Fluctuations in housing prices are relevant to wealth accumulation, labor mobility, consumption, macroeconomic volatility, and financial market stability. However, it is ex ante difficult to know when housing price movements are due to fundamentals, such as changes in the user cost of capital, versus irrational exuberance. I propose combining the canonical urban economics Alonso-Muth-Mills mode...

The two primary approaches to estimate marginal willingness-to-pay (MWTP) are hedonic (Rosen, 1974) and discrete choice models (McFadden, 1974). This paper provides a tractable framework to investigate the relationship between MWTP in these models. By deriving the hedonic price gradient implicitly from the share function in the discrete choice model, I present an analytical mapping between the ...

Objective: Emerging data demonstrate that maternal diabetes mellitus (DM) has longterm health consequences for her offspring including the development of hypertension. In adults, circulating endothelial progenitor cells (EPCs) participate in vascular repair, and EPC numbers and function inversely correlate with the risk of developing vascular disease. Therefore, our objectives were to determine...

We present a framework for studying the relation between the distributions of income and house prices that is based on an assignment model where households are heterogeneous by incomes and houses by quality. Each household owns one house and wishes to live in one house; thus everyone is potentially both a buyer and a seller. In equilibrium, the distribution of prices depends on both distributio...

Do indexes of house prices behave differently depending on the estimation method? If so, to what extent? To address these questions, we use a unique dataset that we compiled from individual listings in a widely circulated real estate advertisement magazine. The dataset contains more than 470,000 listings of housing prices between 1986 and 2008, including the period of the housing bubble and its...

Segregation, Choice Based Letting and Social Housing: How Housing Policy Can Affect the Segregation Process In this chapter we investigate the process of ethnic minority segregation in English social housing. Successive governments have expressed a commitment to the contradictory aims of providing greater choice – through the introduction of choice based letting – for households accessing an in...

This paper constructs a quantitative lifecycle model with uninsurable labor income and aggregate housing return risk to assess how Korean households make saving and portfolio allocation decisions. The model incorporates the special roles housing plays in the portfolio of households: collateral, a source of service flows, as well as a source of potential capital gains or losses. In the model, a ...

This paper estimates the value of priority admission to primary schools with different academic reputations. For identification, it exploits a balloting rule governing primary one registration in Singapore. The rule creates a discontinuous change in admission probability at fixed distances from schools, in neighborhoods where government policies prevent drastic variations in ethnic composition ...

Current Biology 26, R1–R21, January 11, 201 imitation. Some provisional support for these hypotheses has already been presented, but there are clearly opportunities to test these hypotheses more rigorously. There are also likely to be implications for understanding some of the properties of music, as music and dance seemingly originated together [11], and some aspects of musical rhythm, such as...

«Is State-led protection of historical buildings legitimate? Should a buil-ding be protected against the will its owners? How do we reconcile to preserve architectural heritage with individual freedom and property rights? In what way does this interference State affect entrepreneurship?
 represents yet another government meddling in private property. Its enforcement condemns owners maintai...