摘要:

This paper is a review of contemporary African housing markets, particularly the consequences of current housing policies. Overall, we conclude that the resource allocation which results from the current housing policies are quite contrary to their intended objectives. Many of the policies are suspect, both in terms of underlying economic rational and realistic economic achievement. In many respects, these policies have discouraged housing investment, and have been both inequitable and distortional. In rethinking these policies, our prescription is that since the private sector has efficiently provided the majority of the housing in the past, African governments must disengage themselves from direct production of housing. They must deregulate the housing markets and provide the right incentives, so as to realign the risks and rewards of investment in housing and permit private production to flourish.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00684

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

This paper examines the incidence and extent of racial discrimination in various dimensions of owner‐occupied housing search. Audit data for sales units (1980‐90) from the Fair Housing Center of metropolitan Detroit is used in an ordered probit framework. Agents' own prejudices and the prejudices of their customers are shown to be significant in explaining discrimination. Results also indicate that white home seekers are steered toward more white and affluent neighborho

ISSN:1080-8620    

DOI:10.1111/1540-6229.00685

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

We simulate the effects of unseasonable increases in temperature and precipitation on housing starts and completions in each of the four Census regions. Using an overidentified vector autoregression model the dynamics of housing starts and completions are estimated. The persistence of housing activity over time implies that weather shocks also have long‐lasting effects, though the impact seems large only in the North Central regio

ISSN:1080-8620    

DOI:10.1111/1540-6229.00686

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

Agency theory suggests that many of the costs incurred by the taxpayer during the 1980s thrift crisis were the result of conflicts between principals and their agents. This study models the costs associated with three distinct types of agency conflicts involved in closing an insolvent thrift—conflicts between creditors and owners, between owners and managers, and between taxpayers and government officials. Using a model that controls for sample‐selection bias, the study presents strong evidence that thrift owners effected wealth transfers from creditors by undertaking high‐risk investments, and that government officials pursued policies that increased losses to the thrift deposit insurance fund which ultimately were funded by the taxpayer. The results do not show that managers effected wealth transfers from owners through expense‐preference behavior, but rather that inefficient management increased the losses of the deposit insuran

ISSN:1080-8620    

DOI:10.1111/1540-6229.00687

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

In attempting to explain why housing prices, rents and urban land prices vary so dramatically between U.S. metropolitan areas, a simple model of a metropolitan housing market is presented identifying three interrelated submarkets. Estimating equations for rent, housing prices and urban land prices are identified and estimated using two‐stage least squares. The empirical results provide strong support for the theoretical model concerning how these three submarkets interact. The results also suggest that household income and construction costs are the most important factors causing housing prices, rents and land prices to vary between metropolitan area

ISSN:1080-8620    

DOI:10.1111/1540-6229.00688

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

How much in real estate? To answer this question, uncertainty needs to be introduced into the efficient frontier, so that a confidence interval can be estimated for the real estate weight in a mixed‐asset portfolio. Instead of focusing on a single optimal portfolio, this study examines the entire efficient frontier using the traditional point estimate method and the bootstrap simulation. The bootstrap distributions of the estimated weight vectors indicate that their confidence intervals are large enough to render them effectively useless. Once uncertainty is introduced, the efficient frontier becomes fuzzy and the weight vectors become even fuzzie

ISSN:1080-8620    

DOI:10.1111/1540-6229.00689

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

This paper examines the determinants of industrial properly value. We use the factor‐analytic linear structural relations (LISREL) model to confront measurement problems associated with related work. A simultaneous test of the effects on property value of factors summarizing physical property, national market, local market, interest rate and location variables is performed. Findings indicate that the value of industrial buildings during 1987–1991 in the Dallas/Fort Worth area is primarily related to local market effects and to physical characteristics and location of the prope

ISSN:1080-8620    

DOI:10.1111/1540-6229.00690

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY