|
on Urban and Real Estate Economics |
| By: | Christopher Lyaruu; Samwel Alananga |
| Abstract: | The location of commercial real estate in Central Business Districts (CBDs) is crucial for determining their Property Rental Values (PRV). Real estate economics predicts that properties close to amenities in prime spatial locations command higher PRV. This study focused on three wards in the CBD of Dar es Salaam, Tanzania: Kisutu, Kivukoni, and Mchafukoge. Using a Hedonic model, the research analyzed data by regressing PRV per square meter on property and neighborhood characteristics, while spatial dependence was represented through a dummy variable reflecting enjoyment from spatial amenities offered by the ocean (e.g., proximity to walkable areas/beach, ocean scenic view, quality air/breeze) and proximity to open spaces like a golf playground. The regression results indicated that proximity to walkable areas/beaches and perceived air/breeze quality positively and significantly influenced PRV, leading to USD 1.798 and USD 1.043 higher rent per square meter respectively, for areas enjoying the amenities than those otherwise. However, the presence of an ocean scenic view and proximity to open spaces did not significantly affect PRV. These findings highlight the importance of spatial amenities in contributing to PRV in CBD properties, informing real estate developers, investors, and policymakers in making informed decisions on property development, investment strategies, and promoting sustainable and equitable urban development. |
| Keywords: | central business districts; commercial real estate; property rental values; spatial amenities |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-041&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 25000 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 indexes, 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: | France; housing price index; regionalization; Time Series |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_42&r=ure |
| By: | Guangyu Cheng |
| Abstract: | Legal title is a crucial instrument to secure the possession of assets and to enable the transfer of property in the formal market system. Without legal titles, property holders will be posed to a great threat of expropriation and eviction, and they will also feel hard to derive economic benefits from property exchanges because of restrictions from formal institutions. As pointed out by De Soto, a property without legal title is the dead capital rather than the asset that can accumulate wealth. Previous studies have assessed the market value attached to spatial distributions of dwellings in the absence of full legal titles by investigating the transaction of informal housings, because 'location' always matters in the real estate analysis. However, the concept of location not only refers to the geographical position at the horizontal dimension, but also involves other settings on the vertical dimension. Different vertical locations may bring different utilities for dwellers, leading to the variation of housing prices. Despite that, few attentions have been paid to the valuation of vertical location of properties when legal titles are absent. To fill this research gap, this study seeks to decipher how consumers value the vertical attributes of dwellings under the premise that de jure property rights are absent. The housing market in the urban fringe of China provides an ideal laboratory to conduct this investigation. Besides formal housings, a unique informal property named small property rights housing (SPRH) is also an important residential source for local people at the fringe of megacities. This type of informal housing is built on rural land collectively owned by villagers and then sold for urban residents without collective memberships. Like most formal residences in China, SPRHs are built in high-rise forms, and they can provide dwellers with spacious buildings, high-quality facilities and pleasant surroundings. In fact, it is hard to distinguish SPRH projects from other formal residential communities in terms of physical features. Despite the impressive built environments, SPRH still cannot be titled by governmental agencies. This is because that the development of SPRH fails to adhere to restrictions on collective-owned land use regulated by formal land systems. Due to the lack of legal titles, the transaction of SPRH is excluded from formal housing market of China, and it can only occur under the shadow. An empirical estimation is carried out with a dataset from an urban-fringe township named Chang’an where SPRH transactions are quite active. By comparing the difference in prices paid for formal housing units and SPRH units in the local housing market, this study finds that the selling price of SPRH unit at the local is significantly lower than that of formal housing unit with similar characteristics, all else being equal. More importantly, this study captured that the absence of legal titles can impact the value contribution of vertical attributes to the overall prices of housing units. Specifically, this study finds that: (i) the lack of full legal title can enhance the detrimental effect of building height on the selling price of housing unit; (ii) although high-rise residence has been the norm in urban China, dwellers still prefer to living in multi-storey buildings by paying price premiums, and this preference is stronger if the title of dwellings cannot be registered by formal authorities; and (iii) the deficiency in legal title status does not impact the valuation of consumers on the vertical position of housing units in the high-rise block. These findings reveal interesting interactions of property rights, housing attributes and housing prices from the vertical dimension. This research can shed new light on the understanding of market value of legal titles in a broader context. |
| Keywords: | Housing Price; Informality; Property Rights; Vertical Housing Attributes |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_208&r=ure |
| By: | Lisa von Witten Sonsfeld; Elisabeth Beusker |
| Abstract: | This paper is dedicated to the study of student housing using the example of Aachen, Germany's seventh-largest student city with 61, 500 students (Statista, 2022). The focus lies on the current satisfaction of students with affordable dormitories. New needs and requests for future development are analyzed. The market for student housing is tense. Between 2002 and 2022, the number of students in Germany increased from 1.9 million to 2.9 million (Destatis, 2022). At the same time, the social infrastructure, especially housing, has not grown with it to the same extent. More and more private investors are entering the market and exploiting the shortage of dwellings with high rents. In addition, current crises such as inflation and rising energy costs mean that students are competing with more and more people in search of affordable housing (Tagesspiegel, 2022). Especially in inner cities, where universities are often located in close proximity, this leads to a massive increase in rents. But it is not only in Germany that the number of students is rising and the housing shortage is increasing. Across the EU, the number of first-year students increased by 8.8 percent from 2013 to 2020. (Eurostat, 2020). The high rents mean that the free choice of where to study is no longer guaranteed and thus academic freedom is at risk (Tagesspiegel, 2023). Funding for student housing is required to take the pressure off the housing market and to enable different groups of students from different social backgrounds to continue studying. To promote and open the housing market for a wide range of students, more publicly funded housing for students must be provided in the coming years. As part of the study, a quantitative survey was therefore conducted in the 22 publicly funded dormitories in Aachen on the requirements for living in a dormitory and future needs. A total of over 1, 200 students took part in the 10-minute online survey. It will be found that especially after the COVID pandemic, dormitories are still a popular form of housing for students due to the large community. The survey also shows that the location requests of students are highly comparable to other housing seekers on the open market. However, few students are currently able to afford housing on the open housing market with the financial resources available to them. Although community plays an important role in students' lives, living arrangements for one to two people with their own bathroom and partial furniture are preferred. Shared rooms such as kitchens and study rooms should be available as well as sufficient storage space. Furthermore, it is apparent that, especially for students, sustainability also plays an essential role in the construction and operation of the dormitory. For further real estate developments in the future, it needs to be clarified how these specifications and requirements can be implemented in publicly funded dormitories in the future and what steps need to be taken to promote student housing. It also is necessary to determine how sustainability and the resulting higher investment costs can be realized and what the role of the public sector and private investors is in the development. The paper gives first insights into the conducted investigation and context of the results and opens further discussion with other scientists on public housing. |
| Keywords: | Germany; housing; student; Survey |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_59&r=ure |
| By: | Marco Bertoni; Gabriel Heller-Sahlgren; Olmo Silva |
| Abstract: | We investigate the impact of attending a free school in England - that is, a new start-up school that enjoys considerable autonomy while remaining in the state sector. We analyse the effects of two secondary free schools with different teaching philosophies: one follows a 'no excuse' paradigm, while the other one adopts a 'classical liberal', knowledge-rich approach. We establish causal effects exploiting admission lotteries and a distance-based regression discontinuity design. Both schools have a strong positive impact on student test scores on average. However, we also find heterogeneous effects: the 'no excuse' school mostly benefits boys, while the 'classical liberal' school mainly benefits White British and non-poor students. Both schools similarly reduce student absences and school mobility. Peer quality, teacher characteristics, and inspectorate ratings cannot fully explain the schools' effectiveness. Instead, a quantitative text analysis of the schools' 'vision and ethos' statements shows that the 'no excuse' and 'classical liberal' philosophies adopted by the two free schools clearly set them apart from the counterfactual schools where rejected applicants enrol, and likely explain their heterogeneous effects. |
| Keywords: | school autonomy, quasi-markets, free schools, achievement, schools |
| Date: | 2023–09–21 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1946&r=ure |
| By: | Todd R. Jones; Ezra Karger |
| Abstract: | Criminal activity is seasonal, peaking in the summer and declining through the winter. We provide the first evidence that arrests of children and reported crimes involving children follow a different pattern: peaking during the school year and declining in the summer. We use a regression discontinuity design surrounding the exact start and end dates of the school year to show that this pattern is caused by school: children aged 10–17 are roughly 50% more likely to be involved in a reported crime during the beginning of the school year relative to the weeks before school begins. This sharp increase is driven by student-on-student crimes occurring in school and during school hours. We use the timing of these patterns and a seasonal adjustment to argue that school increases reported crime rates (and arrests) involving 10–17-year-old offenders by 47% (41%) annually relative to a counterfactual where crime rates follow typical seasonal patterns. School exacerbates preexisting sex-based and race-based inequality in reported crime and arrest rates, increasing both the Black-white and male-female gap in reported juvenile crime and arrest rates by more than 40%. |
| Keywords: | school, crime, academic calendar, regression discontinuity design |
| JEL: | I20 K40 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10702&r=ure |
| By: | Rigissa Megalokonomou; Chrysovalantis Vasilakis |
| Abstract: | Recent political instability in the Middle East has triggered one of the largest influxes of refugees into Europe. The different departure points along the Turkish coast generate exogenous variation in refugee arrivals across Greek islands. We construct a new dataset on the number and nature of crime incidents and arrested offenders at island level using official police records and newspaper reports. Instrumental variables and difference-in-differences are employed to study the causal relationship between immigration and crime. We find that a 1-percentage-point increase in the share of refugees on destination islands increases crime incidents by 1.7-2.5 percentage points compared with neighboring unexposed islands. This is driven by crime incidents committed by refugees; there is no change in crimes committed by natives on those islands. We find a significant rise in property crime, knife attacks, and rape, but no increase in drug crimes. Results based on reported crimes exhibit a similar pattern. Our findings highlight the need for government provision in terms of infrastructure, social benefits, quicker evaluation for asylum, and social security. |
| Keywords: | crime, migration, natural experiment, Greek islands, difference-in-differences, shift-share instrumental variable |
| JEL: | F61 F22 K42 J15 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10706&r=ure |
| By: | Pani, Erica |
| Abstract: | We examine the ‘institutional configuration’ that makes land titles work as collateral in Tanzania’s nascent credit market, through the ‘institutional work’ of local lenders. This work is effective and precarious: while lenders seek out and create institutional complementarities across diverse domains, they also require higher-level regulation to help stabilise land titles’ fungibility as collateral. Our results contribute to knowledge on path-dependency, contingency and uneven trajectories in the property-credit nexus development, and advance understandings of institutional interdependencies and coevolution in the situated economy. By combining deep contextualisation and institutional analysis, we progress an empirical engagement with institutional research in economic geography. |
| Keywords: | institutions; institutional configuration; institutional complementarity; property rights formalisation; credit markets development; Tanzania; the Richard Oram Fund (through Regional and Urban Planning Studies at the LSE); (ES/W005719/1); (ECF-2022-193); OUP deal |
| JEL: | J1 |
| Date: | 2023–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:120208&r=ure |
| By: | Jonas Casper (LMU Munich); Lei Li (University of Mannheim); Jinfeng Luo (Lingnan University) |
| Abstract: | How does export liberalization affect firm location choice and the spatial concentration of economic activity? We address these questions using the geo-coordinates of Chinese manufacturing firms and find that export widens inter-city and intra-city spatial disparities by reinforcing initially large industry centers. We first show that there has been an increased spatial concentration across cities in response to improved foreign market access. Only industry city pairs that were large initially increase their employment density following trade liberalization. Second, there has also been an increased spatial concentration within cities. For a given industry, districts closer to city centers are getting denser, mainly driven by the extensive margin. Third, the above effects are not exclusive to industries directly exposed to export shocks but also spill over positively to upstream and downstream industries and negatively to industries competing for the same workers locally. |
| Keywords: | firm location; localization; spatial concentration; regional inequality; export; comparative advantage; |
| JEL: | F6 F14 R12 |
| Date: | 2023–10–16 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:431&r=ure |
| By: | Andrés Sánchez Picón (Universidad de Almería, Departamento de Economía y Empresa. Centro de Investigación Mediterráneo de Economía y Desarrollo Sostenible (CIMEDES), Almería, Spain.); Victor Antonio Luque de Haro (Universidad de Almería, Departamento de Economía y Empresa. Centro de Investigación Mediterráneo de Economía y Desarrollo Sostenible (CIMEDES), Almería, Spain.); María del Carmen Pérez Artés (Universidad de Almería, Departamento de Economía y Empresa. Centro de Investigación Mediterráneo de Economía y Desarrollo Sostenible (CIMEDES), Almería, Spain.); María José Mora Mayoral (Universidad de Almería, Departamento de Economía y Empresa. Centro de Investigación Mediterráneo de Economía y Desarrollo Sostenible (CIMEDES), Almería, Spain.) |
| Abstract: | This research examines the migration in Linares during the third quarter of the 19th century, with a focus on migratory chains. Linares was among the Spanish cities that received the highest influx of immigrants during the mining boom, resulting in a population increase of nearly six times within 30 years. Using the population register of the city in 1873 as the primary source, which consisted of more than 22, 500 individuals, this study confirms the usefulness of the migratory chains approach for analyzing internal migrations in both the pre-industrial era and the early stages of industrialization. Thereby, it is proven that social capital had a considerable impact on determining migratory flows to Linares. The impact of the migrants' places of origin on the spatial distribution of the migrant population and their occupational specialisation in the destination city is significant. This outcome highlights how migratory chains have facilitated the provision of information and the reduction of costs associated with searching for housing and employment. |
| Keywords: | Migratory chains, Internal migrations, Spain, Linares |
| JEL: | R23 N33 N53 O15 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ahe:dtaehe:2306&r=ure |
| By: | Ziqing Yuan |
| Abstract: | Housing assets and mortgage loans play an essential role in household financial well-being and macroeconomic stability. The central role of credit conditions in the mortgage debt-service channel makes it an appealing macroprudential instrument for government interventions in the housing market. Despite the potentially salient policy implications, micro-level empirical evidence on the relationship between credit conditions and house prices in practice is scarce and mixed. In addition, “targeted” housing policies that intervene in a specific market segment have begun to attract increasing academic attention. This study fills the gap in related literature by investigating the causal effects of relaxing credit constraints targeted at a particular market segment on housing dynamics. Exploiting plausibly exogenous variation in down payment constraints caused by mortgage insurance program (MIP) amendments in 2019 as a quasi-experiment, we evaluate the unintended market responses and strategic behaviors using difference-in-difference (DID) and bunching regression. We present the main findings based on property-level transaction data in Hong Kong residential market. First, relaxing credit constraints in the targeted market segment significantly increases home sales and prices for properties within the affected price ranges. Besides, such direct stimulus effects in targeted segments are pronounced and persistent during our sample period. We further scrutinize the market clearing process with search frictions and endogenous entry of broad searchers to rationale such positive policy effects. Second, we provide empirical evidence that targeted policies have unexpected and far-reaching spillover effects on neighboring segments triggered by derived demand for moving up housing ladders. Specifically, we explain why the initial segment-specific demand shocks trigger the housing ladder effects and moving chains. The derived demand from the housing ladder transition can be attributed to (i) a relaxation in ex-post financing constraints due to credit-driven housing appreciation and (ii) an increase in the ability to sell current homes of mismatched homeowners attempting to move. Our findings suggest that housing stimulus programs may be justified due to their welfare-enhancing role of general equilibrium effects, particularly in a cold market where the equilibrium is far from efficient due to illiquidity and frictions. Third, we exploit the exogenous policy-induced sharp discontinuity in required down payments around the MIP eligibility threshold to identify the local behavioral responses of households by using the bunching regression. We find a substantial “diffuse bunch-ing” excess mass just above the notch and a visible missing mass just above the notch. Besides, we find empirical evidence that households behave strategically to qualify the MIP through tacit collusive agreements on underreporting sales prices. Our analysis has implications that policymakers should account for the strategic behaviors of market participants when designing macroprudential policies. This study contributes to related literature by showing how relaxing down payment constraints targeting a specific segment operate in practice. It provides a better understanding of the direct impact of targeted housing policies and general equilibrium effects. Specifically, our research contributes to a broader literature on spillover effects across housing market segments triggered by housing ladder transitions, which inspires further research to consider segmented markets and multiple equilibria. Moreover, by studying the degree of bunching behaviors at the eligibility threshold of amended MIP, our research sheds new light on the strategic behaviors in designing the macroprudential policies or other government interventions, as the strategic behaviors might distort the policy effects and induce unintended consequences. |
| Keywords: | Credit Constaints; Segmented Housing Market; Targeted Housing policies; Unintended Effects |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_179&r=ure |
| By: | Clodomiro Ferreira (Banco de España); Julio Gálvez (CUNEF Universidad/SHOF); Myroslav Pidkuyko (Banco de España) |
| Abstract: | The housing bust in Spain was characterized by a significant and rapid drop in home ownership among the younger cohorts, a relatively homogeneous but significant decrease in consumption, and significant movements in the rent-to-house price ratio. To uncover the causes of these movements, we solve and estimate an equilibrium life-cycle model with non-linear income dynamics, mortgages, housing, and rental markets and simulate a series of counterfactual policy changes and macroeconomic conditions observed in Spain during the period. The lion’s share of the observed drop in home ownership and consumption and the housing market dynamics can be explained by the tightening of credit conditions and the major shift in income dynamics observed in Spain between the boom and bust phases. |
| Keywords: | life-cycle models, mortgage debt, housing |
| JEL: | E21 E44 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:aoz:wpaper:285&r=ure |
| By: | Wang, Han; Rodríguez-Pose, Andrés |
| Abstract: | Local institutions have long been regarded as key drivers of economic development. However, little is known about the role of institutions in preparing places to cope with public health crises and pandemics. This paper sheds light on how the nature of a local institution, city autonomy, influenced variations in the incidence of the Black Death —possibly the worst pandemic ever recorded— across cities in Western Europe between 1347 and 1352. We examine urban autonomy not only because it represented a major political shift in medieval times, but because, more importantly, it also represents a key prototype of modern political institution. By exploiting data on the spatial variation of Black Death's mortality rates and duration using OLS and 2SLS methods, we uncover that city autonomy reduced mortality rates by, on average, almost 10 percent. Autonomous cities were in a better position to adopt swift and efficient measures against the pandemic than those governed by remote kings and emperors. This relationship has been confirmed by a series of placebo tests and robustness checks. In contrast, there is no evidence to suggest that city autonomy was a factor in reducing the duration of the pandemic in European cities. |
| Keywords: | local institutions; pandemics; city autonomy; Black Death; Europe |
| JEL: | N43 N93 O17 |
| Date: | 2021–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:112483&r=ure |
| By: | Lewis Abedi Asante; Beverly Akomea Bonsu |
| Abstract: | There is growing scholarly interest in notions of green gentrification in the global North, which explores how environmental improvement in gentrifying districts drives up real estate prices and subsequent displacement of low- income residents. Although similar processes of increasing demand for property development and its attendant displacement of urban wetlands is occurring in African cities, previous research have simply conceptualized it as wetland encroachment and not as a form of gentrification. The objective of this article is to re-conceptualize the dynamics of wetland encroachment in African cities within the broader conception of gentrification and analyze its implication for sustainable property development. Drawing on insights from extant literature on African urbanism, wetland encroachment and gentrification, we term the African variant of green gentrification as ‘wetland gentrification’. Wetland gentrification occurs when customary authorities, amid land scarcity and rising property values, alienate wetlands in urban neighbourhoods. Property development practices, typically by high-income earners and private developers, on urban wetlands lead to the displacement of the ecological resources and subsequently poor households and settlements through urban flooding. We frame wetland gentrification as tantamount to unsustainable property development because it deteriorates water quality and ecological lives, causes urban flooding, and deepens urban poverty. |
| Keywords: | African Cities; Green Gentrification; Sustainable Property Development; Urban Wetlands; Wetland Gentrification |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-012&r=ure |
| By: | Johnson Kampamba; Simon Kachepa; Oarabile Wilcort Lechiile; Kefilwe Seketeme; Phenyo Mpolokang |
| Abstract: | The core problem of this study is that there is insufficient accommodation for primary school teachers in Gaborone. Once this Maslow’s hierarchy of needs is not fulfilled, the affected is insecure. Short of accommodation can affect the performance of learners as the productivity of teachers is at its lowest ebb. The purpose of this study was to assess the factors influencing insufficient accommodation for primary school teachers in Gaborone, Botswana. In order to achieve these objectives, both primary and secondary sources of data were used. The primary sources of data includes 1, 603 primary school teachers of various levels in the teaching profession in Gaborone. The primary data was collected by randomly distribution of questionnaires to 141 teachers at 90% confidence level. Secondary data was collected from journal articles, books, and reports. The findings of the study reveal that variables that affect insufficient accommodation to primary school teachers in Gaborone include high cost of rent, poor infrastructure provided by government, lack of Public Private Partnerships (PPPs) in housing provision, poor planning and maintenance of existing buildings, over reliance on government to provide housing as well as lack of adequate housing units on site. The factors that highly had an impact on insufficient accommodation provision are human factors, followed by financial factors, institutional factors, and physical factors. |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-037&r=ure |
| By: | Andrii Shcherbyna; Vsevolod Nikolaiev |
| Abstract: | The problem of principal impossibility to satisfy the housing needs of all citizens according to Constitution of Ukraine, subsequent housing property laws and other documents on housing management - was never articulated properly in scientific literature and remains still unsolved. The technical and economic problems of continues improper upkeep of existing buildings, reducing their service life, are also understudied. Ideas of new approach to housing policy firstly appeared in our recent publications. Unlike other researchers, we criticized condominium model, pointing out also on the wrong social policy, imperfect ownership regulations and the need of their scientific rethinking, poor condition of buildings and uncertain cost of its repair, tenant’s insolvency and budget limitations. All authors pointed out on the necessity to transfer poor residential real estate to efficient public or private owners. The history demonstrates that private ownership could play only limited role in housing provision, especially while economic depression or after the war. On the other hand, the value of existing housing property should be taken into account as the household means of payment. In our opinion, in the framework of liberal policy, any external expenses on housing and utility services as well as on capital repair of buildings should be exchanged for the share in property. The challenge appears: how to convert the future state subsidies into renovated public housing? Does the existing Ukrainian form of condominium let us to realize this task? Under conditions of insolvency of apartment owners in the worn-out of destroyed buildings, neither contributions nor loans could be possible, and mass budget subsidies, as we have showed, are socially unfair. Thus, the classic dualistic models could not help. The transition to the unitary model has the same obstacles. Only the corporative model allows to transform the shares of insolvent owner into funds to pay for the building maintenance and operation of dwelling, or, on the contrary, to transmit the ownership to investor who can bear appropriate responsibility. The last case need improvement of Finnish model. Of course, staying in a sort of shared property apartment means partly renting it using the same financial mechanism. Thus, residential property ownership in the legal form of a housing company will also make possible to obtain company’s ownership of a land plot, to register through the corporation the ownership on real estate with a land plot, to clearly define the shares and their value (instead of joint undivided ownership); to simplify these operations by treating shares as movable intangible assets (tokens). There are some additional advantages of corporative house ownership, like direct investments in the development project or company, life-cycle cost control as well as market value depending on the building condition. It could be easier to realize the reconstruction projects. In actual situation with thousands of demolished houses in Ukrainian cities, the housing policy must take into account the combination of existed property and new public or private investments in restoration. In the future, it would be possible also to carry out digital transactions with part of shares divided by tokens treating shares as intangible assets. The proposed model and tools will supplement the existing housing system and could be introduced both in houses under construction and under operation. |
| Keywords: | Model; Ownership; Restoration; Transformation |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_198&r=ure |
| By: | Mona Foertsch; Felix Roesel |
| Abstract: | Can public infrastructure help regions to mitigate large shocks? We examine how hospital infrastructure contributes to regional resilience in the event of serious health emergencies. During the 1918 Spanish flu pandemic, four out of every 1, 000 Germans died. We find lower influenza mortality rates and no political reaction in cities and rural areas with adequate hospital infrastructure. In contrast, rural areas without adequate infrastructure absorb shocks poorly, and voters punish the governing parties in the next elections. We conclude that public infrastructure can mitigate large external shocks, especially in rural regions. |
| Keywords: | public infrastructure, resilience, health shocks, Spanish flu, Germany |
| JEL: | D72 O18 I10 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10705&r=ure |
| By: | Tanhua Jin; Kailai Wang; Yanan Xin; Jian Shi; Ye Hong; Frank Witlox |
| Abstract: | Enhanced efforts in the transportation sector should be implemented to mitigate the adverse effects of CO2 emissions resulting from zoning-based planning paradigms. The innovative concept of the 15-minute city, with a focus on proximity-based planning, holds promise in minimizing unnecessary travel and advancing the progress toward achieving carbon neutrality. However, an important research question that remains insufficiently explored is: to what extent is a 15-minute city concept within reach for US cities? This paper establishes a comprehensive framework to evaluate the 15-minute city concept using SafeGraph Point of Interest (POI) check-in data in the 12 most populous US cities. The results reveal that residents are more likely to rely on cars due to the fact that most of their essential activities are located beyond convenient walking, cycling, and public transit distances. However, there is significant potential for the implementation of the 15-minute city concept, as most residents' current activities can be accommodated within a 15-minute radius by the aforementioned low-emission modes of transportation. Our findings can offer policymakers insight into how far US cities are away from the 15-minute city and the potential CO2 emission reduction they can expect if the concept is successfully implemented. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.14383&r=ure |
| By: | Luis Bauluz; Sebastien Breau; Pawel Bukowski; Mark Fransham; Annie Seong Lee; Neil Lee; Margarita Lopez Forero; Clement Malgouyres; Filip Novokmet; Moritz Schularick; Gregory Verdugo |
