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on Urban and Real Estate Economics |
| By: | Maruska Vizek |
| Abstract: | Several authors have stressed rising housing prices associated with intensifying tourism activity as a significant negative externality of tourism development (e.g., Mikuli, Vizek, Stoji, Payne, eh asni, & Barbi, 2021). The relationship between levels of tourism activity, typically measured in terms of arrivals and/or overnights, and housing prices has also been confirmed empirically in a number of studies (e.g., Biagi, Lambiri & Faggian, 2012; Biagi, Brandano & Caudill, 2016; Balli, Balli, Flint-Harle & Yang, 2019; Paramati & Roca, 2019, Churchill, Inekewe, & Ivanovski, 2021). This negative side-effect of tourism development gained new momentum with the proliferation of Airbnb and other peer-to-peer platforms that initiated a structural change in accommodation capacities at many destinations, essentially by turning flats into short-term rentals (STR) aimed at tourists (Dolicar, 2019). The negative consequences of these developments are well-documented in studies set within the context of “bucket-list” destinations struck by over-tourism, like, for example, Barcelona, Dubrovnik, New York, or Venice. Even the COVID-19 pandemic, which has hit the tourism sector very hard and led to a short period of under-tourism, did not stop this trend, with some European towns like, e.g., Split and Venice again being overrun by tourists during the peak of the 2021 summer season.Generally, besides rising housing prices, negative consequences associated with STR-induced overtourism are gentrified city centers (e.g., Wachsmut & Weisler, 2018; Ardura Urquiaga, Lorente-Riverola, & Ruiz Sanchez, 2020), crowdedness (e.g., Park & Agrusa, 2020), and increasing retail prices (e.g., Stynes, 1997, Gholipour, Tajaddini, & Andargoli, 2021), to name only some of the most significant ones. Together, these effects significantly contribute to a lowering of quality-of-life of residents in tourist destinations (Biagi, Ladu, Meleddu, & Royuela, 2020), especially for residents who do not own a property and/or have no significant benefits from the local tourism industry, either direct (e.g., via employment) or indirect ones (e.g., boosting economy). However, what if these effects were not constrained to neighborhoods in the area or destination under investigation (e.g., Zou, 2020) but rather extended to other regions via spatial spillovers? On the one hand, this would imply that the pressure of tourism activity on housing prices is an externality that also affects those who do not have any direct or indirect benefits from tourism activity, as described above. On the other hand, this would also imply that actions taken at the local level, like housing policies, aimed at providing relief to residents who have difficulties affording housing at popular tourist destinations, should, in fact, be developed more holistically by taking into account tourism impacts on real estate markets at a regional or supra-regional, rather than focusing only on the local level.As described above, potential regional spillovers have not been addressed in the tourism, housing, nor regional economics literature so far, which is a research gap this study intends to fill. The empirical analysis is set within Croatia, an increasingly popular Mediterranean destination, ranked 27th according to the World Economic Forum’s Travel & Tourism Competitiveness Report, putting it at a similar level like, e.g., Greece (#25) (WEF, 2019). Tourism activity in this country is densely concentrated in proximity to the sea and along the whole coast, whereas there are only a few tourist spots in the continental parts of this country. This is also reflected in a share of 97.3% of all accommodation establishments located in one of two of Croatia’s NUTS-2 regions, i.e., Adriatic Croatia (as opposed to Continental Croatia), which is also ranked first among all European NUTS-2 regions according to accommodation capacity (Eurostat, 2021a). At the same time, Croatia also has the largest share of private accommodation in overall tourist capacities compared to its Mediterranean peers. For example, the percentage of holiday and other STRs in total bedplaces in pre-pandemic 2019 was 61.3% in Croatia, whereas the same share was 34.5% in Italy, 32, 2% in Greece, or 24.6% in Spain (Eurostat, 2021b). Accordingly, although geographically small, Croatia is ideal for examining regional spillovers as described above because its tourism sector heavily relies on apartment houses and is highly concentrated in its coastal area.The research question we are addressing in this paper should also be placed in the context of the ever-increasing global tourism demand. International tourism receipts increased 4.9 percent in real terms to reach US$ 1.34 trillion in 2017, whereas tourist arrivals amounted to 1.336 billion in the same year (UNWTO, 2018). In addition, international tourist arrivals worldwide are expected to increase by 3.3% annually to reach 1.8 billion by 2030 (UNWTO, 2017), which suggests popular destinations already overwhelmed with tourists will start to experience more negative externalities of tourism activity, including the degradation of sociocultural and environmental conditions and the rise of house prices and rents coupled with declining housing affordability. In geographically smaller or island countries which depend more on tourism receipts, the emergence of over-tourism could potentially be more damaging to the local housing markets due to limited availability of building plots, higher population density, and often rigid urban zoning rules. In such countries, house price hikes taking place in a very popular tourist destination (local government units - LGUs) could easily spillover to neighbouring LGUs, then regions and eventually the entire country. For this reason we study local/regional house price spillovers which are due to tourism activity in Croatian LGUs.In order to understand the spillover process better, we will use spatial panel data estimators to model house prices and its determinants, which in turn will enable us to detect the main spillover characteristics and modalities. To the best of our knowledge, this would be the first study of its kind in the literature. The only other study addressing this issue is Kavarnou and Nanda (2018) who use dummies for neighboring regions as controls for spatial spillover effects, which is a static and rather limited way of addressing this issue.The empirical part of our analysis relies on techniques from the family of spatial panel estimators. We use the Durbin spatial panel autoregression technique (DSM) (LeSage and Pace, 2009; Elhorst, 2013). This technique enables us to establish a direct relationship between the dependent variable and its effects in other spatial units (cities or regions), spatial effects of independent variables such as measures of tourism activity and unobserved spatially correlated heterogeneity. Moreover, we employ different types of spatially weighted matrices, symmetric matrices that define relationships between units in space. To this end, we explore whether spatial effects are limited to neighboring municipalities and cities or do they exert wider scale. Another advantage of spatial econometric analysis is the ability to estimate direct and indirect effects of the observed process. The change in individual city or region generates two types of impacts. A direct impact on itself and an indirect impact that goes first to other spatial units and partially returns through feedback loops (LeSage and Pace, 2009). These feedback loops arise because each spatial unit is considered a neighbor to its neighbors so the impact passing through neighboring units will create a feedback impact on the initial unit itself. There is reason to expect such feedback loops will arise with changes in tourism activity and dynamics of the housing market. To the best of our knowledge, such analysis has not been performed in context of tourism sector or its relationship with the housing market in general. Our dataset combines variables constructed from several reliable data sources. Most of the variables, including the tourism related measures, come from the National Statistical Office of Croatia, the official focal point for statistical data collection. We use five different proxies for tourism activity and intensity: number of nights spend per inhabitant, number of arrivals per inhabitant, the share of private accommodation in total tourism accommodation, the share of rental housing in total housing stock and the length of stay of tourists.This database is supplemented with datasets obtained from the Ministry of Finance, i.e. its Tax Office from which Property income and Average wage data come from. Finally, the Institute of Economics Zagreb (EIZ) provides the data on housing transactions and housing and construction land prices from their annual reports on real estate trends prepared for the Croatian Ministry of Construction. The analysis covers the 2012-2019 period and contains 556 Croatian cities and municipalities in which real estate transactions took place over the years analyzed. |
| Keywords: | housing prices, spatial spillovers, tourism activity |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_85&r=ure |
| By: | Tea Lönnroth; Pauliina Krigsholm; Heidi Falkenbach; Elias Oikarinen |
| Abstract: | The responsiveness of housing supply to changes in demand, i.e., the price elasticity of housing supply, is a key factor on the housing market. Previous literature has shown that the housing supply elasticity varies significantly across regions, and land use regulations, among other factors such as urban density, level of population, and geographical constraints, have been found to be important predictors of the variation. While the literature has widely acknowledged the negative impact of regulation on new housing supply and thereby an increasing effect on housing prices, an often brought up gap in the existing research is that it relies on rather crude measures of regulatory stringency. Different types of regulatory interventions may, however, have different effects on housing market outcomes, which makes it challenging to interpret the estimated effects of aggregate measures of land use restrictiveness. Moreover, the existing literature has focused mainly on the contexts of US and UK, while less attention has been devoted to examining impacts of land use regulation in the context of countries with statutory planning systems.This study contributes to the extant empirical research by examining the regional variation of housing supply elasticity and its determinants in the Finnish context. The study utilizes refined measures of land use policy stringency, which reflect the prevalence and stringency of different paths of land use policy interventions. Specifically, a two-step analysis is conducted. First, this paper estimates the housing supply elasticity in the 30 largest Finnish cities. Second, these estimates and the measures of land use policy stringency are used to conduct cross-sectional investigation of the role of different types of land use regulatory interventions – including both land policy and planning interventions – in explaining differences in the housing supply elasticity across cities. The study provides hence information also on the impacts of land policy interventions, such as public land banking and negotiable developer obligations, which have received much less attention in the literature than the impacts of planning interventions. |
| Keywords: | Housing Markets; Housing supply elasticity; Land use regulation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_53&r=ure |
| By: | Chiara Mazzarella; Hilde Remøy; Maria Cerreta |
| Abstract: | The research NOMAD, Nomad MAnagement of Urban Development - The value of temporary communities, is exploring the impacts of temporary use on urban areas and the role of urban nomads in the development process. Currently, there is a lack of affordable space for housing and workplaces, while cities have many vacant spaces, representing a significant potential for new activities. In Europe, more than 38 million dwellings were unoccupied (permanent or seasonal, or secondary residences). From the 1970s to now, the squat, anti-squat and co-management forms of housing occupation movements represented a strong space demand. Young people, activists or creatives, claimed space and experimented with co-managed forms of living. These temporary communities are urban nomads, voluntarily or not. They temporary inhabit spaces for a short time span, usually for low rents with different forms of public or private agreement, and generate value through active use and management of space, but eventually have to move if higher rents can be achieved or the space will be redeveloped. The reuse of abandoned spaces improves urban sustainability and contributes to activating the principles of the circular city, by recovering discarded real estate. In fact, buildings and areas, waiting for new permanent functions, are temporarily wasted. What happens in the meantime (months or years) in these spaces has a strong impact on urban dynamics and values. In virtuous cases, nomadic communities generate vibrant neighbourhoods, attracting new activity, improving street safety, generating intangible urban values, and boosting real estate markets, eventually leading to gentrification. As a consequence of increased real estate values and gentrification, the temporary users who co-produced the increased values, have to move again and start again in often precarious conditions. This is the paradox that this research will focus on.The paper focuses on the case of Art33 - Cultural Hub. In 2015, the “Gioco Immagine e Parole” association won the call for proposals "Giovani per la valorizzazione dei beni", with the project "GiovaniArtistixGiovaniUtenti", co-financed by the Municipality of Naples and the Presidency of the Italian Council of Ministers, Department of Youth and National Civil Service. ART33 is the first cultural hub in Campania Region, created to support art and culture in the eastern area of Naples - San Giovanni a Teduccio neighbourhood, through the regeneration and redevelopment of some spaces of a former school building part of the 47° Circolo didattico Enrico Sarria de Robbio. The centre activates processes of social inclusion, urban regeneration and cultural innovation on a local scale, hosting various temporary communities and cultural projects. This paper aims to reveal which values have been generated by ART33 in the San Giovanni neighbourhood through the practice of the school adaptive reuse. The paper is part of a research that aims to understand how complex values are created in urban redevelopment, and to what extent temporary reuse contributes to accelerate value development. |
| Keywords: | Adaptive Reuse; circular city; complex values; temporary uses |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_235&r=ure |
| By: | Nicola Livingstone; Danielle Sanderson |
| Abstract: | This research explores the scale and nature of international and domestic investment flows in London, Paris, and Amsterdam, the three cities under investigation in the ESRC-funded ORA research project “What is Governed in Cities” (2019-2022). Using data provided by Real Capital Analytics/MSCI and other sources, we compare market churn and trends related to capital flows, existing residential investment, and new housing developments. The research charts the shifting landscape of institutional investment into residential property, and concentrates on the UK market, with Paris and Amsterdam included for comparison. The paper draws on literature from a variety of theoretical approaches to frame the investment flows across the three cities, considering real estate investment literature and institutionalist perspectives (Adams and Tiesdell, 2010; Theurillat et al., 2015), as well as the internationalisation of the real estate market (Fuerst et al., 2015; Falkenbach, 2009). Incorporating interviews with developers and investors, we analyse the key actors and locations for institutional investment across a 15-year time horizon (2005-2020) and highlight ways in which institutional investors have contributed to the creation and recreation of the urban form across the geographies of our three case study cities. The paper broadly examines investment trends and flows, as well as more detailed reflections on the strategies of particular investors, with a specific analysis of REITs. The presentation will reflection on market trends, in addition to a selection of the strategic narratives around the types of investor that are present across our European case studies of the residential market. The variations in regulation and governance, market knowledge, institutional actors and local real estate context across London, Amsterdam and Paris offer interesting insights into these investment actors and processes. |
| Keywords: | institutional investment; investors; market trends; Residential Sector |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_102&r=ure |
| By: | Paloma Taltavull de La Paz; Albert Saiz |
| Abstract: | Growing evidence shows that short-term rental growth in large cities across the globe—through e-platforms like Airbnb or Homeaway—has had an impact on the rise of housing prices and rents before the pandemic. The hypothesis in this paper is that housing prices and rents would have increased also in absence of short-term rental contracts due to the increased valuation of amenities. An increase of inequality drives high-income demand toward homes with better access to attractive amenities. In this view, the presence of Airbnb is not the main driver for housing prices in these areas and—while statistically significant—it may be playing a marginal role overall. In order to test that hypothesis, a combined micro dataset is built based on five different databases in Spain: i) the 2011 Census, providing data about the housing stock at the neighborhood level including housing features; ii) a housing rental database, including information of (non-short term) rents at micro level; iii) a transaction database, yielding information about housing transaction prices; iv) a database containing geolocated amenities identified in each city, which allows to calculate the distances between every single house rented or transacted; v) and an Airbnb dataset, which provides information about short-term rental prices and frequencies at the household level. The hypothesis is tested on the matched database. The estimation is undertaken for 2015 to 2019, the critical years where the short-term rental market experienced dramatic growth. The analytical process takes the Census district as the reference region. In every district, the distances to main amenities are calculated by using the georeferenced feature of each database. We calculate a quality-controlled price index based on a hedonic model in order to avoid quality biases across districts. We control for lagged housing characteristics as of 2011, in order to avoid endogeneity issues. We model the long-term rental and property price increase controlled as a function of distances to amenities and other key neighbourhood characteristics using a regression model inspired by the AMM (Alonso-Muth-Mills) framework. We also control for the short-term rentals market activity and compare the importance of each relative factor.The empirical evidence comes from five different Spanish cities: Madrid, Barcelona, Valencia, Sevilla and Bilbao, Spain, well-recognized cities with strong attraction due to their amenities and culture, and with both large housing price increases and short-term rental activity between 2015 and 2019. |
| Keywords: | amenities; Cities; Housing Prices; Spatial econometrics |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_135&r=ure |
| By: | Carmelo Micciche; Michel Baroni; Pierre Vidal |
