including land price, location, construction materials cost, demand, and speculation. This issue demands immediate attention as it affects the younger generation, most of whom could not afford to buy their own house. The government has taken many initiatives and introduced regulations to ensure that housing prices are within the affordable range. This article aims to introduce a housing price control element from the Shariah perspective, as an alternative solution for all parties involved in this issue. It adopts content analysis methodology on policy from Shariah approved sources.

scholarly journals The Neighborhood Effects of a Place-Based Policy—Causal Evidence from Atlanta’s Economic Development Priority Areas

2021 ◽  
Vol 13 (12) ◽  
pp. 6808
Author(s):  
Yuxi Luo ◽  
Zhaohua Zhang ◽  
Jun Zheng ◽  
Diane Hite
Keyword(s):  
Economic Development ◽  
Low Income ◽  
Neighborhood Effects ◽  
Economic Status ◽  
Housing Prices ◽  
Labor Demand ◽  
Housing Price ◽  
Poverty Rate ◽  
Priority Areas ◽  
Positive Effects

Place-based policies refer to government efforts to enhance the economic performance of an area within its jurisdiction. Applying various difference in differences strategies, this study evaluates the neighborhood effects of a place-based policy—the Economic Development Priority Areas (EDPA) of Atlanta, Georgia, USA. Since the census block groups are locally defined and the boundaries may change over time, we defined the neighborhoods by creating a set of 0.25-mile- diameter circles evenly distributed across Atlanta, and used the created buffers as the comparison unit. The empirical estimates showed that EDPA designation significantly reduced poverty rate and increased housing price of EDPA neighborhoods but had no beneficial effects on population size and employment rate. The heterogeneous analysis with respect to different initial economic status of the neighborhoods showed a relative larger and significant effect of EDPA designation on low-income neighborhoods. The increasing labor demand induced by EDPA designation in low-income neighborhoods attracted more population to migrate in and put upward pressure on housing prices. The estimation results are robust when replacing the 0.25-mile-diameter circle neighborhoods with 0.5-mile-diameter circle neighborhoods. Although we found some positive effects of the EDPA program in Atlanta, it would be misguided to assume similar effects occur in other areas implementing place-based policies.

scholarly journals Responsiveness of the Scripps Neurologic Rating Scale During a Multiple Sclerosis Clinical Trial

1999 ◽  
Vol 26 (4) ◽  
pp. 283-289 ◽  
Author(s):  
James A. Koziol ◽  
Adriana Lucero ◽  
Jack C. Sipe ◽  
John S. Romine ◽  
Ernest Beutler
Keyword(s):  
Multiple Sclerosis ◽  
Clinical Trial ◽  
Rating Scale ◽  
Effect Sizes ◽  
Active Therapy ◽  
Double Blind ◽  
Treatment Groups ◽  
Negative Effect ◽  
The Individual ◽  
Positive Effect

Objective:The Scripps neurologic rating scale (SNRS) is a summary measure of individual components comprising a neurological examination, designed for use in multiple sclerosis (MS). Our objective is to evaluate the responsiveness of the SNRS, within the context of a 2-year, randomized, double-blind crossover study of the efficacy of cladribine for treatment of secondary progressive MS.Methods:Effect sizes were determined for the SNRS and its components, separately for each treatment group (initial placebo, and initial cladribine) over both years of the clinical trial, using a standard random effects model.Results:Individual components tended to show positive effect sizes (improvement) during periods of active therapy in both treatment groups, and negative effect sizes (deterioration) during periods of no active therapy. Summation indices derived from the individual components of the SNRS seemed somewhat more stable than the individual components. The two components mentation and mood, and bladder, bowel, or sexual dysfunction, were rather unresponsive in our clinical trial.Conclusion:Changes in the components of the SNRS over the course of our clinical trial were consistent between the two treatment groups. Most components were moderately responsive; and, the summary SNRS score appropriately summarized the moderate magnitudes of change evinced in the individual components.

Insurgent Compensation: Evidence from Iraq

2013 ◽  
Vol 103 (3) ◽  
pp. 518-522 ◽  
Author(s):  
Benjamin W Bahney ◽  
Radha K Iyengar ◽  
Patrick B Johnston ◽  
Danielle F Jung ◽  
Jacob N Shapiro ◽  
...  
Keyword(s):  
Risk Premium ◽  
Opportunity Cost ◽  
Marginal Product ◽  
Unskilled Labor ◽  
Outside Options ◽  
Estimated Risk ◽  
Do So ◽  
Low Wages

Participating in insurgency is physically risky. Why do people do so? Using new data on 3,799 payments to insurgent fighters by Al Qa'ida Iraq, we find that: (i) wages were extremely low relative to outside options, even compared to unskilled labor; (ii) the estimated risk premium is negative; and (iii) the wage schedule favors equalization and provides additional compensation for larger families. These results challenge the notion that fighters are paid their marginal product, or the opportunity cost of their time. They may be consistent with a “lemons” model in which fighters signal commitment by accepting low wages.

scholarly journals Reinforcing Effect of Carbon Nanotubes/Surfactant Dispersions in Portland Cement Pastes

2018 ◽  
Vol 2018 ◽  
pp. 1-9 ◽  
Author(s):  
Oscar A. Mendoza Reales ◽  
Caterin Ocampo ◽  
Yhan Paul Arias Jaramillo ◽  
Juan Carlos Ochoa Botero ◽  
Jorge Hernán Quintero ◽  
...  
Keyword(s):  
Carbon Nanotubes ◽  
Cement Matrix ◽  
Multiwalled Carbon ◽  
Element Analysis ◽  
Cement Pastes ◽  
Reinforcing Effect ◽  
Linear Elastic ◽  
Crack Propagation Process ◽  
Negative Effect ◽  
The Individual

Decoupling the individual effects of multiwalled carbon nanotubes (MWCNTs) and surfactants when used as reinforcement materials in cement-based composites is aimed in this study. Powder MWCNTs were dispersed in deionized water using different types of surfactants as chemical dispersing agents and an ultrasonic tip processor. Cement pastes with carbon nanotubes additions of 0.15% by mass of cement were produced in two steps: first, the MWCNT/surfactant dispersions were combined with the mixing water, and then, cement was added and mixed until a homogeneous paste was obtained. Mechanical properties of the pastes cured at 7 days were measured, and their fracture behavior was characterized using the linear elastic finite element analysis. It was found that the reinforcing effect of MWCNT was masked by the negative effect of surfactants in the cement matrix; nevertheless, nanotubes were capable of increasing both stress and strain capacity of the composite by controlling the crack propagation process at the tip of the crack.

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