| Abstract: | The rise of economic inequalities in advanced economies has been often linked with the growth of spatial inequalities within countries, yet there is limited comparative research that studies the relationship between national and subnational economic inequality. This paper presents the first systematic attempt to create internationally comparable evidence showing how different countries perform in terms of geographic wage inequalities. We create cross-country comparable measures of spatial wage disparities between and within similarly-defined local labour market areas (LLMAs) for Canada, France, (West) Germany, the UK and the US since the 1970s, and assess their contribution to national inequality. By the end of the 2010s, spatial inequalities in LLMA mean wages are similar in Canada, France, Germany and the UK; the US exhibits the highest degree of spatial inequality. Over the study period, spatial inequalities have nearly doubled in all countries, except for France where spatial inequalities have fallen back to 1970s levels. Due to a concomitant increase in within-place inequality, the contribution of places in explaining national wage inequality has remained fairly constant over the 40-year study period, except in the UK where we document a significant increase. Whilst common global social, economic and technological shocks are important drivers of spatial inequality, this variation in levels and trends of spatial inequality opens the way to comparative research exploring the role of national institutions in mediating how global shocks translate into economic disparities between places. |
| Keywords: | regional inequality, wage inequality, local labour markets |
| Date: | 2023–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1941&r=ure |
| By: | Daniel Huerta; Chris Mothorpe |
| Abstract: | Conditional geographical clustering is the strategy of grouping real estate properties within a contiguous region to exploit economies of scale through spatial proximity. We expect significant benefits from this strategy as a result of gains in local market expertise and cost reductions associated with improved operational performance from the efficient management of a portion of a Real Estate Investment Trust (REIT) property portfolio. This strategy differs from both geographical diversification and agglomeration strategies. Geographical diversification is the strategy of acquiring properties in distinct geographical markets as to take advantage of the diversification effect of the differing economic conditions in the multiple markets. However, managing a property portfolio that is geographically disperse may pose challenges such as lack of expertise in the multiple markets, difficulty in property monitoring, lower management efficiency, and higher agency costs. Prior literature finds REIT geographical diversification either destroys firm value or has little to no benefit. Ambrose, Ehrlich, Hughes, and Wachter (2000), Capozza and Sequin (1998, 1999), Gyourko and Nelling (1996), and Demirci, Eichholtz, and Yonder (2020) find either no, or limited, evidence of economic benefits. Whereas, Campbell, Petrova, and Sirmans (2003), Cici, Corgel, and Gibson (2011), Cronqvist, Hogfeldt, and Nilsson (2001), and Hartzell, Sun, and Titman (2014) present results that indicate discounts in value for geographically diversified REITs. More recently, Feng, Pattanapanchai, Price and Sirmans (2019) find geographical diversification benefits arise for REITs with high levels of institutional ownership and which invest in core property types. Agglomeration, on the other hand, refers to the strategy of locating properties near concentrations of economic activity such as in areas of fast economic growth or areas where similar properties owned by other firms are located. Prior literature explains agglomeration economies benefits firm productivity and provides positive externalities (Henderson 1986; Henderson 2003; Rosenthal and Stranges 2008; Melo et al., 2009; Greenstone et al. 2010; Koster et al. 2014) which may explain the concentration of REIT properties in certain U.S. markets. However, agglomeration generally refers to the location of properties neighboring other properties that are not owned by the REIT. In this paper, we examine the impact of conditional geographical clustering on REIT operations and firm value. Specifically, we test whether a strategy of property clustering translates into improved efficiency and performance that may impact REIT firm value and stock returns. That is, we explore channels through which conditioned geographical clustering contributes to REIT shareholder wealth. Such channels include operational efficiency, operational performance, and credit risk. We contribute to the literature by measuring the optimal REIT cluster size (in terms of number of property units) and distance (in terms of amplitude of radii) by property-type specialization. This analysis provides REIT managers with indications of if property clustering is an effective strategy for all REIT specializations. Moreover, for those property-types for which clustering matters, our results provide guidance on the optimal proportion of the portfolio that should be clustered and the size of the cluster that will provide most benefit. The analysis by property-type specialization is of particular importance since each property sector has unique characteristics, distinct demand and supply drivers, and responds to economic factors in different ways. Each REIT asset class signifies a distinct business line with different economic sensitivities and which calls for a particular investment strategy that corresponds to the idiosyncrasies of the property type. Prior literature highlights the importance of property-type specialization segmentation in REIT studies finding, for example, that specialized REITs show varying degree of business cycle exposure, tend to have distinct levels of correlation with the economy, show markedly dissimilar capital structures, varying risk-return characteristics and deviations from net asset value, and are prone to different pricing anomalies (Wheaton, 1999; Reddy and Cho, 2018; Van Nieuwerburgh, 2019; Huerta et al., 2020). |
| Keywords: | Conditioned Geographical Clustering; Reit Performance; REIT Portfolio Management; REIT Shareholder Value |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_352&r=ure |
| By: | Mina Elsie. L. Udom; Anthony Dornubari Enwin; Tamunoikuronibo Dawaye Ikiriko |
| Abstract: | Nigeria, like many other developing countries, faces significant challenges in providing affordable housing for its citizens, particularly in major cities experiencing population growth and urbanization. This study focuses on assessing the feasibility of implementing the Community Land Trust (CLT) model to address this pressing issue. Through a comprehensive review of literature and responses from thirty-one stakeholder interviewed, the study examines the success of CLTs in other countries, identifies opportunities and challenges associated with implementing CLTs in Nigeria, and explores potential partnerships among the government, private sector, and community organizations. Furthermore, the study evaluates the potential impact of integrating CLTs into Nigeria's housing policy, aiming to enhance the provision of affordable housing and improve the quality of life for low-income families. The study concludes that adopting the CLT model into Nigeria's housing policy holds promise as a sustainable solution for affordable housing provision and has significant implications for policy and practice in the affordable housing sector, not only in Nigeria but also in other developing countries confronting similar challenges. |
| Keywords: | Affordable Housing; Community Land Trusts; Housing Policy; Low-Income Families; Sustainable Housing |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-006&r=ure |
| By: | Hernández, Karla; Luna, Facundo; Madeira, Carlos |
| Abstract: | Climate change should deteriorate the value of real estate, but studies are lacking for developing economies which may suffer the worst weather changes. We match an administrative register of all the real estate properties' transactions in Chile between 2002 and 2020 with a high spatial resolution dataset of local temperatures and precipitation. Even after controlling for a wide set of home characteristics or fixed-effects for each property, we find that fluctuations in temperatures had an impact on the prices of residential homes and agricultural properties. |
| Keywords: | global warming; real estate prices; climate change; Chile; Latin America |
| JEL: | O44 O54 Q51 R11 R30 |
| Date: | 2022–11–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:118974&r=ure |
| By: | Ana Hernández Kent; Lowell R. Ricketts |
| Abstract: | Real estate assets drove wealth higher for many, particularly among Black and Hispanic households. But the racial/ethnic wealth gap remains wide. |
| Keywords: | real estate; COVID-19; racial wealth gap |
| Date: | 2023–08–08 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:96556&r=ure |
| By: | Lynet Susan Namayanja; Moses Batanda Mubiru |
| Abstract: | This paper focused on linking the influence of the specifics of building services orientation and space flexibility on the occupancy dynamics of Grade-B office buildings. The paper employed a cross-sectional design, backed with qualitative and quantitative research approaches, on a sample size of 115 respondents including tenants (70), property managers/owners (40), and real estate experts (05). Data collection was through questionnaires and interview guides. Quantitative analysis was done through univariate and bivariate methods buttressed by the use of MS Excel, MS. Word and STATA version 15. The qualitative component employed thematic analysis. The findings indicate a significant relationship between occupancy length and the sufficiency of rentable space to meet business needs. Buildings with bigger rentable spaces had higher occupancy. Lastly, the majority (82.9%) of the tenants could not customize their rentable spaces according to their needs due to restrictions from landlords and property managers, leading to their high mobility. We recommend attention to the design and layout of parking spaces commensurate to the building's capacity and local regulations and ensuring flexibility of floor plans during building designs. A well-designed building with convenient road accessibility, ample parking, attractive amenities, and tenant- focused design can better retain tenants, leading to better building performance. |
| Keywords: | Building orientation; Design; occupancy rate; office blocks |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-008&r=ure |
| By: | Carmelo Micciche; Michel Baroni |