| Abstract: | Real estate accounts for 61% of France's national net wealth. Housing is the largest item of expenditure of French households. Indices that track real estate prices evolution are thus crucial instruments for decision makers of all kinds: households, investors, the scientific community, local governments, etc. Yet, the available public statistics fail to cope with the heterogeneity of the housing prices dynamics across the country. In France, Notaire-Insee indices are considered as the reference, especially because their methodology and indices are open source. Quarterly, the institute produces indices for apartments and houses in big agglomerates. With 9 indices for house prices in France, the division proposed by this methodology hides a lot of disparities. For instance, the “Province” house index includes more than 25 000 cities as diverse as Toulouse (450k inhabitants) and Malroy (350 inhabitants), which represents 36% of the French housing stock. This indicator does not make it possible to highlight the differences in dynamics between cities geographically distinct and drived by different fundamentals due to different economic conditions. This work aims at producing a library of open data real estate price indices that track price evolution at fine geographical scale. To do so we develop a methodology for real estate price index computation, and then apply it on geographical clusters close to local markets. We want to be part of an open-source approach. Indeed, the methodology will be published, and all the indices will be made available for free to all.The proposed method is applied on the fiscal database of real estate transactions DV3F, containing all the transactions in France (except Alsace, Moselle and Mayotte) between 2010 and 2020.Our approach is based on classic hedonic price index methods. Each aspect and hypothesis of the hedonic method have been justified to produce precise indices.Producing indices close to local markets requires working in a low data environment, and increases the probability of encountering outliers. Hedonic methods being very sensitive to outliers, we tackle this issue by testing the impact of different dynamics filters methods. To reduce the heteroscedasticity and improve the precision of the model, different forms and combinations of the regression have been tested.This method is applied to 2 divisions of France: one for apartments, another for houses. In order to produce indices close to local markets, a clusterization of cities of France is computed as finely as possible and based on socio economic and local housing stock criteria. To preserve the quality of indices, all clusters respect constraints of minimum transaction volumes. This division is based on a clusterization of urban areas thanks to Ascending Hierarchical Classification and Kohonen algorithms. This clusterization resulted in the computation of 350 apartments and 400 houses indices. The application of our approach on these geographical clusters reveals a great diversity of house price dynamics. For instance, the “Province” index produced by Notaire-Insee is divided into 220 clusters, with variations between 2015 and 2020 of 2% and 29% respectively for the first and ninth decile of these indices. By highlighting the plurality of real estate price dynamics in France and urban centers, our approach emphasizes the need for indices to be computed on a local scale to be useful. |
| Keywords: | French market; Hedonic regression; Market Segmentation; Price Index |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_91&r=ure |
| By: | Alessandra Oppio; Marta Bottero; Federico Dell'Anna; Laura Gabrielli; Marta Dell'Ovo |
| Abstract: | Real Estate prices are influenced by the presence of multidimensional factors and many studies have been carried on to prove the correlation between property prices and extrinsic (location, neighborhood’s quality, etc.) as well as intrinsic (structural features, systems, etc.) characteristics. As it emerges by many consumers’ preferences investigations, the COVID-19 pandemic has prompted a shift to healthier cities. In major cities, green and open spaces are typically the only chance citizens have of coming into contact with nature and they fulfils environmental and social functions which improve quality of life and wellbeing. The aim of the current contribution is to assess the value of the urban quality by considering both spatial multicriteria variables and its marginal price, in order to explore its impact on real estate market. In fact, the quality of the built environment is a multidimensional notion, as it deals with the land use patterns and mixes, the spatial and temporal distribution of activities, the accessibility to services, the open spaces and green areas, the air quality, the arrangement and appearance of the physical elements of urban design. Given the spatial nature of urban quality and the multiple aspects to be considered, a hybrid evaluation approach has been defined by combining Spatial Multicriteria Analysis with the Hedonic Price Method. In line with urban design domain of research, the features contributing to the overall urban quality and analyzed within this study are the presence of public open spaces, influenced by i) the physical setting, ii) connectivity, iii) vitality, iv) meaning, v) protection, the accessibility and the provision of services. Since the linear regression models cannot take into account the interaction effects between different variables, non linear exponential multiplicative model computed via Maximum Likelihood Estimator (MLE) has been applied.The proposed evaluation approach has been tested on three urban districts in the city of Milan (Italy), with different location features and located on the north-eastern side of the Municipality, from the center to the administrative border. By putting a light on urban quality marginal prices, the results of the this study could be considered as a contribution to address the real estate market actors choices about the trade-offs between economics and environmental quality. |
| Keywords: | Hedonic prices method; Multi-criteria decision analysis; spatial analysis; Urban Design |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_239&r=ure |
| By: | Craig, Ashley C (University of Michigan); Martin, David (Harvard University) |
| Abstract: | Does relaxing strict school discipline improve student achievement, or lead to classroom disorder? We study a 2012 reform in New York City public middle schools that eliminated suspensions for non-violent, disorderly behavior. Math scores of students in more-affected schools rose by 0.05 standard deviations over three years relative to other schools. Reading scores rose by 0.03 standard deviations. Only a small portion of these aggregate benefits can be explained by the direct impact of eliminating suspensions on students who would have been suspended under the old policy. Instead, test score gains are associated with improvements in school culture, as measured by the quality of student-teacher relationships and perceptions of safety at school. We find no evidence of trade-offs between students, with students benefiting even if they were unlikely to be suspended themselves. |
| Keywords: | education, school suspension, school discipline, school safety, human capital |
| JEL: | H75 I2 J24 J45 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15906&r=ure |
| By: | Miriam Steurer; Norbert Pfeifer |
| Abstract: | In the context of house-price indices, location-specific neighborhood effects are increasingly modeled by including a geospatial spline surface into the hedonic regression framework. This paper examines how to overcome an essential drawback of polynomial spline behavior: overshooting of estimated spline functions in areas with poor data support. Such data-gap areas are common in real-estate economics as housing transactions are not distributed evenly across space. We introduce a new method for constructing price spline surfaces that avoids the spline overshooting problem by placing helper points in data-gap areas before estimating the spline surface. We use the Random Forest method, a simple yet powerful non-parametric method based on decision trees, to estimate the values for these helper points, but other methods (e.g., kernel regression) would also be possible. The important point is that the helper points stabilize spline behavior where data are missing but do not distort the spline surface in areas where data are plentiful. Our method also has a positive knock-on effect in that it can lead to lower overall spline penalization terms and thus improve the spline's response to changes in the actual price data. Price spline surfaces have multiple application possibilities. They can be used to inform on price gradients and local sub-centers, as an alternative to regional fixed effects in hedonic house price regression models, or as input for quantitative spatial models. To the best of our knowledge, our method is new - not only to the field of Real Estate Economics - but also to the spline literature. It should, therefore, not only improve the estimation of regional house price gradients but also has the potential to improve a wide variety of spline applications in other fields. |
| Keywords: | house price surface; penalized regression splines; Random forest; spatial testsets |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_101&r=ure |
| By: | Bastian Krämer; Moritz Stang; Cathrine Nagl; Wolfgang Schäfers |
| Abstract: | Real estate is a heterogeneous commodity where no two are alike. Therefore, making assumptions about determinants and the way they influence the value of a property is difficult. Traditionally, parametric and, thus, assumption-based regression techniques are used to identify those dependencies. However, recent studies show that these relationships can only be mapped to a limited extent by those approaches. On the contrary, modern Machine Learning (ML) approaches are less restrictive and able to identify complex patterns hidden in the data. Nevertheless, these algorithms are less transparent to human beings. An ML approach may be the best solution to predict the value of a property, but it fails at determining the factors driving that value. To overcome this limitation, explainable artificial intelligence (XAI) has come forward as a new important direction of research. So far, there has been almost no research applying XAI in the field of real estate. Therefore, we introduce two different state-of-the-art XAI approaches, namely Permutation Feature Importance (PFI) and Accumulated Local Effects Plots (ALE) in the context of real estate valuation. Focusing on the residential market, we use a dataset consisting of around 1.2 million observations in Germany. Our findings show that using XAI methods enables us to open the “black box” of ML models. In addition, we find several unexpected non-linear dependencies between real estate values and their hedonic characteristics and therefore deliver important insights to better understand the fundamental functioning of residential real estate markets. |
| Keywords: | ALE Plots; Explainable AI; housing market; Machine Learning |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_50&r=ure |
| By: | Reid Cummings; Jana Stupavsky |
| Abstract: | Descriptive and diagnostic analysts more frequently utilize data visualization techniques to help frame and answer two key questions: “what happened?” and “why did it happen?” To comprehensively assess the quality of life in two neighboring Coastal Alabama counties, regional civic leaders identified 17 metrics that could help them interpret how the community is performing as a whole (the “what happened” question) and offer insights into areas needing improvement (the “why it happened” question), all with an eye toward long-term support of the community and its real estate values. A few examples of included metrics are crime, housing, poverty, high school graduation, obesity, infant and childhood mortality, and water and air quality. Our business research and services center, the South Alabama Center for Business Analytics, Real Estate, and Economic Development, joined the effort by developing and hosting a series of web-based, interactive, dynamic dashboards. We created multiple visualizations to address each metric using publicly available data sources to answer the “what happened” question. More importantly, because the community initiative’s goal is to spur conversations about addressing areas needing improvement, we took great care to design all dashboard visualizations to motivate and inform community improvement discussions that focus on “why it happened.” We did so by streamlining data comprehension and minimizing misinterpretation, offering a single question as the title of each visualization. Additionally, considering carefully the core visualization component techniques of spatialization and pre-attentive attributes, we worked to ensure that each visualization within the dashboard “family” had the same look and feel so that community leaders could spend their time working on discussing and promoting real community-based solutions rather than trying to interpret and explain differing visualization interfaces. We contend that better solutions to community problems help to ensure better community outcomes and help to ensure the values of real estate within a community. |
| Keywords: | Community metrics; Community real estate values; Data analytics; Data Visualization |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_46&r=ure |
| By: | Nina Vujanović (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | This paper investigates spatial dependence of FDI knowledge spillovers in manufacturing and services using spatial panel techniques applied to the 2006-2014 Bureau Van Dijk’s Amadeus firm-level dataset for Croatia and Slovenia. The paper finds diverse results across the two sectors. The distance between regions does not hinder the absorption of foreign knowledge in manufacturing despite the strong market-stealing effects operating within regions as well as spatially. On the other hand, FDI knowledge spillovers decrease service productivity within regions, because of market-stealing effects operating strongly across a smaller geographical scale. However, its impact is lost as knowledge spillovers from more distant neighbours are accounted for, because the poaching of local labour is impeded by distance due to rising costs of labour mobility. The research indicates that for knowledge absorption, geographic distance plays differing roles in manufacturing and services, due to the different nature of the production process. |
| Keywords: | knowledge spillovers, FDI, spatial econometrics, manufacturing, services |
| JEL: | F23 L6 L8 L2 O3 O4 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:wii:wpaper:224&r=ure |
| By: | Christian Bokhove (Southampton Education School, University of Southampton); John Jerrim (UCL Social Research Institute); Sam Sims (UCL Centre for Education Policy & Equalising Opportunities) |
| Abstract: | School inspections are a common feature of education systems across the word. These involve trained professionals visiting schools and reaching a high-stakes judgement about the quality of education they provide. By their nature, school inspections rely upon professional judgement, with different inspectors potentially putting more emphasis on certain areas than others. Yet there is currently little academic evidence investigating the consistency of school inspections, including how judgements vary across inspectors with different characteristics. We present new empirical evidence on this matter, drawing upon data from more than 30, 000 school inspections conducted in England between 2011 and 2019. Male inspectors are found to award slightly more lenient judgements to primary schools than their female counterparts, while permanent Ofsted employees (Her Majesty's Inspectors) are found to be harsher than those who inspect schools on a freelance basis (Ofsted Inspectors). |
| Keywords: | school inspection, reliability |
| JEL: | I20 I28 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:ucl:cepeow:23-03&r=ure |
| By: | Gagliardi, Luisa; Iammarino, Simona; Rodríguez-Pose, Andrés |
| Abstract: | This article explores the role of subnational geography in the analysis of the consequences of Outward Foreign Direct Investment (OFDI) for workers performing different typologies of jobs. We qualify jobs according to their knowledge content, degree of tradability and response to agglomeration economies. While the former two dimensions are key to signal the intensity to OFDI exposure of different typologies of jobs, the latter contributes to explain the unequal spatial distribution of benefits and losses from OFDI in terms of job creation/destruction. We theorise areas that are more severely exposed to OFDI experience job losses in routine occupations, whereas they do not necessarily benefit from job creation in non-routine jobs. To test our hypothesis, we make use of a balanced panel dataset at the local labour market level, exploiting variations in OFDI exposure and in the job composition of local areas. Our findings—robust to numerous checks, including unobserved global and local trends—indicate that job losses concentrate in regions that were more exposed to OFDI based on their initial industry mix, and affect individuals performing mainly routine tasks. In these same areas, however, no significant effects are found when looking at job creation in non-routine occupations. |
| Keywords: | OFDI; local labour markets; Routine and non-routine occupations; Home impact of MNEs |
| JEL: | R14 J01 |
| Date: | 2021–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:108158&r=ure |
| By: | Zivin, Joshua Graff; Singer, Gregor |
| Abstract: | We examine how exogenous changes in exposure to air pollution over the past two decades have altered the disparities in home values between Black and White homeowners. We find that air quality capitalization rates are significantly lower for Black homeowners. In fact, they are so much lower that, despite secular reductions in the Black-White pollution exposure gap, disparities in housing values have increased during this period. An exploration of mechanisms suggests that roughly one-quarter of this difference is the result of direct discrimination while the remaining three-quarters can be attributed to systemic discrimination through differential access to complementary amenities. |
| Keywords: | house prices; environmental justice; air pollution; race |
| JEL: | Q53 R31 J15 |
| Date: | 2023–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118093&r=ure |
| By: | Kockelkorn, Anne; Schmid, Christian; Streule, Monika; Wong, Kit Ping |
| Abstract: | This article compares how state-initiated mass housing urbanization has contributed to processes of peripheralization in three very different historical and geopolitical settings: in Paris from the 1950s to the 1990s in Hong Kong from the 1950s to 2010s and in Mexico City from the 1990s to the 2010s. We understand mass housing urbanization as large-scale industrial housing production based on the intervention of state actors into the urbanization process which leads to the strategic re-organization of urban territories. In this comparison across space and time we focus particularly on how, when and to what degree this urbanization process leads to the peripheralization of settlements and entire neighbourhoods over the course of several decades. This long-term perspective allows us to evaluate not only the decisive turns and ruptures within governmental rationales but also the continuities and contradictions of their territorial effects. Finally, we develop a taxonomy of different modalities of peripheralization that might serve as a conceptual tool for further urban research. |
| Keywords: | peripheralization; mass housing urbanization; urbanization processes; financialization of housing; neoliberal restructuring; territorial inequality; Hong Kong; Paris; Mexico City |
| JEL: | Q15 O14 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118065&r=ure |
| By: | Gabrielle Wanzenried; Evanthia Kazagli; Yashka Nick Huggenberger |