| Abstract: | Real estate price dynamics are well described at a large scale, but it suffers from a poor understanding of the fundamentals behind these dynamics, especially locally. Indeed, many indicators produced by different actors describe the fluctuations of prices well but fail to explain the mechanisms driving these changes at a local scale. This work aims at measuring the relevancy and the explanatory power of a set of potential economic, demographic and financial fundamentals on the housing price evolutions at a local scale, covering all France. The main objectives are to highlight the underlying factors of sub-markets in France and quantify their relative influence. The determinants of the housing markets have been studied in several papers at a country scale or for specific big cities. Indeed, some work focused on the Europe scale (Banerji, A., Shi, H., Hilbers, M. P. L. C., & Hoffmaister, M. A. W. (2008), Égert, B., & Mihaljek, D. (2007)), the country scale (Bessone, A. J., Heitz, B., & Boissinot, J. (2005)), or directly in specific cities (Baroni, M., Barthélémy, F., & Mokrane, M. (2008)). If some economic or financial variables like the interest rates or the average disposable income of a household seem to be designated as key factors explaining the fluctuations in prices, the relative influence of each of these variables on housing prices might be different in all sub-markets in France. In this work, the influence of a set of potential determinants is measured thanks to statistical methods which are regularly used for this kind of purpose, such as simple linear regression, panel VAR methods, or cointegration measures. These methods have been tested on a database of indices covering all France. This study is based on a set of more than 800 indices built on a regionalization of France based on socio-demographic and economic data. These indices offer a good representation of house price evolutions at a local scale by construction of regions as fine as the available data allows. The fundamentals tested for this work are a set of time series data of economic, demographic, and financial variables covering the entire period 2010-2020 and are retrieved at the finest geographical scale. These variables were chosen among the more often cited in academic literature as potential underlying factors of real estate dynamics. The fundamentals tested are the following : long term interest rates, short term interest rates, unemployment rates, evolutions of population, inflation, new built construction, income evolution, savings rates, disposal income. The contribution of this paper is twofold. First, we are, to our knowledge, the first to systematically test for the impacts of potential determinants of the evolution of housing prices, over a whole country, at a local scale. From a methodological perspective, it forces us to introduce a new custom econometric approach in order to produce meaningful and intelligible results. Second, we measure significant differences in the role played by the drop of long term interest rates in the price dynamics among local markets. In our opinion this is a proof of the asymmetric transmission of the accommodating monetary policy decided by the European Central Bank from 2015. |
| Keywords: | France; Housing determinants; Real estate dynamics; Sub-Markets |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_240&r=ure |
| By: | Augustina Chiwuzie; Daniel Ibrahim Dabara; Olusegun Adebayo Ogunba; Jonas Hahn |
| Abstract: | Workspace inclusivity remain critical in promoting diversity and dynamism across all sectors of the economy. Despite recent progress, gender disparities persist in the real estate sector, including education and training programmes. This study employs a quantitative research design to investigate gender diversity in real estate education at Federal Polytechnic Ede, Nigeria. The study focuses on female students' enrolment in real estate programmes from 2009 to 2022, their experiences, perceptions and career prospects. A self-administered questionnaire was used to collect data from 138 out of all the 150 female students currently enrolled in the programmes. The findings indicate that the gender structure of real estate student enrolments is inclusive. Female enrolments have steadily increased and are stable below 50 per cent over the last thirteen years. However, female students face a lack of mentorship opportunities and perceive gender discrimination and bias in the real estate industry. These factors influence female students' self-esteem, motivation, and career opportunities in the real estate industry. This paper contends that the real estate sector must become more diverse. A proactive dedication to inclusivity, mentorship and the willingness to challenge existing norms and biases in the industry is needed to enable women to pursue real estate career. |
| Keywords: | Career decision; equity and inclusivity; female student enrolments; Real Estate Industry |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-005&r=ure |
| By: | Faoziah Afolasade Gamu; Halim Yusuf Agava |
| Abstract: | This study evaluated the performance of residential real estate investment and the causal linkages between important macroeconomic variables and real estate investment returns in Abuja and Lagos cities in Nigeria. A survey research design was employed using questionnaire to collect real estate transaction data from 2008 to 2022 from estate surveying and valuation firms in the study areas. The macroeconomic data used were retrieved from the archives of the Central Bank of Nigeria and National Bureau of Statistics. The rental and capital value data collected were used to construct rental and capital value indices using index number model and total returns on investment using holding period return model. Granger Causality test was employed to determine the causal effect of macroeconomic factors on residential real estate returns in the study areas. The finding of this study revealed among others that there was a progressive upward movement in rental and capita values of residential real estate investment in the study areas between 2008 and 2022. On the basis of total return and risk-adjusted return performances, residential real estate performed slightly better in Lagos with an average total return of 15.28% as against 15.20% in Abuja. On the other hand, Abuja performed better in terms of risk-adjusted return. Of the six macroeconomic variables analysed, only inflation rate, unemployment rate and real GDP per capita were found to have statistically significant causal effect on residential real estate investment returns in the study areas. The study recommended that whereas it is profitable for investors to invest their money in residential real estate in the study areas due to the positive rental and capital value growth potential, the government should implement economic policies that are capable of ameliorating the high rate of inflation and unemployment in the study areas. |
| Keywords: | Macroeconomic variables; Modified value at risk; Performance; Real Estate Investment; risk- adjusted returns |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-048&r=ure |
| By: | Desmond Ang (Harvard University); Panka Bencsik (Vanderbilt University); Jesse Bruhn (Brown University); Ellora Derenoncourt (Princeton University and NBER) |
| Abstract: | How does police violence affect civilian engagement with law-enforcement? We document a sharp rise in gunshots coupled with declining 911 call volume across thirteen major US cities in the aftermath of the murder of George Floyd. This pattern occurs in both white and non-white neighborhoods, is not driven by ceiling effects in crime reporting, persists beyond the protest movement, and is not accompanied by large declines in police response times. We find similar declines in reporting after the murder of Michael Brown, but not for other, less nationally salient police murders. Trends in national survey data reveal that police favorability also declined sharply after George Floyd’s murder, and that victims of crime became less likely to report their victimization due to fear of police harassment. Our results suggest that high profile acts of police violence may erode a key input into effective public safety, civilian crime reporting, and highlight the call-to-shot ratio as a natural measure of community engagement with law-enforcement. |
| Keywords: | police, crime reporting, use of force, race |
| JEL: | K4 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:pri:cepsud:315&r=ure |
| By: | Achim Ahrens (Public Policy Group, ETH Zurich, Switzerland); Andreas Beerli (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Dominik Hangartner (Public Policy Group, ETH Zurich, Switzerland); Selina Kurer (Public Policy Group, ETH Zurich, Switzerland); Michael Siegenthaler (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | Refugees, and immigrants more generally, often do not have access to all jobs in the labor market. We argue that restrictions on employment opportunities help explain why immigrants have lower employment and wages than native citizens. To test this hypothesis, we leverage refugees’ exogenous geographic assignment in Switzerland, within-canton variation in labor market restrictions, and linked register data 1999–2016. We document large negative employment and earnings effects of banning refugees from working in the first months after arrival, from working in certain sectors and regions, and from prioritizing residents over refugees. Consistent with an effect of outside options on wages, removing 10% of jobs reduces refugees’ hourly wages by 2.8% and increases the wage gap to similar host-country citizens in similar jobs by 2.2%. Furthermore, we show that restrictions reduce refugees’ earnings even after they cease applying. Restrictions do not spur refugee emigration nor improve earnings of non-refugee immigrants. |
| Keywords: | Labor market integration, migration, labor market policies, labor market institutions, monopsony, refugees, employment, wages, outside options, employment opportunities |
| JEL: | J08 J31 J42 J68 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:22-510&r=ure |
| By: | Fitch-Polse, Dillon; Mohiuddin, Hossain; Jaller, Miguel |
| Abstract: | This white paper presents the synthesis of the literature on the use of cargo bikes for urban goods movement with a particular focus on four barrier and opportunity domains: physical and spatial; economic; political and legal; and social and cultural. It also includes research particularly relevant to California cities, although many of the studies reported were conducted outside California because we found a lack of evidence within California. The barriers to shifting from trucks and vans to cargo bikes for a variety of good movements remain tall in California. They include, among many, a need for a significant shift in the delivery landscape that requires collaboration across different organizations, and support from the local and state level that includes the development of urban consolidation hubs, investment in bike infrastructure, and strict restrictions on larger delivery vehicles. In addition, it may also require initial incentives to freight operators to offset the costs of shifting to cargo bike logistics. Although the barriers are large, the need is paramount, given the rise in e-commerce and local goods movement. Motivated by this need, and with targeted efforts to overcome these barriers, synergistic benefits are possible including a safer and more bike-friendly road network supportive of both personal active transportation and cargo-bike goods movement. These outcomes will help achieve wide-ranging goals in transportation planning, including GHG reduction, improvements to public health through physical activity, and emission reductions, among others. |
| Keywords: | Law, Social and Behavioral Sciences, Cargo bikes, last-mile delivery, urban goods movement |
| Date: | 2023–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt6zq3384v&r=ure |
| By: | Gaetan de Rassenfosse (Ecole polytechnique federale de Lausanne); Gabriele Pellegrino (Catholic University of Milan) |