| Abstract: | The purchase of a house or apartment and the related choice of a mortgage provider and product constitute a pivotal financial decision for many households. Accordingly, mortgage loans represent the largest proportion of household debts in most OECD countries and an important proportion of the retail banking business. Even though homeownership in Switzerland is with a homeownership rate of 40% remarkably low, the Swiss mortgage market is one of the largest in the world. This is related to the fact that homeowners can borrow up to 80% of the value of their property. Also, Swiss property prices are on average relatively high in comparison to other countries, and they have been dramatically increasing over the last years, rendering the acquisition of residential properties even more difficult. According to the Swiss National Bank, the outstanding volume of the domestic mortgage loans in Switzerland amounted to 1.07 billion Swiss francs by the end of 20201—accounting for almost 150% of the country’s nominal GDP—with 75% of bank credits concerning mortgage loans. In view of these circumstances, the mortgage market in Switzerland is very attractive and represents a major source of profit for mortgage loan providers. the otherwise traditionally conservative mortgage market in Switzerland is gradually manifesting certain dynamics. We observe the emergence of new players and products. Even though banks rank first as lenders for real estate purchases—accounting for 95% of the market—they are no longer the only option for Swiss households. Alternative providers, such as insurance companies, pension funds and crowdfunding platforms, have been steadily gaining ground in the market. New or revised market rules, along with further disruptions are anticipated in the housing and mortgage markets, given the technological advances, as well as the currently notably low interest rate environment—conditions that are expected to encourage further market penetration. The hitherto reserved role of mortgage brokers also seems to be changing, and an increasing number of households rely on corresponding service providers, whose offer clearly increases market transparency. Interestingly, we also observe differences in particular with respect to the role of mortgage brokers between the German- and French-speaking part of Switzerland. The language regions are related to existing cultural differences, which are also reflected in these financial choices. These facts lead to the conclusion that Switzerland is a very interesting market to study the mortgage choice behavior of private households.Main research questions, data and methodologyHow do households choose their mortgage supplier? How is this decision related to their creditworthiness and the value of their property? What sociodemographic characteristics of the households and geographic factors come into play? How does financial literacy and attitudes such as risk aversion affect mortgage decision-making? Which households get credit from their first-best mortgage provider, and which ones shop around? Given the nature of the credit allocation problem, that is characterized by asymmetric information, do we observe a selection process with potentially harmful consequences for the economy as a whole? Taking into consideration (i) the importance of mortgage decisions for the households, (ii) the high relevance of the mortgage business for retail banks in Switzerland, and (iii) the dynamic market environment with the new supply possibilities and the expected intensification of the competition among the mortgage providers, it is important to have a good understanding of the mortgage choice behavior of the borrowers. The purpose of our study is to understand the mortgage choice behavior of private households as function of the sociodemographic profile, their level of financial literacy and their degree of risk aversion. Our results will be based on a large-scale and unique online survey with 1’000 respondents from the German- and French-speaking part of Switzerland. We will use a regression framework to analyze the mortgage provider choice of private households in Switzerland. The expected results will provide new insights about the preferences of households with respect to the different mortgage providers as a function of household-specific, institutional and market-specific characteristics. The insights will not only be interesting from an academic point of view, but they are also addressed to practitioners who are able to better understand the changing market environment in order to optimize their mortgage offer. Finally, the regulatory authorities, which are keeping a close eye on the mortgage market, especially nowadays with the existing fears of inflation, will be able to draw interesting conclusions from the results. |
| Keywords: | Choice of mortgage providers; Dynamics of mortgage markets; Household Finance; Market Entry |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_69&r=ure |
| By: | Julian Granna; Stefan Lang; Wolfgang Brunauer |
| Abstract: | The most widely used approaches in hedonic price modelling of real estate data and price index construction are Time Dummy and Imputation methods. Both methods, however, reveal extreme approaches regarding regression modeling of real estate data. In the time dummy approach, the data are pooled and the dependence on time is solely modelled via a (nonlinear) time effect through dummies. Possible heterogeneity of effects across time, i.e. interactions with time, are completely ignored. Hence, the approach is prone to biased estimates due to underfitting. The other extreme poses the imputation method where separate regression models are estimated for each time period. Whereas the approach naturally includes interactions with time, the method tends to overfit and therefore increased variability of estimates. In this paper, we therefore propose a generalized approach such that time dummy and imputation methods are special cases. This is achieved by reexpressing the separate regression models in the imputation method as an equivalent global regression model with interactions of all available regressors with time. Our approach is applied to a large dataseton offer prices for private single as well as semi-detached houses in Germany. More specifically, we a) compute a Time Dummy Method index based on a Generalized Additive Model allowing for smooth effects of the metric covariates on the price utilizing the pooled data set, b) construct an Imputation Approach model, where we fit a regression model separately for each time period, c) finally develop a global model that captures only relevant interactions of the covariates with time. An important methodolical aspect in developing the global model is the usage of model-based recursive partitioning trees to define data driven and parsimonious time intervals. |
| Keywords: | Hedonic Model; housing market; quality adjustment |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_186&r=ure |
| By: | Ion Anghel; Elena Ionascu; Catalina Motofei |
| Abstract: | The Covid-19 pandemic has had a profound impact on all economic sectors, including the real estate market. The World Health Organization officially declared the Covid-19 pandemic on 11 March 2020, and a few days later, on 16 March 2020, a state of emergency was decreed in Romania. The authorities had to reconsider their policies and procedures to limit the spread of the coronavirus while allowing economic activities to continue. The aim of this paper is to provide insights into the changes that have occurred in the Romanian real estate market due to the economic slowdown induced by Covid-19 and to suggest a mitigation framework to minimize the effects. For this purpose, residential and commercial real estate markets are analysed from the perspective of properties supply and demand and their impact on prices during the Covid-19 period. During the pandemic, the real estate market was marked by divergent developments in its two sub-components: while the residential market saw an acceleration in activity, the commercial market experienced a decline. Demand for residential property was accelerated by improved saving and working behaviour of the population during the pandemic period, low-interest rates on loans, but also by expectations of increases in house prices in the coming period, as the authorities announced an increase in the threshold for the application of the reduced VAT rate for property purchases (BNR, 2021). Against the general trend of increased demand, supply has also been on the rise but remains insufficient to cover the high demand, which has been reflected in a sustained increase in house prices in most Romanian cities. Due to the persistence of the pandemic crisis and economic uncertainty, activity in the commercial real estate market has slowed down significantly, with some developers extending project delivery deadlines or postponing investments. |
| Keywords: | Commercial Real Estate Market; Covid-19 pandemic; housing market; property prices |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_176&r=ure |
| By: | Martin Regnaud; Julie Le Gallo; Marie Breuille |
| Abstract: | In 2020, MeilleursAgents was estimating that 2 years and 10 months were needed by a French household to amortize the cost of buying versus renting on average in France. At the same time, in Paris, the same household would have to wait 6 years and 11 months to amortize its costs. These figures are of utmost importance for households to help them decide whether they should buy or rent their main residence.From an operational perspective, estimating this time is made possible by a precise knowledge of rent to price ratios. The main objective of this contribution is estimating those ratios on the whole French territory using observations of rent and transaction prices for the same housing between 2010 and 2021. Once those ratios are estimated, we highlight the factors that determine them using machine learning methods.Using a coarsened exact matching, we estimate rent to price ratios on the whole territory. Then we compare two different approaches to identify the determinants of these ratios. The first approach consists in explaining the ratios using a linear regression model to predict them using housing characteristics and geographical amenities. The second approach uses a gradient boosting decision tree model to predict the ratios. Hence, we can explain the role of each feature of the model thanks to explainability methods associated with tree models: feature importance and shape values. In order to proceed with this study, we use rental listings from MeilleursAgents platform that have geolocation at the address level. This use of such listings is inspired by Chapelle&Eymeoud(2018)1 which shows that web scrapped listings are unbiased compared to survey data such as the ones from the “Observatoire Locaux des Loyers” (OL) in France. Moreover, these surveys are limited to certain dense areas whereas our study aims at comparing mechanisms on the whole French territory.These listings are matched with the national DV3F French database which provides us with a parcel geolocation level. Matching these two sources between 2010 and 2021 provides us with 85’000 matched ratio observations. The (rent, price) couples are used to estimate rent to price ratios and to highlight the differences in the influence of each factor depending on the territory but also thanks to our precise geolocation, inside urban areas.Our study has a double contribution. First, from a methodological point of view, using a gradient boosting model to estimate and explain rent to price ratios has never been done. The main advantage of this method compared to classic methods is a better handling of interactions and effect heterogeneity. The second contribution leans on the precise geolocation level of our observations. These ratios are most of the time studied using ratios of average rent and average prices because of the scarcity of precisely geolocated data. Yet, Hill&Syed(2016)2 showed that such an approximation can lead to an error up to 20% when estimating the ratio. Therefore, they advise to use housing level matching to control feature heterogeneity between rented and sold housing. Our study is thus the first study in France that allows an exact matching outside of the dense areas covered by the “Observatoire Locaux des loyers” on this topic.We highlight the strong heterogeneity of rent to price ratios inside dense urban areas but also at a larger scale. To our knowledge, this study is the first to bring this phenomenon out at this national scale.1. Chapelle G., Eymedoud J.-B., « Can Big Data Increase Our Knowledge of Local Rental Markets? Estimating the Cost of Density with Rents », SciencesPo Mimeo, 20182. Hill R.J., Syed I.A, « Hedonic price–rent ratios, user cost, and departures from equilibrium in the housing market», Regional Science and Urban Economics, pp 60-72, 2016 |
| Keywords: | Machine Learning; Rent profitability; Rent to price ratios; Web platform data |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_107&r=ure |
| By: | Andreu Arenas (University of Barcelona, IEB and IPErG); Lucas Gortazar (ESADE EcPol and World Bank) |
| Abstract: | We use census data on external assessments in primary and secondary school in the Basque Country (Spain) to estimate learning losses due to the COVID-19 pandemic in March 2021, one year after school closures, which lasted from March to June 2020. Differences-in-differences with student and school-by-grade fixed effects show an average learning loss of 0.045 standard deviations, an effect which is smaller than short-run effects estimated by previous papers, and estimated after 6 months of one of the most successful school reopening campaigns among OECD countries. The effect is larger in Mathematics, moderate in Basque language, and none in Spanish language. Controlling for socioeconomic differences, learning losses are especially large in public schools, and also in private schools with a high percentage of low-performing students. On the other hand, we find a regression to the mean within schools, possibly due to a compressed currículum during the whole period. Finally, we show that students’ with higher learning losses self- report significantly worse levels of socio-emotional well- being due to the pandemic. |
| Keywords: | Education, learning loss, COVID-19, socio-emotional wellbeing |
| JEL: | I24 I3 H75 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2022-03&r=ure |
| By: | Jeffrey Blain; Carmen Cantuarias; Brice Barois |
| Abstract: | The 15-minute city is an emerging concept, developed and theorized by Carlos Moreno. This city model proposes to question the development of the city through the analysis of the proximity of the inhabitants to the six essential social functions identified by the author: living, working, commerce, healthcare, education and entertainment. The COVID-19 crisis has highlighted profound urban issues and among the new urban models, the 15-minute city responds to the challenges of developing a more resilient, sustainable, inclusive and smart city.The objective of our study is to understand how to characterize and how to understand the capacity of a city to be and become a 15-minute city. Our study is focused on the territory of the city of Saint-Fons and its neighboring municipalities. This territory of the metropolitan area of Lyon (France) is going through an important urban transformation with the construction of a tramway line which will allow it to open up and vitalize this very industrial territory, with a difficult socio-economic context and environmental issues (air pollution and noise), and to integrate vegetalization on this new infrastructure and its right of way. This new dynamic will also allow for a response to the important land pressure in the metropolitan area, particularly for the residential sector.A total of 159 variables were collected to characterize the 6 functions of the 15-minute city. We performed a principal component analysis for each function to characterize the territory. The data was collected at the IRIS scale (aggregated units for statistical information created by the National Institute for Statistics and Economic Studies of France). A total of 95 IRIS were included in our study. Our analysis was completed with a study of the residential real estate market in the municipality in order to highlight several urban and real estate potentialities and opportunities of the territory.Thus, the purpose of the present study is to perform a diagnostic method of the potential of a territory to become a 15-minute city, to develop a decision-making tool in land use planning and to better understand the global dynamic of a territory. |
| Keywords: | 15-Minute City Concept; Functionality; Smart City; spatial interaction |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_163&r=ure |
| By: | Allison Orr; Alan Gardner; Cath Jackson; Victoria Lawson; Joanna Stewart; James White |
| Abstract: | The retailing industry in the UK is experiencing unprecedented structural change, evidenced through increasing occupier business failures, vacancies, uncertainty and instability on the High Street. The global pandemic of the early 2020s has served to accelerate the already established changes in consumer behaviour. The impacts on retailers and local services have often dominated headlines, but little attention has been given to the implications for the property market. Exploring and understanding the responsiveness of the property market, in terms of, for instance, property use, retail market practices, and social structures, is essential to understanding the adaptive capacity of urban retailing centres.This paper presents the findings of a large-scale mixed method study investigating the changes experienced across five UK case study cities (Edinburgh, Glasgow, Hull, Liverpool and Nottingham). Drawing on complex systems theory as a conceptual framework, and developing detailed databases for each city, the research begins by examining the relationship between diversity and adaptive capacity within the adaptive cycle of urban retailing centres, spanning a period of almost two decades (2000-2017). This provides understanding of how land use diversity has been evolving and responding to endogenous and exogenous shocks. Using thematic analysis, the study then draws on the key themes that emerge from three separate work streams examining different aspect of property market. Included in this discussion are the adaptations being experienced in retail asset use, design, management and ownership, connections to the experiential economy, and the social relations of key stakeholders, before reflecting on how these factors interact to create unique retailing destinations and facilitate, or hinder, adaptive capacity. |
| Keywords: | Adaptive capacity; Retail Market; Urban Change; Urban retailing system |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_25&r=ure |
| By: | Sabrine Rekik; Myriam Ben Saad |
| Abstract: | A recent study by the European Central Bank (2021) shows that unlike previous financial and economic downturns, the covid-19 crisis did not impact the increasing tendency in house prices in Europe. Unexpectedly, both prices and loans rose respectively by 4.3% and 2.6% during the pandemic (ECB, 2021). While financial markets have plunged several times during the sanitary crisis, the real estate market continue to grow steadily. In this context, experts point out the existence of an increasing housing bubble and wonder if it will burst soon.Like most of the European countries, France has experienced a fearful increase of the value of real estate assets since the late 1980’s. The peak does not seem to be reached even during the hectic period of the pandemic. The question about the existence of a bubble becomes even more relevant especially with the very recent rise that is expected to deflate the value of real estate assets and accelerate the burst of the bubble.To the best of our knowledge, this paper is the first to study the French property market and examine the existence of a plausible bubble. Unlike previous studies, we use quarterly data of the residential property price index from Q1 1970 to Q3 2021. We contribute to the existing literature by using a longer span of time-series. We expect more relevant findings as our sample includes 206 observations per country. The first part of the paper is dedicated to a global analysis of the residential prices in a set of European countries (Belgium, France, Germany, Italy, Spain and the United Kingdom). We, then, focus on the French context in order to study the existence of a gap between the fundamental and market values of houses. We also suggest some explanatory variables to figure out the determinants of house prices in France and implement a cointegration test.A large strand of literature suggests different econometric techniques to detect the existence of financial and real estate bubbles. Most of them are based on unit root tests, variance tests, Johansen-Ledoit-Sornette model and durations and regime tests (Mahalik and Mallick, 2011; Ren et al., 2012; Escobari et Jafarinejad, 2016; Vogiazas and Alexiou, 2017; Hu and Oxley, 2018a; Harsha and Ismail 2019. Dufitinema, 2020; Rafiq et al., 2021).We implement an Augmented Dickey-Fuller (ADF) test, the Generalized Sup Augmented (GSADF) test and Phillips-Perron unit root test. Our results prove the existence of a bubble in the residential French market and confirm a long-term cointegration between price indices and our set of macroeconomic variables. |
| Keywords: | Cointegration and unit root tests; France; Housing Bubble; Residential property price |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_44&r=ure |
| By: | Queen Leatame |
| Abstract: | This study seeks contribute to the debate on the merits of a hierarchical and centralised approach to housing. Single housing authority (SiHA) was established under Botswana Housing Corporation (BHC) to implement all the housing programmes which are inclusive of the Self-Help Housing Agency (SHHA) Turnkey Loan housing schemes and youth housing. BHC mandate is to provide affordable housing to Batswana but the proportion of houses provided by BHC has decreased from 4.6 % in 2001 to 1.72 % in 2011. In opposite correlation with the 20.5% growth in population from 1, 680, 863 to 2, 024, 904, (Central Statistics Botswana, 2014) and the following year of 2012, Botswana Housing Corporation was given responsibility for other housing programmes. This decrease seems to signal that there are inefficiencies in provision of housing and challenges of housing are not sufficiently met. As of the 1990’s the institutions acted separately in providing housing to the low income. The main objective of this study was to find out the whether coalition of housing programmes will influence the rate at which quality housing is produced to meet the needs for low income housing, which included considerations for customer plan preferences and payment plan issues. Causal research design and Quantitative research approach were employed. The study population comprised of Botswana Housing Corporation management, Botswana Housing Corporation customers and Gaborone City Council public housing officers. This was to determine the sample size and stratified random sampling was used to increase the viability of the research. Semi-structured questionnaires were used to collect study data. SPSS version 22 was used to process and analyze the data findings of the study. The data was summarised and categorised according to common themes. The SPSS computer software aided in the analysis as it was user friendly and most appropriate for analysis. The study found out that considerations for user preferences are standardized due to constraints in funding and mandate. The study further found out that the corporation developed a quality assurance system to allow for feedback and appropriate planning. This gives consideration to user preferences in more general approach. The study further revealed that loan rates are adequate although beneficiaries still face issues of default which suggests that the cause of default is not necessarily due to the rates imposed but the income group being served. This shows a need for social housing that is highly subsidized and empowerment alongside facilitation of housing. The study recommended that Botswana Housing Corporation should continually embrace the use of quality assurance systems to provide basis for customer satisfaction and planning to create new products. It was evident that along with supply of housing, property literacy is imperative along with proper management of projects to improve delivery. |
| Keywords: | Botswana Housing Corporation; Low Income Housing; Quality Assurance; Single housing authority |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_245&r=ure |
| By: | Antonin Bergeaud (Banque de France - Banque de France - Banque de France, CEPR - Center for Economic Policy Research - CEPR); Jean-Benoît Eymeoud (Banque de France - Banque de France - Banque de France, LIEPP - Laboratoire interdisciplinaire d'évaluation des politiques publiques (Sciences Po) - Sciences Po - Sciences Po); Thomas Garcia (Banque de France - Banque de France - Banque de France); Dorian Henricot (Banque de France - Banque de France - Banque de France, ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We examine how corporate real estate market participants adjust to the take-off of teleworking. We develop an indicator of the exposure of counties to teleworking in France by combining teleworking capacity with incentives and frictions to its deployment. We study how this indicator relates to prices and quantities in the corporate real estate market. We find that for offices in counties more exposed, the Covid-19 crisis has led to (1) higher vacancy rates, (2) less construction, (3) lower prices. Our findings reveal that teleworking has already an impact on the office market. Furthermore, forward-looking indicators suggest that market participants are anticipating the shift to teleworking to be durable. |
| Keywords: | Corporate real estate, Commercial real estate, Teleworking |
| Date: | 2022–01–27 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03548889&r=ure |
| By: | Mihaela Meslec |
| Abstract: | The financialization literature describes how the increasing mobile capital in the coming years will put a pressure on real estate to be transformed into high quality investible financial product (Haila, 2021). Even though the proportion of real estate in an investment portfolio has increased every year reaching 25% and real estate comprises up to 50% of the total value of words assets, however only 10% is high quality investible property with a profitable return on equity (Hartzell and Baum, 2020). The investors are challenged to implement main structural changes driven by digitalization, sustainability and the rapidly changing market trends some accelerated by COVID. But, the yieldable property became scarce and more active measures need to be taken by investors to increase the net operating income. There is a need for re-engineered business models to make sustainability and digital transformation the new drivers of performance.Based on a systematic literature review to identify the main drivers of structural change: sustainability, digitalization and investment market trends, the reconceptualization of the Real Estate Development (RED) is proposed to become a business incubator for sustainable and smart urban products. In a second stage, a re-engineered business model for real estate investors is proposed. Within the context of direct investment in real estate development (either by building new, partially demolish or major conversion of existing building stock) the research explores new value creation systems based on the drivers of three major structural changes: digitalization, sustainability, market trends. Entrepreneurial management, an important quality of the RED process is a key element for initiating the sustainable and digital transformation of the built environment by bringing ideas to reality. Miles (2015) points out the distinctive entrepreneurial spirit present in a development process and needed to realize a vison by stirring the processes of design, finance, building and leasing processes. By taking the role of an entrepreneurial innovator and making use of the existing digital technologies, real estate investors have the potential to generate innovative sustainable and smart city concepts.The current market conditions require a re-conceptualisation of real estate development as a more agile process to challenge the real estate asset class established characteristics, make the transition from project to product and become a tool for real estate investors in reaching value-add strategies by integrating ESG goals, smart building technologies and rapidly changing market trends. |
| Keywords: | Digitalisation; Investment; Real Estate Development; sustainability |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_204&r=ure |
| By: | Heecheol Shim; Jaehwan Kim |
| Abstract: | Urban problems in rural small towns in Korea are manifested in various forms, such as the aging of the population, the smart gap, the departure of young people, and the inefficiency of urban space. Accordingly, the state and local governments are presenting various solutions to solve the above urban problems. Among them, the Ministry of Land, Infrastructure and Transport conducted a public competition project to develop and demonstrate technologies such as smart common cultural space creation, smart education support, smart crime prevention and safety, smart healthcare, and smart information plaza as a way to create a smart city. Based on the project selected in the 2021 public contest, this study collects the opinions of actual residents through the operation of a living lab before the actual smart solution space construction, and based on this, secures the direction for space composition and curriculum development, and applies local customized applications We tried to derive a method for To this end, a living lab was operated prior to the establishment of a smart solution space, and various opinions were shared and collected through the participation of experts in each field, local residents, and universities. Based on the convergence results, the present day problems and local issues of small towns were discovered and served as a test bed to solve them. In addition, in order to further secure the justification and feasibility of building a smart space, the opinions of local residents were actively collected through a total of three surveys. As a result of living lab and governance results and survey analysis results, the necessary services and solutions were built in the order of smart crime prevention, smart healthcare, convenience for living, education support, smart information plaza, smart shelter, and multi-purpose studio. Through this, it was possible to build a space that maximizes the sensibility of actual residents.This study presented a methodology for how to build a resident-led bottom-up development model rather than the central government-led top-down development, and carried out actual demonstration. It is judged that this study can be provided as basic data to some extent in the design of a smart city customized for each region in the future to spread a similar public offering project. Smart cities and proptech following the 4th Industrial Revolution are an irresistible trend, and accordingly, they will become more sophisticated and concrete. Therefore, it is hoped that various results for actual verification through demonstration projects can be drawn, rather than looking at smart cities, living labs, and smart solutions only from an academic point of view, and various policy implications can be derived. |
| Keywords: | Construction of space; Governance; Livinglab; Smart Solution |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_224&r=ure |
| By: | Frohnweiler, Sarah; Beber, Bernd; Ebert, Cara |
| Abstract: | Information frictions about the benefits of migration can lead to inefficient migration choices. We study the effects of a randomly assigned information treatment about regional income differentials in Ghana and Uganda to learn about participants' belief updating and subsequent changes in migration intentions and destination preferences. Participants react to the provided information by correcting their destination preferences towards regions with higher incomes, whereas their intent to migrate changes less. Participants' belief updating follows an asymmetric process restricted to individuals who initially underestimated regional differentials. The results suggest that income differentials matter for where to and less whether to migrate. |
| Keywords: | Income differentials, migration decision, belief updating |
| JEL: | J31 J68 O15 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:987&r=ure |
| By: | Borzykh K.A. (The Russian Presidential Academy Of National Economy And Public Administration); Ponomarev Y.Y. (The Russian Presidential Academy Of National Economy And Public Administration); Radchenko D.M. (The Russian Presidential Academy Of National Economy And Public Administration); Salimova D.R. (The Russian Presidential Academy Of National Economy And Public Administration) |
| Abstract: | Air transport accounts for the largest share of passenger turnover compared to other modes of transport, which makes it of particular importance in Russia. The strategic goals to develop the regional airport network, which are fixed by Presidential Decrees No.204 of 2018 and No.474 of 2020, as well as the recent external shock – the spread of the coronavirus pandemic, which resulted in an 85% decrease of domestic air traffic – explain the relevance of studying the factors which affect the development of regional markets for air passenger traffic. The aim of the study is to analyze the determinants of the spatial distribution of air passenger flows in Russia. This research applies a number of scientific methods, such as synthesis, analysis, induction, deduction, etc. It also entails the analysis of relevant literature and open statistical sources, and applies spatial econometrics models to take into account the geographical distribution of air passenger flows. The results of the study are conclusions about the impact of regional socio-economic characteristics as well as spatial interdependence on the volume of air passenger traffic. The model estimates indicate that the actual distribution of regional air traffic is subject to a gravity mechanism. What is more, the spatial heterogeneity of the passenger traffic distribution has been confirmed. One of the major characteristics of the current network configuration in Russia is the pronounced star-shaped structure of air traffic: in 2009-2018 up to 95% of the total passenger traffic from the Russian regions passed through the Moscow hub, whereas the regional opportunities to generate passenger flows bypassing Moscow were limited. According to the scenario analysis, which was carried out to estimate the potential effects resulting from stimulation of air passenger traffic, the strongest effect on the air traffic is provided by stable regional economic growth. This effect becomes even more pronounced if the measure is combined with the support of air carriers through reduction of flight service costs and stimulation of consumers’ demand through subsidies. Further research is aimed at a more detailed scenario analysis of possible effects resulting from the optimization of the regional airport network in Russia. |
| Keywords: | air traffic, spatial analysis, gravity modeling, regional flows, passenger traffic |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022036&r=ure |
| By: | Philippe Coulangeon (CRIS - Centre de recherche sur les inégalités sociales (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique); Denis Fougère (CRIS - Centre de recherche sur les inégalités sociales (Sciences Po, CNRS) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article assesses the impact of a two-year long project-based learning program conducted by the National Opera of Paris in a large number of middle schools located in underprivileged areas, aiming at preventing school dropout and tackling educational inequalities by providing disadvantaged students with the opportunity to discover the world of opera. Taking a counterfactual approach (propensity score matching), we measure the impact of participation in the program on final exam and continuous assessment grades. The analysis displays mixed results: a significant and positive impact for the students who participate in the program for its whole duration (two years), at least for continuous assessment scores, but a negative impact for those who leave the program after only one year. The contrast between the effects of full and partial participation in the program suggests that these may be primarily due to a selection effect in favor of the most culturally and socially compliant students, in line with Bourdieu's and Passeron's reproduction theory (1997 [1970]) rather than a mobility effect (DiMaggio, 1982) resulting from the transfer of cultural capital to disadvantaged students. |
| Keywords: | project-based learning, middle school, statistical matching, mixed method, cultural capital |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03930113&r=ure |
| By: | Karl-Friedrich Keunecke; Cay Oertel |
| Abstract: | Autoregressive heteroscedastic effects in financial time series have been subject to a broad field of applied econometrics. Both academic research, as well as the industry, apply GARCH processes to real estate data with previous investigation mostly focused on securitized real estate positions. So far, the common approach in the literature has been to assume normal distribution of the innovation term for the GARCH modelling of direct real estate markets (Miles, 2008). The specified assumption of normality however falls short of the data characteristics exhibited by direct real estate markets, such as returns of real estate prices explicitly not normally distributed and better characterized by a more leptokurtic, skewed distribution (Schindler, 2009). Ghahramani and Thavaneswaran (2007) point out that typically the innovation distribution is selected without further justification (also see Pin-te & Fuest (2014) footnote for a simple switch to student-t without further justification). Consequently, the omission of a priori assumptions about the innovation term distributions being fit to direct real estate leading to misspecification and -parameterization of GARCH models is the research aim of this study. The employed analysis will utilize monthly transaction-based data for ten US property market subsets, whilst observing a window of time to encompass different market conditions and volatility regimes (Perlin et al., 2021). Determining how ARCH effects might differ across different US real estate submarkets as well as major and non-major markets builds on and extends previous research focused on geographical disaggregation (see Crawford and Fratantoni, 2003; Dolde and Tirtioglu, 1997; Miles, 2008; Schindler, 2009). Subsequently fitting and estimating each data subset with a conditionally normally distributed GARCH model will be juxtaposed by employing a variety of innovation distributions to the data. It follows the central hypothesis of this paper, that the goodness of fit for GARCH models can be improved by allowing for the conditional distribution to be modeled as a flexible a priori assumption. Investigating the differing goodness of fit for the models and employing the most appropriate models to re-estimate the GARCH parameters will allow an analysis of the differences in volatility clustering effects to the model employing normally distributed innovations. The aim is to show empirically, that non-normal innovation term distribution leads to a potentially better goodness of fit of the GARCH model. The utilization of a priori assumptions of GARCH model specification is of high importance not only for portfolio management of investors, but also risk management for economic institutions such as central banks and mortgage banks (Schindler, 2009). To the best of the authors’ knowledge, there is no study which scientifically examines the innovation term distribution of GARCH models of direct real estate investments. This paper aims to provide a better understanding of the influence a priori assumptions of the innovation term can take to increase the validity of volatility models for direct real estate investments. |
| Keywords: | Capital Values; GARCH; Innovation term distribution; Volatiltiy modeling |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_97&r=ure |
| By: | Augustin de Coulon; Larissa da Silva Marioni; Mary O'Mahony |
| Abstract: | This paper aims to look at regional mobility in the UK and its impact on regional human capital stocks. We estimate regional transitions probabilities from and to regions. We do this using different regional aggregation levels, by demographics characteristics and education status. Our results show that mobility appears heavily concentrated amongst the young and educated populations. The results suggest little changes over recent periods. Using these regional mobility transitions, we find that regional human capital stocks can be misleading if one does not take into account regional mobility of young people. |
| Keywords: | skills, human capital, mobility, migration |
| JEL: | J6 O4 R1 |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:nsr:escoed:escoe-dp-2022-28&r=ure |
| By: | Martin Christian Höcker; Yassien Bachtal; Andreas Pfnür |
| Abstract: | The work environment of knowledge workers has been subject to constant change not only due to the ongoing Covid-19 pandemic. Shifts in technology, the economy, and society are changing the way we work. In addition to the office, work from home and third places are now available for the completion of tasks. The Covid-19 pandemic globally forced knowledge workers to work from home and thus, enabled employees to gather experiences in working from home, accelerating the development. It can be assumed that many knowledge workers are weighing up their preferred place of work.Previous studies have shown that working from home can have positive effects for companies in the form of productivity improvements. So far, this potential has mainly been shown for the average of the total workforce. Yet, it is not clarified which employees exactly benefit from working from home and which employees should work from the office or from third places. The aim of the study is to identify clusters that have their own work location distribution and to describe these based on personal, work-related, and real estate characteristics. In addition, it is to be examined whether the desire for the specific work location distribution (modal split) promises success.The identification of clusters is carried out using hierarchical cluster analysis including previously identified personal, work-related, and real estate characteristics. The assessment of the results is based on the comparison of the cluster characteristics, the stated preference for work from home, third places, and company office as well as previously identified variables on work success at different work locations. Data from a survey of 1159 knowledge workers in Germany and the U.S. is used.The results of the study provide important information for corporate real estate management and other actors in the real estate industry. They suggest that knowledge workers have developed a good sense of which work location they can successfully work at. Nevertheless, companies must carefully decide which employees could work from home or at third places with regard to the company's success. In addition, the results underline the necessity of upgrading the quality of corporate spaces: On the one hand, to be able to offer suitable workplaces for cooperation and, on the other hand, foster corporate culture through an appropriate real estate portfolio. |