| Abstract: | This paper assesses the extent to which the international migration of inventors affects innovation in the receiving country. Drawing on a novel database that maps the migratory patterns of inventors, we exploit the end of the Soviet Union and the consequent post-1992 influx of ex-Soviet inventors to the United States. Econometric analysis on a panel of U.S. cities and technological fields shows that the patenting activity of U.S. inventors increased significantly after the arrival of ex-Soviet Union inventors. |
| Keywords: | geographic mobility; innovation; inventors; patents |
| JEL: | O31 O34 O51 J61 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:iip:wpaper:23&r=ure |
| By: | Francesc Amat; Pablo Beramendi; Miriam Hortas-Rico; Vicente Rios |
| Abstract: | This study investigates how economic inequality shapes political participation and to what extent this relationship is moderated by political competition. In the case of Spain, the link between income inequality and turnout is negative, as expected, but rather weak, suggesting that local turnout rates do not depend exclusively on income inequality levels. We develop a theoretical model linking inequality, political competition and turnout. To test the validity of the theoretical model we derive a novel data set of inequality metrics for a sample of municipalities over the five local elections that took place between 2003 and 2019 and specify a spatial dynamic panel data model that allows us to account for serial dependence, unobserved spatial heterogeneity and spatial dependence. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2023-08&r=ure |
| By: | Robert Lehmann; Christoph Schult |
| Abstract: | We estimate potential regional industrial effects in case of a threatening gas deficit. For Germany, the reduction leads to a potential decrease in industrial value added by 1.6%. The heterogeneity across German states is remarkable, ranging from 2.2% for Rhineland-Palatinate to 0.7% for Hamburg. We emphasize the need for regional input-output tables to conduct economic analysis on a sub-national level, particularly when regional industrial structures are heterogeneous. The approximation with national figures can lead to results that differ both in magnitude and relative regional exposure. Our findings highlight that more accurate policy guidance can be achieved by improving the regional database. |
| Keywords: | gas shortage, input-output analysis, regional economic impacts, Germany |
| JEL: | R11 R15 R19 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10715&r=ure |
| By: | Felician John KOMU |
| Abstract: | This paper is a continuation of housing debates specifically on affordable housing. Based on a series of previous research work within Tanzania and in comparative housing studies across Africa, the quest for housing solution appears to assume more complexity foremost on the social construction of what housing represents. There are certainly challenges that nations are faced with in resolving housing problems despite the strong desire to resolve them. The paper inquires on these challenges in policy context, querying whether nations have failed to identify and measure the barriers against affordable housing strategies. The paper argues that land ownership is not a guarantee to affordable housing leave alone housing supply as Habitat (2021) submits. It surveys successful cases with a view of identifying potential innovative approaches in resolving the housing problem. It contends without a clear framework that supports class of 24 students, in the form of presentation, for the past two weeks for a twelve – hours session using different pedagogical methods to assess their listening, reading, visualization and demonstration skills. Based on the literature reviewed, it was revealed that the level of absorption by learners through listening, reading, ognizantion and demonstration was around 40%, 30%, 60-80% and 30% respectively. The Visual, Auditory, Kinesthic (VAK) model was used to assess the learning achieved by the learners. An exercise was administered to 24 students to test and validate the theories. It was discovered that on the question that was prepared based on the listening theory, less than 42% of students were able to retain what they had listened to and read. On the ognizantion theory, Seventy-five percent (75%) were able to remember what they had seen with their own eyes and the images presented to them. Finally, Ninety-two percent (92%) were able to remember what was demonstrated in class. When using pedagogical strategies, It is recommended that lecturers should be ognizant of the blended learning by varying the teaching styles so that to enable learners to have a higher chance of remembering what they were taught in class thus to improving academic performance. |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-039&r=ure |
| By: | Sangyup Choi; Kimoon Jeong; Jiseob Kim |
| Abstract: | This paper underscores the underappreciated role of bank mortgage lending standards in conjunction with imbalances stemming from the common monetary policy framework as drivers of divergent economic trajectories in the euro area’s core and periphery countries. To illustrate the mechanism, we compute a country-specific monetary policy stance gap and estimate the panel VAR model of credit and macroeconomy for each group. While the widening gap—the accommodative stance of the ECB relative to individual economic conditions—induces a similar increase in the demand for mortgage credit in both regions, it is followed by markedly different responses of the supply side of mortgage credit: bank mortgage lending standards are relaxed (tightened) in periphery (core) countries, which can rationalize vastly different responses in mortgage credit, residential investment, and housing prices between the two Europes. In searching for the source of different bank lending behaviors, we find that banks in core countries, subject to tighter macroprudential policies and reduced profit margins, increase cross-border lending to periphery countries, enabling them to relax lending standards toward mortgage loans. |
| Keywords: | Euro area, mortgage credit, monetary policy stance gap, bank lending survey, macroprudential policy, cross-border banking flows |
| JEL: | E21 E32 E44 F52 G21 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:een:camaaa:2023-56&r=ure |
| By: | John List; Fatemeh Momeni; Michael Vlassopoulos; Yves Zenou |
| Abstract: | This study explores the role of neighborhoods on human capital formation at an early age. We do so by estimating the spillover effects of an early childhood intervention on the educational attainment of a large sample of disadvantaged children in the United States. We document large spillover effects on the cognitive skills of children living near treated children, which amount to approximately 40% of the direct treatment effects. Interestingly, these spillover effects are localized and decrease with the spatial distance to treated neighbors. We do not find evidence of spillover effects on non-cognitive skills. Perhaps our most novel insight is the underlying mechanisms at work: the spillover effect on cognitive scores is very localized and seems to operate through the child's social network, mostly between treated kids. We do not find evidence that parents' or children's social networks are effective for non-cognitive skills. Overall, our results reveal the importance of public programs and neighborhoods on human capital formation at an early age, highlighting that human capital accumulation is fundamentally a social activity. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:feb:framed:00722&r=ure |
| By: | Corina Boar; Elisa Giannone |
| Abstract: | This paper introduces consumption segregation, a new margin of residential segregation, and examines its patterns, causes, and discusses its aggregate consequences. We use new longitudinal and highly granular data to measure consumption segregation in the United States and document that it is high but relatively stable over the past 15 years, with substantial regional variation. We find that income segregation plays a more prominent role than other forms of segregation in driving consumption segregation, mainly due to the inability to smooth shocks to income. We illustrate a new mechanism through which, in the presence of social comparisons, consumption segregation can exacerbate wealth inequality. |
| JEL: | E20 R2 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:upf:upfgen:1871&r=ure |
| By: | Remy van de Gaar; Erwin Heurkens |
| Abstract: | Private investment in and management of public urban space has been a subject of practice and debate in real estate studies and industry in recent years (De Magelhães & Freire Trigo, 2017; Le Clercq et al., 2020). Such mainly Anglo-Saxon endeavours can be explained by an continuous austerity era of government retrenchments in urban planning and expanding private sector-led urban development practices (Heurkens, 2012). Moreover, real estate developers and investors are increasingly aware of the economic added value of attractive public space for their assets and the potential benefits of public space investment and management (Urban Land Institute, 2018). Whilst previous studies focused on the implications of private investment for public space governance arrangements, publicness safeguarding mechanisms, or private sector business benefits, little research has been conducted on the actual reasons for real estate developers and investors to pay for the public realm. Therefore, this research (Van de Gaar, 2023) aims to explore the possibilities of extra voluntarily private investment in the public space of urban regeneration projects, by studying the main conditions and motivations. In order to do so, we conducted a literature review resulting in an adapted conceptual framework from De Magelhães & Freire Trigo (2017) which we specifically applied to the Dutch real estate practice. Based on two qualitative research methods, semi-structured interviews with eighteen real estate professionals and an expert panel validation session, the following results are distilled. In terms of motivations, our study reveals that the location and immediate surrounding is decisive for real estate companies’ willingness to extra invest in public space, as these investments do not pay off as much everywhere and are conditioned by the financial viability of urban regeneration project itself. Additionally, real estate companies indicate that ESG business objectives are increasingly important in investment decisions, with public space functioning as potential tangible means and proof. In terms of conditions, real estate developers and investors indicate that control over assigning rights, distributing responsibilities and shaping characteristics of the investment in public space is decisive. They want to be able control how extra investments are spent to ensure that their own company vision and the development concept for the project is realised to a sufficient degree. The biggest challenge in making public-private agreements about the extra investments are local authority public space standardisation regulations that hinder customization. Additionally, the lack of proven private management instruments for the use phase currently directs Dutch developers and investors to full legal ownership of public space as the only (limited) solution. Based on the above empirical findings, this research illustrates that it is not possible to determine an ‘ideal framework’ for the distribution of roles and responsibilities for private public space investment and subsequently the management thereof, as public space is non-generic in nature. Nevertheless this research indicates possible conditions under which real estate companies are willing and able to extra invest in public space, thereby seeking collaborations with the public sector and establishing attractive public spaces to the potential benefit of both organisations and users alike. Scientifically, our study adds new insights about the importance of private sector investment considerations into public-private agreements besides those that safeguard the publicness of urban spaces. Research limitations include the external validity (generalisability) of the findings beyond the Dutch institutional real estate practice, and the internal validity due to the limited triangulation and qualitative nature of methods used. |