| Keywords: | Coworking; Hybrid working; Multilocality of work; Work from Home |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_26&r=ure |
| By: | Luerdi, Luerdi |
| Abstract: | The outbreak of COVID-19 pandemic has impacted all the world’s aspects, including the interactions among governments. While some either chose to be conflicting with others or overlooked the pandemic, the rest attempted to collaborate in addressing the new global threat. Mega-cities in many countries were the most suffering regions due to the enormous virus confirmed cases, deaths, and economic declines, intertwining with other urban issues. As the largest city in Southeast Asia and in Indonesia, Jakarta also experienced the unprecedented crisis. However, apart from the efforts to tackle the crisis at home, the city showed its international engagement in addressing the issue together with other world’s cities as its para-diplomacy. This research aimed to answer the driving factors encouraging the city for such engagement. This research employed the qualitive method with a descriptive analysis and the city leadership theory proposed by Rapoport, Acuto and Grcheva. This research found that the Jakarta’s international engagement in addressing the pandemic as the city leadership action was driven by the role of city leader, decentralization and global city networking, and the regional COVID-19 policies and internet representing three elements in the theory: actor, structures, and tools. This paper argues that cities within the global city networking have demonstrated their stronger role during the pandemic, providing opportunity for nation branding by regional initiatives in handling the pandemic in addition to state foreign policy. As cities have been more consolidated within the networks, seeing the city leadership in responding to global issues merits attentions among scholars. |
| Date: | 2023–02–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:6f3j5&r=ure |
| By: | Radchenko D.M. (The Russian Presidential Academy Of National Economy And Public Administration); Rostislav K.V. (The Russian Presidential Academy Of National Economy And Public Administration); Ponomarev Y.Y (The Russian Presidential Academy Of National Economy And Public Administration) |
| Abstract: | The transport industry is one of the key components of the Russian economy, not only generating a substantial amount of gross value added, but also ensuring the spatial connectivity of the country's territories. Acceleration of technological progress, introduction of new technologies in various industries require corresponding increase in cargo and passenger transportation, which implies speeding up the development of high-speed transportation, following the path most intensively developing countries took in the last decade. On the global scale, high-speed rail transport is confidently occupying a niche in the range of 400-800 km when organizing mass transportation and ensuring the shortest travel time. In Russia, high-speed rail service is just beginning to develop as part of the goals and objectives set forth in Presidential Decree No. 204 of May 7, 2018 and the Comprehensive Plan for the Modernization and Expansion of Mainline Infrastructure, the Program for organizing high-speed and high-speed rail service in the Russian Federation. At the same time, despite numerous studies of the quantitative effects of investment in transport infrastructure, the effects of high-speed rail service development have not been studied in practice in the domestic economic literature. This determines high relevance of such a study, as well as an assessment of the positive effects of the development of high-speed rail communication in Russia within the framework of scenario analysis. The purpose of the study is to develop an approach and conduct scenario assessments of the socio-economic effects of the development of high-speed railway communication in Russia. Main goals: a review of approaches to assessing the effects of HSR, analysis of strategic plans for the development of HSR in Russia, two-ways effects assessment: at the country panel and at the regional level in a simulation model. The research methods include economic and mathematical modeling and economic analysis based on model complexes built at RANEPA, particularly a prototype spatial simulation model of the Russian economy. The object of the research is the effects of the development of high-speed railway communication in Russia. Key results: based on cross-country data, it is shown that the development of both high-speed and express rail service contributes significantly to economic growth: the elasticity of GDP per capita for the length of high-speed and express rail lines is 0.029–0.036 and 0.042-0.048 respectively, for the presence of HSR - 0.125. Scenario analysis based on a simulation model also demonstrates an increase in population mobility, cost of living, and other indicators in the regions where HSR is projected to be built. |
| Keywords: | spatial development, high-speed rail traffic, transport, rail transport, high-speed rail traffic, high-speed railways, high-speed traffic, high-speed rail. |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022019&r=ure |
| By: | Julien Combe (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique, X - École polytechnique); Olivier Tercieux (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Camille Terrier (UNIL - Université de Lausanne = University of Lausanne, CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science, IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics, CEPR - Center for Economic Policy Research - CEPR, CESifo - CESifo) |
| Abstract: | To assign teachers to schools, a modified version of the well-known deferred acceptance mechanism has been proposed in the literature and is used in practice. We show that this mechanism fails to be fair and efficient for both teachers and schools. We identify a class of strategy-proof mechanisms that cannot be improved upon in terms of both efficiency and fairness. Using a rich dataset on teachers' applications in France, we estimate teachers preferences and perform a counterfactual analysis. The results show that these mechanisms perform much better than the modified version of deferred acceptance. For instance, the number of teachers moving from their positions more than triples under our mechanism. |
| Date: | 2022–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03917996&r=ure |
| By: | Chiara Burlina; Andres Rodriguez-Pose; ; |
| Abstract: | COVID-19 is mostly considered to have ravaged places with high levels of inequality and poverty. Yet, in the case of Europe, the evidence for this is limited. In this paper we address this gap in our knowledge by exploring how regional variations in poverty, wealth, and inter-personal inequality have shaped COVID-19-related excess mortality. The results show that during the first 18 months of the pandemic there is no link between inequality and poverty, on the one hand, and the lethality of the disease, on the other. The geographical concentration of wealthy people is related to more, not less, excess mortality. |
| Keywords: | COVID-19, pandemic, inequality, poverty, institutions, regions, Europe |
| JEL: | D31 O43 R58 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:2303&r=ure |
| By: | Catherine Kariuki; Joel Simiyu |
| Abstract: | In the past few years Africa countries have developed infrastructure to a larger scale than they have ever done in the last 40 years or so since independence. Though the improvement is welcome, two sectors have been completely ignored. Firstly, the physical structures that are the terminus, the bus stops and parking spaces within the terminal. In many instances facilities such as waiting areas, restrooms, organized shopping areas, luggage deposits and freight areas are lacking or poorly planned. Safety and security concerns have arisen, especially for long distance night travel, passengers stay in the buses until day-break or hire a hotel room. Those who venture out, have reported cases of being mugged and others almost killed. Secondly is the issue of policy and institutional goodwill from government entities to provide and maintain such facilities. The current situation shows that interest is only in the levying of parking fees payable by the travel companies, and to meet these demand, allocations of parking spaces are made along main roads creating bottle necks and traffic snarl-ups. These locations are also not ideal for provision of terminals and supporting facilities. The paper looks at the current situation in an effort to find out the existence, adequacy and management of these facilities. It recommends that the public transport sector must provide bus terminus in urban areas that is properly designed, having proper places to eat, waiting rooms/lounges and clean restrooms. All these places should ensure the security of the passengers and their families. There should be adequate parking for passengers’ cars and drop off zones. In the rural areas, the same facilities should be replicated at a smaller scale. When these facilities are provided they must be maintained and managed properly by a facilities or property manager. Hence the need to include the management of these facilities in the management courses taught at institutions of higher learning. The future of mobility in Kenya is not just about building of roads and railway infrastructure, it is about a proper interchange and provision of the last mile. |
| Keywords: | Bus terminus; Facility Management; Mobility; transport |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_103&r=ure |
| By: | Guillaume Toussaint; Arnaud Simon |
| Abstract: | In France, a lot of rent markets are said to be “saturated”, which means that there exists a structural dwelling disequilibrium between demand and supply. In some cities, finding a place to stay is becoming a challenging task. This is the case, inter alia, for Paris. Thus, a rent control has been coerced in 2019. It is today effective in few other cities in France: Lille, Lyon, Villeurbanne, Plaine Commune, Est Ensemble. This rent control limits rent amount with respect to room counts, typology (furnished or not), construction period and administrative suburb of the dwelling.However, despite the rent control, we observe that some leases exceed the ceiling fixed. By doing so, the introduction of a ceiling places all leases that exceed the latter in the category of administrative luxury goods. In this research, we observe what causes these exceedances: is it about the intrinsic characteristics of dwelling (high floor, Haussmannian, large surface); about the extrinsic characteristics (green spaces proximity, iconic monuments); both? Or is it about an a priori conception of the regulatory authority, as quality and luxury are mostly a matter of perception (Zeithalm (1988), Walls (2011))?The "superstar" approach, developed by Rosen (1981), is an interesting benchmark to understand from where comes administrative luxury. This approach states that there is a "superstars’ phenomenon" in the economy, when a "small number of people earn enormous amount of money and dominates the activity in which they engage". Applied to the housing market, Gyourko et al. (2013) find that there exists "Superstar cities", in which there is an inelastic supply of land which increases house prices and crowd out lower income households.Is there "superstar suburbs" in Paris, where exceedance frequency is higher? Or is it generalizable to Paris as a whole? Has living in Paris become a luxury? |
| Keywords: | Administrative luxury; Perceived Value; Rent Control; Superstars economics |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_179&r=ure |
| By: | Stark, Oded (University of Bonn) |
| Abstract: | Received migration research has it that higher relative deprivation strengthens the incentive for people to migrate, and that migration is often a risky enterprise. Relative deprivation has been seen as a push factor in migration, and the level of risk involved in migration has been understood to reduce its attraction. Here we show a positive relationship between the level of relative deprivation experienced at origin and willingness to undertake risk-laden migration: we show that higher relative deprivation is matched by riskier acceptable migration options. In expanding the range of acceptable risk-laden migration options, relative deprivation experienced at origin acts also as a pull factor for migration. |
| Keywords: | social preferences, relative deprivation, risk-laden migration |
| JEL: | D81 D91 F22 J61 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15908&r=ure |
| By: | Ervi Liusman |
| Abstract: | Field trip has become increasingly important in real estate education as it not only improves student’s observation skills, but also enhances their perception about the space. Previous studies suggested that field trip can enhance students’ learning experience by transforming information into personal context. It has therefore been widely used in various disciplines, such as in science, history and business. It has also been adopted in the field of geography and built environment. By just showing photos of a building or a drawing plan is not adequate, as the actual three-dimensional space are completely different from the two-dimensional drawings. Field trip is thus essential in this field. For the last two years, it has been difficult to organize a field trip. The COVID-19 pandemic has forced students to attend online lessons, while the field trip has been cancelled which critically affect students’ observation skills and awareness of the space. To achieve a similar learning experience, some educators have adopted virtual field trip to substitute physical field trip. Some has used traditional video to show students the buildings and its surroundings, while others started using virtual reality (VR) technology to engage the students. VR360 panorama tour is in fact a good alternative to show three-dimensional space. Although it is different from the physical field trip which activity taking outside the classroom, the students are brought into the virtual world which allow them to see and interact. This can engage the students and enrich their learning experience. The purpose of this study is to examine whether the use of VR as a virtual field trip can enhance students’ understanding on a retail building management. We develop VR360 panorama tour with a walkthrough interactive function named “VR Central Market” to substitute the physical field trip. The students need to find the information about Central Market in this VR tour. The VR tour can be carried out online and the students can learn at their own pace. In our study, the students are required to complete the pretest and posttest questions to examine whether their understanding has been enhanced after viewing the VR tour. The questionnaire survey is also provided to the students to understand their perception on adopting VR as a virtual field trip. Our study contributes to the literature of real estate education, as well as innovation in education. |
| Keywords: | Field trip; Real Estate Education; Retail building; Virtual Reality |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_151&r=ure |
| By: | Jordi Jofre-Monseny (Universitat de Barcelona & IEB); Rodrigo Martínez-Mazza (Research, Uppsala Unversity and IEB); Mariona Segú (CY Cergy Paris Université) |
| Abstract: | Concerns related to housing affordability are widespread in cities worldwide, and discussions about adopting rent control policies abound. This paper studies the effects of a rent control policy adopted in Catalonia in September 2020 that applies to some but not all municipalities. The policy virtually covers all the rental market and forces ads and tenancy agreements to specify the applicable rent cap to ensure enforcement. In order to identify the causal effect of the rent control regulation, we implement difference-in-differences regressions and event-study designs and analyze average rents and the number of tenancy agreements signed. Our results indicate that the regulation reduced average rents paid by about 6%. However, this price drop did not lead to a reduction in the supply of housing units in the rental market. We implement several robustness tests to address several identification concerns related to Covid-19. Our results suggest that rent control policies can be effective in reducing rental prices and do not necessarily shrink the rental market. |
| Keywords: | Rent Control, Housing, Public Policy Evaluation, Event Study |
| JEL: | R52 R31 H70 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2022-02&r=ure |
| By: | Thomas Vogl; Hans-Joachim Bargstädt |
| Abstract: | Coworking is a model based on sharing a working environment, typically an office, with other people, but in which workers' activities are carried out individually or in small groups. This working model is often confused with the traditional office space model, but unlike these, the workers do not necessarily belong to the same company or working environment. The spread of these spaces has increased over the last decade with the rise of freelancers, itinerant workers, and commuters. This activity, which is strongly driven by a spirit of sociability, independence, shared values, and synergy, tends more and more to break away from the typical working districts of the city, becoming satellite stations that grow in less predisposed areas of the city, such as: industrial district, rural areas, and residential ones. The literature on coworking spaces has been growing fast during the past year, to date, no literature review has systematically studied the effects of such collaborative-flexible new working spaces on residential areas. To fill the gap in the literature, this paper presents a systematic literature review of the effects of coworking spaces on residential areas and their inhabitants.The methodological approach is based on the Preferred Reporting Items for Systematic Reviews and Meta-Analyses, also known as PRISMA. By considering the PRISMA checklist items. This study provides different aspects and identifies indicators from various cross-studies published in 10 years (2011-2021).Results show that USA and Europe exceeds the number of publications on these topics during the past decade, and the main research focus was based on spatial planning. With its ability to foster a community of specialized and well-trained people, CSs enhance the revitalisation of residential areas, create a identity and can provide social services for the municipality, which leads to a higher sense of wellbeing of the residents. |
| Keywords: | Coworking; literature review; Residential; Well-Being |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_142&r=ure |
| By: | Stefan Flagner; Piet Eichholtz; Nils Kok; Guy Plasqui; Maartje Willeboordse |
| Abstract: | Primary and secondary education are of critical importance to the future life of children, determining their future in the labour market. Thus, pupils should be provided with an optimal learning environment to work at their highest cognitive capacity, including the indoor quality of classrooms. However, school buildings are often old, poorly ventilated, and in urgent need of renovation. Past studies have shown that being in a poorly ventilated classroom can have negative effects on the learning outcomes of pupils. The question remains, however, if children with an unhealthy lifestyle are more susceptible to a poor indoor environment. This study aims to investigate the role of the pupil’s health status when being exposed to high levels of indoor carbon dioxide (CO2) in classrooms. It is hypothesised that among the students with healthy dietary behaviour and high physical activity level, despite being exposed to a high concentration of CO2 during the time they study for a test and during the time of conducting the test, they are more resilient towards the negative effects of indoor CO2 on learning outcomes, compared to students with a less healthy lifestyle. For this purpose, data from a quasi-experimental study was used, including indoor air sensor data for each classroom, data of the health behaviour of students, and the exam grades of an annual nationwide test. The sensors measure the concentration of CO2, fine particular matter, temperature and humidity levels, and noise levels in classrooms. Preliminary results from linear mixed model analysis have shown that an unhealthy diet and a higher BMI negatively affects test scores. Additionally, the effect of dietary behaviour on test scores interacts with the level of CO2 in the classroom. The next steps will be to examine this effect further by including confounders such as socioeconomic status, sick leave, and minutes spend in the classroom. |
| Keywords: | Academic Performance; Cognition; Health Behaviour; indoor environment |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_86&r=ure |
| By: | Cevat Giray Aksoy; Jose Maria Barrero; Nicholas Bloom; Steven J. Davis; Mathias Dolls; Pablo Zarate |
| Abstract: | We quantify the commute time savings associated with work from home, drawing on data for 27 countries. The average daily time savings when working from home is 72 minutes in our sample. We estimate that work from home saved about two hours per week per worker in 2021 and 2022, and that it will save about one hour per week per worker after the pandemic ends. Workers allocate 40 percent of their time savings to their jobs and about 11 percent to caregiving activities. People living with children allocate more of their time savings to caregiving. |
| Keywords: | work from home, commute times, allocation of time savings |
| JEL: | D10 J22 L23 R41 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10240&r=ure |
| By: | Frédéric Kluser |
| Abstract: | Cross-border shopping allows purchasing comparable goods at lower prices abroad. Meanwhile, it can reduce domestic consumption, sales, and tax collection. During the Covid-19 pandemic, the Swiss government closed all national borders to mitigate the virus's spread, thereby prohibiting cross-border shopping. I exploit the random timing of this policy using data on 600 million household-level transactions from the largest Swiss retailer to identify patterns in cross-border shopping. I find that grocery expenditures increased by 10-15% in border regions. Households drive for up to 70 minutes to a cross-border location, but the distance decay function is non-linear and marginal costs of traveling become negligible after 40 minutes. |
| Keywords: | economic geography, consumption, consumption access, consumption inequality, spatial competition |
| JEL: | R1 R2 L14 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:rdv:wpaper:credresearchpaper42&r=ure |
| By: | Ayodele Adegoke; Samson Agbato; Timothy Tunde Oladokun; Job Taiwo Gbadegesin |
| Abstract: | Diverse human activities are carried out in real estate, suggesting its significant contribution to global warming. This study examines how cognizant managers of real estate are about the potential benefits of vertical greening systems (VGSs). The research questionnaire was administered to real estate managers. The real estate managers were those under the employment of registered estate surveying and valuation firms in Lagos. They were sampled using the simple random method, with one real estate manager selected per firm. Of the total of 282 real estate managers, only 127 responded to the questionnaire, and 121 (representing 42.9%) were found to be of use in the data analysis. With the aid of the Statistical Package for the Social Sciences (SPSS v.20). The analysis of the data collected was done using the fuzzy synthetic evaluation method. The study found a generally low level of cognizance among the real estate managers (overall cognizance index = 2.60). However, based on the categories of the different benefits of VGSs, the results showed that the real estate managers' cognizance of the environmental benefits of VGSs is more than that of its social and economic benefits. Real estate managers not being fully cognizant of the potential benefits of VGSs would prevent them from giving an appropriate recommendation to the government on the need to form a policy that would mandate the installation of vegetation on buildings. We conclude that the cognizance of the real estate managers would assist the government in the formulation of policies to foster the achievement of sustainable development goals. |
| Keywords: | Green facade; Green wall; Real estate managers; Vertical greening systems |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_22&r=ure |
| By: | Laura Gabrielli; Aurora Ruggeri; Massimiliano Scarpa |
| Abstract: | This paper, part of a more comprehensive research line, aims to discuss how the covid-19 pandemic has affected the demand in the real estate market in Padua. Padua is a medium-sized city that represents the typical Italian town.The authors have been investigating the real estate market in Padua for a few years, collecting information on the buildings on sale from related selling websites. This data collection procedure has been accomplished with the help of an automated web crawler developed in Python language.For this reason, the authors are now able to compare the real estate market in Padua at different times. In particular, two databases are here put into a detailed comparison. Database A dates back to 2019 (II semester), capturing a pre-Covid-19 scenario, while database B is dated 2021 (II semester), representing the actual situation.First of all, two forecasting algorithms to predict the market value of the properties as a function of their characteristics are developed using an Artificial Neural Networks (ANNs) approach.ANNs are a multi-parametric statistical technique employed to forecast a property's market value. The input neurons of the network, i.e. the independent variables, are the buildings' descriptive features and characteristics, while the output neuron is the market value, the dependent variable.ANN(A) is developed on database A, and ANN(B) is created on B. The comparison of the two forecasting functions represents the differences in the demand after two years from the first Covid-19 alerts.Since ANNs are a multi-parametric procedure, this methodology isolates each attribute's singular influence on the forecasted price. It is, therefore, possible to understand how the preferences of the demand have changed during the pandemic. Some characteristics are now more appreciated than before, such as external spaces, like a terrace or a private garden. Also, systems and technologies seem more appealing now than before the pandemic, for example, the presence of optical fibre or mechanical ventilation. Moreover, wider building typologies are more appreciated now, like villas, detached and semi-detached houses, or farmhouses. But, on the contrary, other characteristics are less appreciated. The location, for instance, is less influential than before in price formation. These changes in preferences can be attributed to the new lifestyle since new habits have been produced after the lockdown experience and new smart working schedules that the pandemic has led to. |
| Keywords: | Analytical Neural Network; COVID-19; Real Estate Valuation; Structural characteristics |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_178&r=ure |
| By: | Lorenzo Cappellari; Daniele Checchi; Marco Ovidi |
| Abstract: | We quantify the causal effect of schooling on cognitive skills across 21 countries and the full distribution of working-age individuals. We exploit exogenous variation in educational attainment induced by a broad set of institutional reforms affecting different cohorts of individuals in different countries. We find a positive effect of an additional year of schooling on internationally-comparable numeracy and literacy scores. We show that the effect is substantially homogeneous by gender and socio-economic background and that it is larger for individuals completing a formal qualification rather than drop-ping out. Results suggest that early and late school years are the most decisive for cognitive skill development. Exploiting unique survey data on the use of skills, we find suggestive evidence that our result is mediated by access to high-skill jobs. |
| Keywords: | Cognitive skills; Educational Policies; Returns to schooling |
| JEL: | H52 I21 I28 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:irs:cepswp:2023-03&r=ure |
| By: | Wilhelm Breuer; Christopher Jäger |
| Abstract: | This paper explores the question in which market phases arbitrage between listed real estate companies and non-listed real estate funds is possible for institutional investors.The term arbitrage implies the skimming of profits by exploiting price differences of assets in different markets. Applied to listed and unlisted real estate portfolios, this describes the fact that profits can be made by converting listed real estate portfolios into unlisted ones and vice versa. Arbitrage between listed and unlisted real estate portfolios is basically possible in two ways:Firstly, through a de-listing or conversion of a listed real estate company to a real estate special fund; Secondly, through a listing or IPO or spin-off of a special real estate fund to a listed real estate company.For this purpose, the total return time series of listed and non-listed stocks in the same period are compared in each case. The FTSE EPRA NAREIT Developed Europe Office Index was used as the total return time series for listed European real estate companies and INREV data of special real estate funds with a comparable regional and sectoral investment focus as the total return time series for non-listed holdings. The period under review covers the periods from Q1 2007 to Q3 2018.In doing so, the authors examine the data series for both non-risk-adjusted and risk-adjusted arbitrage. The risk-adjusted analysis is carried out using a modified Sharpe ratio, based on the one hand on a forecasted arbitrage time series and on the other hand on an arbitrage time series supplemented by a (supposedly) risk-free investment alternative. Both predicted arbitrage time series are set in relation to the "more" risk as the difference from the respective dispersions. In this context, only the forecasted arbitrage time series or the forecasted arbitrage time series supplemented by a (supposedly) risk-free investment alternative are responsible for the positive or negative characteristics of the modified Sharpe ratios, since the risk of EPRA is always above the risk of INREV.For analytical reasons, this study deliberately abstracts from legal and operational restrictions and transaction costs of the respective conversion.It can be seen that negative modified Sharpe ratios exist in three time periods - in these time periods, arbitrage against listed real estate companies can therefore be expected through investments in real estate special funds or through de-listing or conversion of listed real estate companies to real estate special funds.Conversely, positive modified Sharpe ratios can also be identified in three periods - in these periods, arbitrage against listed real estate special funds can therefore be expected through investments in listed real estate companies or through listing or IPO or spin-off of real estate special funds to listed real estate companies. |
| Keywords: | Arbitrage; Listed Real Estate; Modified Sharpe Ratio; Non-listed real estate |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_259&r=ure |
| By: | Lorenzo Caliendo; Luca David Opromolla; Fernando Parro; Alessandro Sforza |
| Abstract: | European countries experienced a large increase in labor supply due to the influx of Ukrainian refugees after the 2022 Russia invasion. We study its dynamic effects in a spatial model with forward-looking households of different skills, trade, and endogenous capital accumulation. We find that real GDP increases in Europe in the long term, with large distributional effects across countries and skill groups. In the short run, an increase in the supply of labor strains the use of capital structures that takes time to build. Over time, countries that build capital structures increase output, resulting in potential long run benefits. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10236&r=ure |
| By: | Samet Dibek; Kerem Yavuz Arslanli |
| Abstract: | This study tried to examine how Covid-19 affected house prices in online listing platforms for the Istanbul Metropolitan area. In all online listing platforms in Turkey, net living area, building age, being in a gated community, the number of floors, and floor of the apartment are the primary filtering and evaluation criteria. We analyzed how and in what direction these parameters affect house prices, depending on people's preferences, from the beginning of 2020, which is considered the beginning of Covid-19, to June of 2021, the period when life began to continue relatively independent from covid-19. While doing this, we had 635, 234 observations of house sales from online listings. We divided the data into three groups for houses with lower, middle and upper-income level prices, running them in a split model would be a better option when considering Istanbul's metropolitan structure. For each dataset, we have created regression models on a monthly basis and tracked the change of parameter coefficients. While all parameters in the model gave meaningful results for the lowest price segment, the significance level decreased as the prices increased. During pandemic, the tendency of the low-income group has evolved towards a modern form of housing in gated communities. As a result, the tendency to live in old buildings has decreased and the "large space requirement" related to size has left its place to "more room" houses in these preferences. When we run two co-models constructed at the beginning and end of the period, the coefficients for living in the gated communities increased by 58%, the coefficients for the number of rooms increased by 41% and the coefficients for the net living area increased by 21%. The building age coefficient changed its sign to negative as expected. Furthermore, none of the parameters except the net living area in the highest price group yielded to a significant result. |
| Keywords: | COVID19; House Price Modeling; Multiple Regression Models; Online Listing Platforms |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_209&r=ure |
| By: | Rodríguez-Pose, Andrés; Belso-Martinez, Jose Antonio; Díez-Vial, Isabel |
| Abstract: | Government support to promote firm-level innovation is seen as a crucial factor for economic growth. This support is frequently channeled through firm-level subsidies. Despite their relevance within the policy portfolio, there is an open academic debate on whether subsidies are effective for innovation. This is by no means related to a potential inadequacy of subsidies, but because the mechanisms of assignment may be unsatisfactory. We argue that this may be the case when subsidies are awarded to larger firms with a solid international and innovative trajectory or to those that know how toplay the system, ” rather than to the most deserving firms and projects. To test whether this is the case, we use data from 17, 866 applicants for innovation subsidies managed by the Valencian Institute of Competitiveness. We find that firms with specific knowledge accrued through previous submissions, public funding and grant consultancy or cluster location, are the main beneficiaries of public innovation support, generally at the expense of more promising candidates that lack the know-how to navigate a complex and often flawed process. This inertia gets policy-makers stuck in a sub-optimal assignment system that should be deeply reconsidered. |
| Keywords: | clusters; consultancy services; innovation policy; networks; previous subsidy experience |
| JEL: | R14 J01 J1 |
| Date: | 2021–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:111603&r=ure |
| By: | Daniël van Staveren; Alexandra den Heijer; Monique Arkesteijn |
| Abstract: | Maximising the added value of real estate (RE) for the organisation, has been subject of study of many scholars in the field of Public Real Estate Management (PREM). Through PREM, public organisations such as the Dutch National police, aim to maximise the added value of the RE portfolio consisting of over 1.000 objects. For the Dutch National police, sustainable development of the portfolio has, in the past 15 years, become increasingly important. The growing importance of this RE value can be recognized through its prioritisation relative to other values, such as supporting user activities and attractiveness. And through an increased number of criteria RE managers need to take into account when striving for sustainable development. Both the increase in comprehensiveness and prioritisation of sustainable development, have an effect on the alignment process and specifically which values are traded off for others. Although these trade-offs are decisive for how RE ultimately should enable organisational performance, little is known on how sustainable development has affected the trade-offs being made. Thus, this research provides an insight in the trade-offs between values and whether patterns in trade-offs can be found in the past 15 years, using Dutch police stations as case study. To uncover these effects and patterns, first PREM values are operationalised into a framework of criteria and key performance indicators. This framework is used to measure the performance of Dutch police stations realised in the past 15 years, which allows for a comparison. This comparison reveals the ‘proof of the pudding’: which values were traded off for others? By doing so, this research provides a comprehensive insight into the trade-offs RE managers made while striving to maximise the added value of RE. |
| Keywords: | Benchmark; Portfolio; real estate; Value measurement |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_153&r=ure |
| By: | Daniel Kretzschmar |
| Abstract: | Comprehensive knowledge of the building stock is considered essential for the implementation of climate and resource protection policy objectives. In contrast to residential buildings, data on the stock dynamics in the non-residential building sector are scarce in Germany. With publication of the construction statistics via Scientific Use File (SUF) by the research data centres of the statistical offices of Germany, for the first time, in-depth analyses of the stock dynamics in the non-residential buildig sector are possible. The dataset contains Information on on the spatial distribution down to municipality level, the date of completion of the construction measure, the predominantly used building material, information on the building owner as well as information on the number of full storeys, the volume, the floor space before and after construction completion. This dataset enables spatially detailed analyses of stock dynamics and allows an analysis of the underlying causes - or cause-effect relationships - that are responsible for these construction dynamics.The aim of this work is to identify factors that influence changes in the non-residential building stock and to quantify their influence. Based on a suitable typology of non-residential buildings, a pre-selection of influencing factors will be obtained through an expert survey. The analysis will focus on the use classes of warehouse buildings, office buildings, factory buildings and agricultural buildings. For each of these use classes within the non-residential building stock, individual influencing factors were identified. These factors are then correlated on the change in the non-residential building stock within pre-selected submarkets at the district level. For the selection of suitable districts, a cluster analysis is carried out. A factor analysis is used to reveal the interdependence between influencing factors and the respective use classes. As a result, this work can contribute to a more informed discussion on the future development of the non-residential building stock. It can be seen that comprehensive building activity statistics are essential for validating and updating future building cadastres. |
| Keywords: | Cluster Analysis; Infuencing factors; Non-residential buildings; Stock dynamics |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_52&r=ure |
| By: | Malgorzata Renigier-Biozor; Artur Janowski; Marek Walacik; Aneta Chmielewska |