| Keywords: | Management; Public Space; Real Estate Investment; Urban Regeneration |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_247&r=ure |
| By: | Sharma, Gautam (CIRCLE, Lund University); Haldar, Stuti (CIRCLE, Lund University) |
| Abstract: | Makerspaces and fabrication laboratories (fablabs) have received extensive attention recently due to their potential to drive innovation and entrepreneurship. These spaces provide access to high-tech tools to the people and encourage community building and collaborations around technology-oriented projects. This paper analyzes the existing research on the innovation dynamics within these spaces. Seventy peer-reviewed studies were selected and thematically analyzed from the Scopus and Web of Science databases. The results are analyzed and presented as descriptive statistics and thematic analysis. We found nine significant themes from the extant literature: 1) Collaborations, learning and sharing practices in makerspaces; 2) Motivations and spatial environment affecting makerspace innovations; 3) Physical Resources, experimentations, and knowledge dimension of makerspaces; 4) Diversity and inclusion aspects of makerspaces; 5) Social and economic impact of innovation in makerspaces; 6) Regional innovation policies and maker cultures; 7) Maker movement in different regions; 8) Maker movement and the city culture; and 9) Academic makerspaces and innovation. The paper contributes to the broader literature on innovation dynamics within informal spaces like makerspaces and fablabs. |
| Keywords: | makerspaces; fabrication laboratories; fab labs; creative open spaces; innovation; systematic literature review; thematic analysis |
| JEL: | O30 O32 |
| Date: | 2023–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2023_010&r=ure |
| By: | Emmanuel Kofi Gavu; Lewis Abedi Asante |
| Abstract: | Rental housing is growing very rapidly across many cities within Sub Saharan Africa and provides a nuanced approach to curbing the dynamics of housing supply as well as landlord-tenant relations. Due to the largely informal nature of housing provision in Ghana, enforcement of the Rent Act (Act 220) has been a major challenge, especially with respect to the rent advance phenomenon. There is documented evidence on the harrowing experiences of renters in connection with the rent advance system and the need for the state to intervene to ameliorate the financial burden on tenants. The government introduced the National Rental Assistance Scheme (NRAS) in 2023 to support tenants to pay the huge financial commitments required of the rent advance, while tenants in return pay back monthly. However, the operationalization of the policy has come to question. The objective of the paper is to examine the sustainability of the NRAS, by examining the source of funding, objectives, eligibility criteria and application process. The paper argues that if the policy focus of government is to promote monthly rent payments, why does government paradoxically promote a rent advance scheme of more than one year – this is a policy inconsistency. This paper is a scholarly critique designed to bring to the fore the scheme’s shortcomings and provide relevant policy recommendations to strengthen the implementation. It builds on previous studies on rent advance in Ghana and other Africa countries. |
| Keywords: | advance rent; Ghana; Housing Allowance; national rental assistance scheme; Rental Housing |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-035&r=ure |
| By: | Liu, Edgar; valentine, kylie; Batterham, Deb; Stone, Wendy; Martin, Chris; Parkinson, Sharon; Hynes, Danielle |
| Abstract: | This research investigates the key links between housing and poverty. Its purpose is to draw together different dimensions of the relationships between housing costs and poverty, including policy settings, tax and transfer systems, housing assistance and place-based dimensions and individual capabilities. The causal relationships between housing and poverty are complicated. Housing costs commonly comprise the largest share of living costs and can increase the risk of poverty. Insecurity caused by excessive housing costs relative to income over extended periods of time can lead to entrenched poverty that can be hard to escape. Reconceptualising poverty creates opportunities for targeted housing policy towards social goals. First, poverty should be identified as the consequence of policies and systems decision making. Second, poverty alleviation should be the responsibility of institutions of society acting in partnership with individuals experiencing poverty. It should not be placed upon individuals alone. Seeing housing as a basic right, and of the need for a universal approach to housing provision, is necessary for poverty eradication. Both shelter and non-shelter housing outcomes need to be understood as valuable to society. This perspective aligns well with housing being reframed and understood as both essential infrastructure and an infrastructure of care. |
| Date: | 2023–10–23 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:q2tfs&r=ure |
| By: | Lorenzo Aldeco Leo; Alejandrina Salcedo |
| Abstract: | We show that in Mexico, larger shares of potential remote work at the municipality level are related to lower post-pandemic employment in high proximity consumer services, a large sector that mainly employs low-income workers. We use a triple difference event study design where we compare employment in high and low proximity sectors across municipalities with different levels of remote work potential, before and after the pandemic. Our results are not driven by changing patterns of consumption associated to Internet access during the pandemic. Since high proximity employment tends to locate in places where the propensity to remote work occupations is larger, such as cities, our estimates imply that remote work may have slowed the employment recovery from the pandemic in certain regions. A counterfactual where we reassign remote work potential equally across municipalities results in a more robust recovery in Mexico's service-intensive central region, which faced the steepest, most persistent drop in service employment. Our results suggest that if remote work remains an important feature of labor markets, consumer service sectors in cities in the developing world may face challenges stemming from these new work arrangements in the post-COVID era. |
| Keywords: | remote work, consumer services, middle-income countries, regional labour markets |
| JEL: | O33 R11 J2 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1133&r=ure |
| By: | Jeonghyun Chung; Michael Cusumano; Dongshin Kim; Abraham Park |
| Abstract: | According to the U.S. Energy Information Administration (EIA), the real estate sector is associated with about 39% of national total energy consumption, with an attendant share of energy-related greenhouse gas emissions. To support sustainability in the built environment, those certified under platforms such as LEED, BREEAM, Energy Star, Green Star, and CAL-Green, purport to promote responsible environmental design in reducing scarce resource consumption. In the past, lack of access to actual energy consumption data, especially in the multi-family housing sector, has hindered efforts to determine the true effectiveness of sustainability designs and certifications. This research investigates the effectiveness of LEED and CAL-Green certifications in California by analyzing actual energy consumption data from large scale sustainably designed housing developments that have been built under LEED and/or CAL-Green design criteria and comparing them to a benchmark set of non-sustainably designed housing projects in the same general geographic location. Under California Assembly Bill AB 802, California is the first state in the US with a benchmarking program that requires the reporting of energy consumption for certain large size multi-family housing projects starting in 2019. The benchmark energy data provides the total annual carbon dioxide associated with building operations on a square foot basis when the consumption of all fuel sources is accounted for. The benchmark data provides approximately 7, 092 multifamily buildings’ energy emission information from 2019 to 2021 and the sum of gas and energy usage level per square footage of building size (total greenhouse gas (GHG) emission intensity) is our key variable of interest. We additionally use the United States Green Building Council (USGBC) data to identify whether or not a building is LEED-certified. USGBC provides the LEED certified building information such as LEED application date, LEED certified status (approved or not), LEED class (Platinum, Gold, Silver, Certified), building address, building type, building size, and built year. There are 670 LEED-certified multifamily and multifamily affordable housing projects in the state of California. However, 113 buildings are classified as confidential, which does not provide any property information other than LEED-certified status. While benchmark data provides data at a project level, USGBC provides data at the building level: one project can have multiple buildings (e.g., Building A, Building B). Thus, we sort the USGBC LEED data using building address and key property characteristics to bundle buildings to project level. Specifically, we assume that buildings are identified as the same project if building’s project name, zip code, and LEED-certified level (Platinum, Gold, Silver, Certified) are the same. After cleaning the data, we find 298 unique projects that are LEED certified, of which 101 projects are matched with the benchmark data using project name, address, and building characteristics. The results from our empirical examinations show that LEED buildings do not produce significantly lower levels of GHG emissions compared to non-LEED buildings. More interestingly, we find that LEED buildings generate 17.30 to 20.81% higher levels GHG emissions than non-LEED buildings during post-Cal-Green period (from year 2015). These results are robust even after considering the occupancy rates (stabilization period). We also propensity-score match the data between LEED and non-LEED and the results are still consistent. On the other hand, Cal-Green is effective in reducing the GHG emissions by 7.16% to 7.88% compared to pre Cal-Green period. In addition, we find that smaller buildings consume considerably more energy and emit more greenhouse gas per square foot than larger buildings. The final consideration from this research is that to achieve the Net–Zero greenhouse gas emissions that California and the world has targeted, the building industry and the regulators must reexamine and improve the design standards for built environments. |
| Keywords: | Green House Gas; LEED; Multifamily; Sustainable Design |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_128&r=ure |