| Abstract: | One of the largest problems in the real estate market analysis, which includes valuation, is determining the significance of individual property attributes that may affect value or attractiveness perception. The study attempts to assess the significance of selected attributes of real estate based on the detection and analysis of the emotions of potential investors. Human facial expression is a carrier of information that can be recorded and interpreted effectively via the use of artificial intelligence methods, machine learning and computer vision. The development of a reliable algorithm requires, in this case, the identification and investigation of factors that may affect the final solution of the problem, from behavioural aspects through technological possibilities. In the presented experiment, an approach that correlates the emotional states of buyers with the visualization of selected attributes of properties is utilized. The objective of this study is to develop an original method for assessing the significance of property attributes based on emotion recognition technology as an alternative to the commonly used methods in the real estate analysis and valuation, which are usually based on surveys. The empirical analysis enabled determination of the mainstream property attributes significance from evoked emotions intensity within the group of property clients. The significance ranking determined on the basis of the unconscious expressed facial emotions was verified and compared to the answers given in a form of questionnaire. The results have shown that the conscious declaration of the attribute ranking differs from the emotion detection conclusions in several cases. |
| Keywords: | Artificial Intelligence; attribute significance; emotion recognition technology; human emotion detection |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_18&r=ure |
| By: | Ibarra-Olivo, J. Eduardo; Rodríguez-Pose, Andrés |
| Abstract: | Inward foreign direct investment (FDI) has generally been linked to higher wages, but evidence remains sparse on the overall effects of FDI on average wages, the wage gap between skilled and unskilled labour, and inter-industry heterogeneity. We address these issues for Mexican municipalities and industries for a period of increasing FDI and sectoral change that saw growing wage inequality. By combining two non-experimental techniques we find that FDI in Mexico was associated with higher wages, mostly for skilled workers—but also for unskilled ones—and a widening gap between them. Effects vary both between and within industries depending on location, and they either wax or wane when the initial or incremental effects are considered. |
| Keywords: | foreign direct investment; industries; Mexico; municipalities; wage inequality |
| JEL: | R14 J01 N0 |
| Date: | 2022–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117636&r=ure |
| By: | Hai-Anh Dang (World Bank); Trong-Anh Trinh (Monash University); Paolo Verme (World Bank) |
| Abstract: | Hardly any evidence exists on the effects of mental illness on refugee labor outcomes. We offer the first study on this topic in the context of Australia, one of the host countries with the largest number of refugees per capita in the world. Analyzing the Building a New Life in Australia longitudinal survey, we exploit the variations in traumatic experiences of refugees interacted with post-resettlement time periods to causally identify the impacts of refugee mental health. We find that worse mental health, as measured by a one-standard-deviation increase in the Kessler mental health score, reduces the probability of employment by 14.1% and labor income by 26.8%. We also find some evidence of adverse impacts of refugees’ mental illness on their children’s mental health and education performance. These effects appear more pronounced for refugees that newly arrive or are without social networks, but they may be ameliorated with government support. |
| Keywords: | refugees, mental health, labor outcomes, Australia |
| JEL: | I15 J15 J21 J61 O15 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:mhe:chemon:2023-02&r=ure |
| By: | International Monetary Fund |
| Abstract: | This technical assistance (TA) mission was conducted remotely between May 16 and June 17, 2022 to assist the Bangko Sentral Ng Pilipinas (BSP) with their property price statistics. The mission assisted Bangko Sentral Ng Pilipinas (BSP) with the final preparations for the introduction of the updated Residential Real Estate Price Index (RREPI) and the new Commercial Property Price Index (CPPI). In addition, the mission made recommendations for the medium and longer-term development of property price statistics. |
| Keywords: | Prices Property |
| Date: | 2023–01–23 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2023/041&r=ure |
| By: | Cristian F. Sepulveda (Department of Economics, Farmingdale State College, State University of New York) |
| Abstract: | Professional sports teams commonly reevaluate their location decisions based on the prospect of building new, more attractive, stadiums. Even though a large economic literature warns about the modest (and possibly negative) effects on the local economy of hosting a professional sports team, the economic effects of professional teams and stadiums remain blurry for the general public, and cities in the United States continue to compete to lure teams with generous public subsidies. This paper integrates several contributions of the literature into one cohesive and simple framework based on cost-benefit analysis and provides estimations of the average local economic effects of teams in the four biggest professional leagues in the United States. If professional sports games do not attract visitors from other cities, or if players and owners do not spend a significant share of their income in the area, hosting a team can severely hurt the local economy. |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:ays:ispwps:paper2210&r=ure |
| By: | Paul C. Cheshire (London School of Economics & Centre for Economic Performance); Christian A. L. Hilber (London School of Economics & Centre for Economic Performance); Piero Montebruno (Centre for Economic Performance); Rosa Sanchis-Guarner (University of Barcelona & Barcelona Institute of Economics) |
| Abstract: | England ́s Town Centre First Policy, introduced in 1996, restricted the opening of new retail and other ‘traditional town centre activities’ to ‘Town Centre’ (TC) locations. The aim was to halt the decay of high streets. We explore the impact of the policy on the supply and location of grocery shops and patterns of shopping by comparing English with Scottish TCs before and after the policy change in England. Using store level census data, we show first that supply trends for grocery stores in TCs were similar in both countries prior to the implementation of the policy. After the policy took effect, however, stores in TCs increased relatively more strongly in England, but with no change in grocery employment. Second, using survey data, we show that the policy changed the composition of shops in TCs in favour of convenience-type shops supplied by the “big four” grocery chains. However, although it increased the number of TC shops, the policy had no effect on the number of shoppers choosing TC locations. |
| Keywords: | Land use planning, Retail location, Shopping destinations, Town centre, Decay of high street |
| JEL: | L81 R14 R33 R38 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2022-09&r=ure |
| By: | Kyra Voll; Felix Gauger; Andreas Pfnür |
| Abstract: | In today's knowledge work, employees in companies pursue a variety of work modes. During the COVID-19 pandemic, the home office was explored as the most commonly used work location and questions about the role of the office were addressed (e.g., Nappi and Ribeiro 2022). Employees make their choice of work location much more consciously and increasingly consider where they would like to pursue what type of work. Nevertheless, the relevance of the office as a place where work and people are locally embedded continues to be frequently attributed, rather than its disappearance predicted.New user demands such as the changing environment of companies in need of interacting faster, more agile and leaner are driving changes within the office sector. If the needs and requirements for future-oriented and user-oriented office space are met, positive effects on employees and, conversely, on the success of the company can be realized. The purpose of corporate real estate (CRE) is expanding from standard office space, as a place of pure space provision, to a place where productivity and employee well-being are equally maintained. It's becoming more and more apparent that employees visit the corporate office for social interaction, meetings and networking, while staying in the home office for concentrated individual work. As a result, the layout and space configuration of offices will have to change significantly in the future. To provide this opportunity, a variety of different spaces must be available in appropriate proportions, for example individual workstations, group workspaces, and spaces for social encounters. In this research project, based on a classification of employee work types, needs and requirements for future-oriented and user-oriented office space are derived. For an empirical analysis, 754 knowledge workers from one of the largest German pharma companies were surveyed. A cluster analysis, is used to show how office space layout can be derived based on different work modes. The results show that based on the derived work modes from the cluster analysis six different work types with specific characteristics and preferences occur. Based on the results, CRE managers can estimate which layout configuration is needed for each work type. Exemplary layouts for each work modes are shown which differ in number and size of workstations, meetings rooms and collaboration space. Depending on the configuration of work modes in a firm, the optimal space layout and capacity of workstations can be estimated by using these exemplary layouts. The paper has practical relevance for deciding what types of space should be made available and in what proportions as part of the real estate strategy based on work modes performed. |
| Keywords: | CREM; flexible office space; Office layout; Space planning |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_27&r=ure |
| By: | Matthias Soot; Alexandra Weitkamp |
| Abstract: | In the German purchase price database, millions of transactions are recorded in just few years. The information is necessary to assess the local real estate markets. To evaluate the purchase prices correctly it is necessary, that all information that has an impact on the price is included in the evaluation process. Information about the inside of the real estate can only be obtained by questionnaires or construction files until now. However, the response rate of questionnaires and access to construction files are limited. Unfortunately, for that reason, many data-gaps exist in the samples. The goal of this approach is to derive the information about the inside geometry and fill these data-gaps in the database. With the German CityGML level of detail 2 (LOD2) building models it is easier to derive the characteristics about the size. Every building in the model has information about height, surroundings, shape of the roof and geographical location.In this approach, we use a parametric and a non-parametric method to derive the size of the living space, the number of floors besides the existence of a basement and the usable attic from LOD2 models. As training and validation data, we use several thousand building models and the existing information about the inside geometry from the purchase price database which was derived by questionnaires and construction files. In the literature we can find information that shows, that the size of the walls and utility shafts depend on the building age. We therefore expect that the usage of the information about the building age as an influencing parameter can improved the accuracy of the estimation.We use a cross-validation approach with parametric and non-parametric regression to derive the information about the inside geometry from the outside geometry and compare the methods.We expect that non-parametric methods over-perform parametric methods. To use the approach in the future for the missing data, the premise that the missing data in the database is missing at random has to be true.In near future, further data (digital twin – LOD3+) can be used to derive the information even more accurate. |
| Keywords: | Digital twin; LOD 2; meta-data; Real Estate Valuation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_54&r=ure |
| By: | Alan Gardner; Allison Orr; Cath Jackson; James White |
| Abstract: | The retailing industry in the UK is undergoing an unprecedented level of structural change. The impact on retailers, seen through administrations, CVA’s and redundancies has often dominated headlines, along with directly linked impacts on local economies. Less attention has, however, reflected on the implications for property investors and how they are dealing with these challenges. Understanding how and where owners are responding, what strategies they are pursing - are they innovative or tweaks on previous practice, and do they reflect ‘sticking plaster’ approaches or something more robust and durable? - is critical to understanding where the retail market goes from here. This paper, based on a wider study covering various aspects of the transformation of the retail property market, used a qualitative research approach generating primary data through semi-structured interviews across a range of real estate professionals. The findings span the period prior to and during the first year of the Covid-19 in 2020. It examines the practical response made by retail property owners/managers in adapting to the fundamental transformation in the retail sector. These range from mitigating short-term risk through greater use of temporary tenants/licensees, preparing standard, generic ‘white box’ offers to better capture the tenant demand that remains, greater exploitation of tenant mix to provide ‘the retail experience’ right through to changes of use for parts of buildings and withdrawal from the sector altogether. Some of these approaches can be considered innovative and many were occurring before the pandemic took hold. This paper identifies and evaluates the approaches taken by practitioners in response to the fundamental changes referred to, the success, or otherwise, of which, will only be judged, fully, in time. |
| Keywords: | Asset Management; Innovation; Retail Market; risk mitigation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_55&r=ure |
| By: | Qianqian Shen (Krirk University, Bangkok, 10220, Thailand. Author-2-Name: Peihua Tsai Author-2-Workplace-Name: Krirk University, Bangkok, 10220, Thailand. Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:) |
| Abstract: | " Objective - The present study investigates the impact of augmented reality (AR) on the learning abilities of primary and secondary students at the cognitive and affective levels. Methodology/Technique - The data of 59 relevant domestic and international studies between 2010 and 2021, including 83 studies and 4123 samples, were analyzed through CMA for meta-analysis. Finding - The overall effect size of AR technology on the teaching effectiveness of primary and secondary school students was 0.598, which had a positive contribution. The impact of AR technology on primary and secondary school students was stronger at the affective levels than at the cognitive levels. Novelty - In the process of learning with AR-assisted resources for primary and secondary school students, the school levels, teaching methods, and resource types did not differ significantly, and the differences in teaching outcomes were manifested in the different subject content. Type of Paper - Empirical" |
| Keywords: | Augmented reality (AR); Learning effects; Meta-analysis; Primary and Secondary students; Cognitive; Affective. |
| JEL: | I21 I26 |
| Date: | 2023–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:gtr:gatrjs:gjbssr626&r=ure |
| By: | Ayodele Oluwafemi; Ololade Akinlabi |
| Abstract: | Purpose: This study analysed the response of indirect real estate asset and other listed investment assets to macroeconomic fluctuations in the Nigerian property market. This is with a view to determining the long-run convergence of indirect real estate assets and other listed investment assets when combined in a portfolio in the Nigerian emerging market.Design/Methodology/Approach: The secondary data collected comprised quarterly returns on the indirect real estate asset and the other listed investment assets; Nigerian Stock Exchange (NSE) Banking, NSE Oil and Gas, NSE Industrial, NSE Insurance and NSE Consumer, for the period of January 2009 to December 2020. Others include quarterly data on five macroeconomic variables which are inflation rate, unemployment rate, exchange rate, GDP and interest rate over the study period. The data were obtained through the daily price list of the Nigeria Stock Exchange (NSE) via NSE website, the Central Bank of Nigeria Statistical Bulletin and the National Bureau of Statistics. The data were analysed using the holding period return, percentages and the impulse response function obtained from the Variance Error Correction Model (VEC).Findings: The result showed that the response of indirect real estate to each macroeconomic fluctuations vary from that of other listed investment assets along the short run. However, the indirect real estate and other listed investment assets readjusted and exhibited similar responses along the long run which connotes that indirect real estate asset and other listed investment assets have long run equilibrium, in order words, they comove at the long run.Practical Implications: The paper implied that indirect real estate asset and other listed investment assets have similar responses to macroeconomic fluctuations along the long run which implies that the asset classes have long run convergence.Originality/value: The paper represents one of the few attempts to examine the long-run response to macroeconomic variations of real estate investment asset and other listed investment asset from emerging market perspective. |
| Keywords: | Macroeconomic factors, macroeconomic fluctuations, real estate asset, investment asset, emerging market |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_243&r=ure |
| By: | Michel Grabisch (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Agnieszka Rusinowska (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Xavier Venel (LUISS - Libera Università Internazionale degli Studi Sociali Guido Carli [Roma], PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | We investigate the phenomenon of diffusion in a countably infinite society of individuals interacting with their neighbors in a network. At a given time, each individual is either active or inactive. The diffusion is driven by two characteristics: the network structure and the diffusion mechanism represented by an aggregation function. We distinguish between two diffusion mechanisms (probabilistic, deterministic) and focus on two types of aggregation functions (strict, Boolean). Under strict aggregation functions, polarization of the society cannot happen, and its state evolves towards a mixture of infinitely many active and infinitely many inactive agents, or towards a homogeneous society. Under Boolean aggregation functions, the diffusion process becomes deterministic and the contagion model of Morris (2000) becomes a particular case of our framework. Polarization can then happen. Our dynamics also allows for cycles in both cases. The network structure is not relevant for these questions, but is important for establishing irreducibility, at the price of a richness assumption: the network should contain at least one complex star and have enough space for storing local configurations. Our model can be given a game-theoretic interpretation via a local coordination game, where each player would apply a best-response strategy in a random neighborhood. |
| Keywords: | diffusion, countable network, aggregation function, polarization, convergence, bestresponse |
| Date: | 2022–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:halshs-03881455&r=ure |
| By: | IODICE Silvia (European Commission - JRC); SULIS Patrizia (European Commission - JRC); TESTORI Giulia (European Commission - JRC); ALBERTI Marina; CIUFFO Biagio (European Commission - JRC); DUARTE Fábio; DUNLOP Tessa (European Commission - JRC); FLORES HERNANDEZ Angel Luis; GUIMARAES PEREIRA Ângela (European Commission - JRC); KATRINI Eleni; LAURILA Pia; ALONSO RAPOSO Maria; RITTER Frenzi; ROEMERS Gerard; SCHEURER Lea; TARANTOLA Stefano (European Commission - JRC); VAN HEERDEN Sjoerdje (European Commission - JRC) |
| Abstract: | This report illustrates the activities and outcomes of the Exploratory Research Activity ‘Space matters: How to develop a common methodology for CityLabs’, developed by the Territorial Development Unit of the Joint Research Centre between October 2021 and September 2022. The main aim was to develop an up-to-date, robust and flexible methodology that could be applied to future CityLabs. A CityLab is a participatory research format where the JRC works in close contact with a specific European municipality to collectively gather quantitative and qualitative data on a specific trend or discuss and spatialise the impact of a specific urban policy. The topics under observation are place-based and vary according to the urban context being analysed. The ERA activities included one workshop with internal experts from the European Commission highlighting knowledge and current projects in the JRC and one workshop with experts from academia, planning practices and policy networks highlighting the state-of-the-art, good practices and successful examples of urban labs. Contributions fed the development of a methodology that is modular, flexible and adaptable to future CityLabs organised among partners. The methodology and best practices presented in the report contribute to evaluating the impact of European policy at the urban level and to informing cities of their policy coherence with European frameworks and priorities, as well as funding opportunities that support cities. |
| Keywords: | CityLabs |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc130471&r=ure |
| By: | Yassien Bachtal; Kyra Voll; Andreas Pfnür |
| Abstract: | The housing industry in Germany is experiencing a profound and multidimensional transformation process, caused by changes in technology, economy, and society. These changes are based on megatrends that have their origin in the global environment. The housing situation is also subject to this transformation process, with the result that housing and location preferences as well as qualitative and quantitative housing needs are changing. In addition to digitalization and socio-demographic changes, growing environmental awareness is a widely discussed megatrend in the relevant literature. Homebuyers are subject to a number of environmental requirements, such as increasing energy efficiency or using renewable energies. However, little is known about the psychological antecedents and the impact of general environmental awareness regarding the purchase intention of sustainable housing.By using the theory of planned behavior (TPB), the aim of this study is to identify the effects of attitudes towards the behavior, subjective norm, and perceived behavioral control on the purchase intention of sustainable housing in Germany. Furthermore, the TPB is extended by incorporating environmental awareness as a moderator variable.Based on literature research, a survey is conducted among 1, 000 homebuyers in Germany. With the help of a confirmatory factor analysis (CFA), constructs derived from the relevant literature are first tested for reliability and validity. This is followed by a hierarchical regression analysis which proceeds in three steps. Initially, only the baseline model including control variables is integrated into the regression analysis. Thereafter, the baseline model is extended by constructs of the theory of planned behavior. Lastly, the moderator effect of environmental awareness is integrated to predict the purchase intention of sustainable housing.The results emphasize the importance of environmental awareness in the decision process of purchasing houses. Furthermore, the study provides important implications on which psychological factors affect the intention to purchase sustainable housing in Germany. These results can be used to better predict actual sustainable housing purchase behavior and to better evaluate different environmental factors that determine housing prices. |
| Keywords: | Environmental awareness; megatrends; Sustainable Housing; theory of planned behavior |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_28&r=ure |
| By: | Sanchez Alonso, Blanca; Santiago Caballero, Carlos |
| Abstract: | Recent studies showed that Spanish republican exiles who travelled to Mexico to escape the effects and aftermath of the Spanish civil war were positively selected. However, the potential existence of regional differences in this positive selection needs to be addressed appropriately. Using a new dataset directly extracted from primary sources, we compare the heights of the republican exiles in Mexico with the estimations of those who stayed behind in their provinces of origin. We also study the existence of potential determinants to explain these differences. In addition to estimating how intense the loss of human capital was at the regional level, we also compare the heights of the republican exiles in Mexico with the heights of the Mexican population. Our results show significant regional differences in the positive selection of republican exiles. This was probably the consequence of the opportunities the local populations had to escape after the war started. We also show that Mexico was a place where Spanish migrants were able to obtain better occupations than their counterparts in Spain, meaning that although Mexico benefited from the arrival of a highly skilled labour force, it also provided republican exiles new opportunities. |
| Keywords: | Heights; Exile; Gender; War |
| JEL: | D6 J24 N0 N33 O15 |
| Date: | 2023–01–20 |
| URL: | http://d.repec.org/n?u=RePEc:cte:whrepe:36345&r=ure |
| By: | James Sefton; Martin R. Weale |
| Abstract: | We explore the basis for the data on imputed rental of owner-occupied dwellings for the period 1948-1985. In the current UK national accounts dataset, these estimates are based the assumption that the revisions which took place in 2016 UK National Accounts and 2017 UK National Accounts were assumed to build up gradually from 1948 onwards, so that revisions to the early data were minimal while those to the more recent data were substantial. We show that the current data imply very low and unlikely yields on housing in the 1950s and 1960s. Applying the 1985 pro rata adjustment to imputed rental gives a stable yield of around ten per cent which leads to a very stretched ratio of imputed rental to actual paid rental per dwelling in the 1950s. Accordingly, it is not possible to come to a definite conclusion other than that more investigative work is needed. We suggest that the ONS convenes a panel of experts to undertake further work to establish the best way forward and establish a more plausible dataset of better quality. |
| Keywords: | historical data, imputed rent, owner-occupied dwellings, yield on housing |
| JEL: | E01 |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:nsr:escoed:escoe-dp-2022-22&r=ure |
| By: | Bas Hilgers; Jan Rouwendal |
| Abstract: | Introduction – Comparable evidence is at the heart of virtually every real estate valuation and is fundamental in producing a sound estimate. Although valuers are experienced in handling and analyzing comparable data, approaches vary with many degrees of freedom potentially leading to incorrect decisions. And even with the increasing amount of computer-driven estimates, the evidence of comparable transactions remains paramount.Purpose – This paper formalizes certain aspects of selecting comparables. We apply economic theory to select criteria that make properties comparable, determine how comparables can be weighted and ultimately, make decisions about what comparables should be reported such that the estimate is both unbiased and of minimum variance. In addition to this quantitative optimum, we hold a survey among real estate experts to test qualitative how well the model outcomes translate back to practice to gain additional insights where and why misalignment might occur.Design/methodology/approach – We start with an extensive literature review about the work that has previously been done in this space. We then apply hedonic price theory to estimate the weights of the comparables and construct a novice comparability rater model. Finally, we briefly evaluate how these results compare to other promising methodologies found in the literature review and survey these among expert valuers.Originality/value – To our knowledge, this paper is the first to cover a critical overview of work that has been done in this field. Furthermore, the application of established hedonic price theory for the purpose of weighting comparables deserves a new light within the abundance of 'newer' complex approaches. Lastly, since the relevance of this research is more practical, the translation of the results back to the experts is not found in previous work.Findings – None yet (finish end of April) |
| Keywords: | Hedonic price theory; Kernel regression; Real Estate Valuation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_231&r=ure |
| By: | Julien Senn; Jan Schmitz; Christian Zehnder |
| Abstract: | Using a large-scale real effort experiment, we explore whether and how different peer assignment mechanisms affect worker performance and stress. Letting individuals choose whom to compare to increases productivity to the same extent as a targeted exogenous matching policy aimed at maximizing motivational spillovers. These effects are significantly larger than those obtained through random assignment and their magnitude is comparable to the impact of monetary incentives that increase pay by about 10 percent. A downside of targeted peer assignment is that, unlike endogenous peer selection, it leads to a large increase in stress. We uncover the behavioral origins of these desirable effects of peer choice using a combination of choice data, text analysis and simulations. The key advantage of letting workers choose whom to compare to is that it allows those workers who want to be motivated to compare to a motivating peer while also permitting those for whom social comparisons have little benefits or are too stressful to avoid them. Altogether, our results highlight that policies should not only be compared regarding their effects on output, but also with respect to their potential unintended consequences. |
| Keywords: | Social comparisons, productivity, stress, incentives, real effort |
| JEL: | C93 J24 M54 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:zur:econwp:427&r=ure |
| By: | Stephan Maurer; Guido Schwerdt; Simon Wiederhold |
| Abstract: | We study whether female students benefit from being taught by female professors, and whether such gender match effects differ by class size. We use administrative records of a German public university, covering all programs and courses between 2006 and 2018. We find that gender match effects on student performance are sizable in smaller classes, but do not exist in larger classes. This difference suggests that direct and frequent interactions between students and professors are important for the emergence of gender match effects. Instead, the mere fact that one’s professor is female is not sufficient to increase performance of female students. |
| Keywords: | gender gap, role models, tertiary education, professors |
| JEL: | I21 I23 I24 J16 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10208&r=ure |
| By: | Thomas-Agnan, Christine; Dargel, Lukas |
| Abstract: | In the framework of spatial econometric interaction models for origin-destination flows, we develop an estimation method for the case when the list of origins may be distinct from the list of destinations, and when the origin-destination matrix may be sparse. The proposed model resembles a weighted version of the one of LeSage (2008) and we are able to retain most of the efficiency gains associated with the matrix form estimation, which we illustrate for the maximum likelihood estimator. We also derive computationally feasible tests for the coherence of the estimation results and present an efficient approximation of the conditional expectation of the flows, marginal effects and predictions. |
| Keywords: | Spatial Econometric;; Interaction Models;; Zero Flow Problem;; OD Matrices;; Networks; |
| JEL: | C21 C51 |
| Date: | 2023–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:127843&r=ure |
| By: | Roberto Ganau; Andres Rodriguez-Pose; ; |
| Abstract: | We analyse the firm-level labour productivity growth returns of social capital —defined as a synthetic measure of ‘generalised trust’, ‘active participation’, and ‘social norms’— using a large sample of manufacturing firms in France, Germany, Italy, Portugal, and Spain. We find that firms’ labour productivity growth is higher in areas with a better social capital endowment. The positive returns of social capital are, nevertheless, unevenly distributed across firms, with smaller, less productive, less capital-endowed, and low-tech firms benefitting the most from operating in strong social capital ecosystems. |
| Keywords: | Firm labour productivity growth; Social capital; Manufacturing industry; Western Europe. |
| JEL: | C36 D24 R10 Z13 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:egu:wpaper:2305&r=ure |
| By: | Kazushi Matsuo; Morito Tsutsumi; Toyokazu Imazeki |
| Abstract: | The office market is one of the most inefficient real estate markets, and it takes time to adjust. Factors of it include high transaction costs, constraints due to long-term contracts, and time delays in supply. Research on the adjustment mechanism in real estate markets has been accumulated over many years, mainly in Europe and the United States. In recent years, research has been conducted in developing countries. However, the main focus of these studies has been on the market's response to demand and supply shocks and the speed of rent adjustment, and there have been few studies on the factors that cause market inefficiencies and their effects. In addition, although the Tokyo office market forms one of the largest markets in the world and attracts a great deal of attention worldwide as a target for investment, there have been very few academic studies on the dynamics.This study aims to quantitatively clarify the dynamics of the Tokyo office market from 2000 to 2015 and the factors that cause market inefficiencies.We applied the rent adjustment process model devised by Englund et al. (2008), which considers the interaction between rents, stock, and vacancy rates, to data divided into four submarkets according to building size, and discussed the results in combination with the differences in market characteristics by submarkets.Our result shows long-term contracts and supply constraints contribute to market inefficiencies more than information asymmetry. By comparing the results with those of other countries, it became clear that Japan's unique contract system with fewer restrictions on the tenant side - the standard tenancy contract - speeds up the market adjustment. In addition, the results imply that the Tokyo office market may still have issues in terms of information asymmetry and low liquidity in the labor market. |
| Keywords: | Market Inefficiencies; Rent Adjustment Process; Submarket; Tokyo Office Market |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_145&r=ure |
| By: | Bellani, Luna; Bertogg, Ariane; Kulic, Nevena; Strauß, Susanne |
| Abstract: | The increase in inequalities during the ongoing COVID-19 pandemic has been the topic of intense scholarly and public debate. School closures are one of the containment measures that have been debated most critically in this regard. What drives support for school and daycare/kindergarten closures during a public health crisis such as the current COVID-19 pandemic? More specifically, do inequality concerns affect this support? To identify causal linkages between awareness of inequalities and support for school and daycare/kindergarten closures, we use a survey experiment with information treatment, in which we randomly assign information designed to prime the respondents to think about either education inequality, gender inequality, or both. Based on an original survey experiment involving more than 3, 000 respondents, conducted in spring 2021 at the end of a long lockdown in Germany, our findings show that concerns about education inequality and gender inequality are equally important for decreasing support for preschool and primary school closures, while they do not seem to matter regarding secondary school closures. |
| Keywords: | Childcare Policy, COVID-19, School Closures, Survey Experiment, Information Treatment, Policy Support, Educational Inequality, Gender Inequality, Germany |
| JEL: | D13 I24 J16 H4 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cexwps:11&r=ure |
| By: | Delbridge, Victoria; Harman, Oliver; Oliveira Cunha, Juliana; Venables, Anthony J. |
| Abstract: | KEY MESSAGES: 1. Urbanisation and the creation of modern employment opportunities must be undertaken with greater climate considerations. 2. Cities can deliver on sustainable growth objectives by leveraging existing comparative advantages and building new ones. 3. Developing countries have natural endowments that can contribute to the net zero transition, opening up opportunities for urban industries and services. 4. Building the green cities of tomorrow can provide opportunities to absorb the large pool of low-skilled labour. |
| JEL: | O14 R14 J01 |
| Date: | 2022–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118027&r=ure |
| By: | Anna Mikhaylova (The Russian Presidential Academy of National Economy and Public Administration); Evgeny Timushev (Federal research center Komi Science center of the Ural branch of the Russian Academy of Scien) |
| Abstract: | The issue of decentralization in the public administration system in Russia has acquired new urgency in the context of the 2020 crisis. Other countries of the world have faced similar new challenges. The object of the research is the system of separation of powers between regions and the center in a federal state. The purpose of the study is to determine the principles and limitations of authority delegation from higher to lower tiers (i.e. decentralization), potential benefits and prerequisites of delegation. This research provides an extensive review of the literature on decentralization around the world. Based on the analysis of findings and their synthesis, theoretical ideas are formed as to how to distribute powers within the budgetary system, as well as how decentralization and economic growth are connected. Scientific novelty of the paper lies in revealing the prospective areas of research on the problems of authority delegation and economic growth. It is established that decentralization and close interdependence of revenues and expenditures of territorial budgets promotes private sector development. At the same time, the risks of inefficiency of this model are associated with the system of intergovernmental relations aimed at minimizing the negative effects of decentralization. Decentralization and economic growth are linked by the Oates hypothesis, which states that economic growth and decentralization are positively related, since an increase in the degree of decentralization allows better implementation of public policy. The tax decentralization regime has the greatest potential, especially when the quality of public administration is high, and the principles of neutrality and fairness of taxation are maintained. At the same time, empirical assessments of this relationship are ambiguous. Several papers find a negative correlation, others claim the connection is positive or absent. In this regard, the complex nature of the relationship between decentralization and growth under the conditions f the budgetary system of the Russian Federation requires further research. |
| Keywords: | decentralization, fiscal federalism, intergovernmental fiscal relations, separation of powers, revenue sources, regional budgets, tax powers, economic growth |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022002&r=ure |
| By: | Drydakis, Nick |
| Abstract: | During the Great Recession, the increase in Greece's unemployment rate was the highest in the European Union. However, there exists no multivariate study which has assessed the association between parental unemployment and adolescents' grades. The study utilised panel data from the same upper high schools in the periods 2011-2013 and 2017-2019 to assess whether the grades of adolescents were associated with parental unemployment. The exogeneity of parental unemployment with respect to adolescents' grade was confirmed. The analysis revealed that parental unemployment was associated with a decline in adolescents' grades. Periods of economic decline, i.e. in 2011-2013, were found to be associated with deterioration in adolescents' grades. Moreover, during periods of economic decline, parental unemployment was associated with a deterioration in adolescents' grades. Furthermore, parental unemployment was associated with lower adolescents' grades for those households that were not homeowners and whose schools were located in working-class areas. The outcomes were found to be robust, even after including information for government expenditure on education and social protection. The potential long-lasting effects of parental unemployment on children's human capital should be considered by policymakers, as should educational interventions to support households experiencing adverse economic conditions. |
| Keywords: | Economic Recession, Parental Unemployment, Grades, Adolescents, Academic Performance |
| JEL: | E24 J6 I24 J13 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1238&r=ure |