| By: | Marie-Laure Breuillé (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Dijon - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Julie Le Gallo (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Dijon - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Alexandra Verlhiac (CESAER - Centre d'Economie et de Sociologie Rurales Appliquées à l'Agriculture et aux Espaces Ruraux - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Dijon - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | Much has been written about the potential effect of the COVID-19 crisis on residential mobility. To explore its effects in France, we reconstruct flows of mobility intentions based on owner and buyer estimates on the platform MeilleursAgents from January 2019 to September 2021, and we analyze, using logit and nested logit models, how the pandemic has changed the probability that individuals from both urban and rural intend to relocate. Our results show that, after a time of shock during the first lockdown in spring 2020, the desire to migrate, either to rural municipalities or to other catchment areas, increased as the pandemic and the restrictive measures continued, and was particularly pronounced after the end of the third and last lockdown. |
| Keywords: | COVID‑19, platform data, residential location choice, discrete choice models, real estate |
| Date: | 2022–12–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03910242&r=ure |
| By: | Songhua Hu (Jack); Kailai Wang (Jack); Lingyao Li (Jack); Yingrui Zhao (Jack); Zhenbing He (Jack); Yunpeng (Jack); Zhang |
| Abstract: | Climate changes lead to more frequent and intense weather events, posing escalating risks to road traffic. Crowdsourced data offer new opportunities to monitor and investigate changes in road traffic flow during extreme weather. This study utilizes diverse crowdsourced data from mobile devices and the community-driven navigation app, Waze, to examine the impact of three weather events (i.e., floods, winter storms, and fog) on road traffic. Three metrics, speed change, event duration, and area under the curve (AUC), are employed to assess link-level traffic change and recovery. In addition, a user's perceived severity is computed to evaluate link-level weather impact based on crowdsourced reports. This study evaluates a range of new data sources, and provides insights into the resilience of road traffic to extreme weather, which are crucial for disaster preparedness, response, and recovery in road transportation systems. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.14380&r=ure |
| By: | Stephen Gibbons; Cheng Keat Tang |
| Abstract: | Overhead electrical power lines and pylons have long raised concerns regarding the effects of electromagnetic fields on health, noise pollution and the visual impact on rural landscapes. These issues are once again salient because of the need for new lines to connect sources of renewable energy to the grid. In this study we provide new evidence on the cost implied by these externalities, as revealed in house prices. We use a spatial difference-in-difference approach that compares price changes in neighbourhoods that are close to overhead power lines, before and after they are constructed, with price changes in comparable neighbourhoods further away. Our findings suggest that the construction of new overhead pylons reduces prices by 3.6% for properties up to 1200 meters away, suggesting the impacts extend further than previously estimated. |
| Keywords: | externalities, overhead power lines, pylons, house prices, revealed preferences |
| Date: | 2023–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:cep:cepdps:dp1942&r=ure |
| By: | Murray, Cameron (The University of Sydney); Gordon, Josh |
| Abstract: | We thank the four respondents to our article, who have provided a range of insights into the debate around upzoning. To organize this reply, we first restate our main arguments below, and then summarize our responses to the main criticisms advanced by the four respondents. In our article, we made the following arguments: a) Upzoning provides additional property rights to current property owners, akin to providing them with “airspace” rights. b) These rights have a market value that could be priced. c) Unpriced upzoning has a budgetary cost due to this foregone revenue. d) The initial allocation of residential property rights in most countries is highly unequal, and thus unpriced upzoning will accrue to current property owners, exacerbating inequality. e) The alleged housing benefits from upzoning rely primarily on the idea that it will significantly increase the rate of supply, and thereby lower house prices and rents for non-owners. However, this claim is questionable, and existing evidence suggests it will not occur. f) There are many effective policies to price upzoning or otherwise achieve public benefit from upzoning, and these should be undertaken. The respondents agreed with many main points. For example, there was broad agreement that the value of upzoning rights can be large and that this represents an opportunity to generate public value. All the respondents also recognized that policies exist that are feasible to capture this value, even if there is disagreement on which, if any, should be adopted. |
| Date: | 2023–10–06 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:d3mt6&r=ure |
| By: | Alessandra Bonfiglioli; Rosario Crinò; Gino Gancia; Ioannis Papadakis |
| Abstract: | We study the effect of Artificial Intelligence (AI) on employment across US commuting zones over the period 2000-2020. A simple model shows that AI can automate jobs or complement workers, and illustrates how to estimate its effect by exploiting variation in a novel measure of local exposure to AI: job growth in AI-related professions built from detailed occupational data. Using a shift-share instrument that combines industry-level AI adoption with local industry employment, we estimate robust negative effects of AI exposure on employment across commuting zones and time. We find that AI’s impact is different from other capital and technologies, and that it works through services more than manufacturing. Moreover, the employment effect is especially negative for low-skill and production workers, while it turns positive for workers at the top of the wage distribution. These results are consistent with the view that AI has contributed to the automation of jobs and to widen inequality. |
| Keywords: | artificial intelligence, automation, displacement, labor |
| JEL: | J23 J24 O33 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10685&r=ure |
| By: | Theresa Ukam |
| Abstract: | The aim of this study is to investigate how Lagos state valuers leverage data to make investment decisions for their clients. The first objective of the research is to identify the appraisal process used by Valuers in their feasibility and viability assessments. A second objective is to identify the required data to facilitate and improve the valuation process. A third objective is to determine the type of data collected by Valuers for the preparation of feasibility and viability reports, Fourth, to identify the significant challenges faced by Valuers in obtaining the required data and how they overcome these challenges in the hope of giving the client the best possible service. Finally, to conduct a content analysis of feasibility and viability reports to ensure compliance with data usage and application. The cross-sectional study design will be used for the research. This design is suited for the study since it aims to determine prevalence of a phenomenon, situation, problem, attitude, or issue using a cross-section of the population in conjunction with the purposive sampling technique. The population and source of the structured questionnaire for this study are registered real estate professionals Estate Surveyors and Valuers in the Lagos metropolis. The data will be analyzed using tables of frequency and percentage occurrence of specific outcomes. The data for this study will come from a primary source. Previous findings have shown that data assists real estate professionals when it comes to investment decisions. It helps in analyzing and monitoring market trends, optimizing the buyer’s selection process, understanding patterns to anticipate future growth, digitalizing, and automating real estate evaluations (predicting property prices). It also helps in boosting profits and reducing overall development costs. Considering the results obtained from past studies, this study is expected to find that data usage assists Nigerian real estate industries in regard to investment decision-making. |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-027&r=ure |
| By: | Fitch-Polse, Dillon; Jaller, Miguel |
| Abstract: | The use of cargo bikes for last-mile deliveries has seen renewed interest, as more sustainable modes are needed to meet the carbon reduction strategies. Furthermore, cargo-bikes contain possibly the greatest co-benefits of any emission reduction strategies for the freight sector. With the goal of informing state, regional, and local government efforts for transforming local goods movement, researchers at the University of California, Davis synthesized the literature on cargo bikes for goods movement with a specific focus on the challenges facing California. Key findings from the research are summarized in this brief. |
| Keywords: | Law, Social and Behavioral Sciences, Cargo bikes, last-mile delivery, urban goods movement |
| Date: | 2023–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt68v0g76r&r=ure |
| By: | Darling-Hammond, Sean (University of California, Los Angeles); Ho, Eric |
| Abstract: | Scholastic punishment is harmful. A governmental review of 2013-14 data indicated that Black students were overrepresented among those experiencing punishment in a variety of contexts. In the intervening decade, new data has emerged, schools have implemented policies to reduce racial disparities, researchers have highlighted new methods of measuring disparities, and pundits have reignited debates about the degree and pervasiveness of disparities. Clarity is needed. Are Black students experiencing more exclusion and punishment than their peers? If so, of what kinds and in what contexts? This article responds by reviewing the most recent federal data, measuring Black overrepresentation across six types of punishment, three comparison groups, sixteen subpopulations, and seven types of measurement. We generate 1, 581 unique estimates of Black overrepresentation and find evidence that no matter how you slice it, Black students are overrepresented among those punished. We conclude with policy recommendations to reduce widespread and enduring racial disparities. |
| Date: | 2023–10–27 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:khtsa&r=ure |
| By: | Valentin Lang (Universität Mannheim, Germany); Stephan A. Schneider (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | During recent immigration waves, nationalist parties increased their vote shares in many countries, but the political backlash against immigration in some regions was much stronger than in others. We examine whether past experience with migrant inflows shapes voters' reactions to current immigration waves. Our study is based on a natural experiment from Germany, where a short-term and demonstrably arbitrary drawing of occupation zones entailed a discontinuous distribution of forced migrants after World War II. Combining historical migration and election records in a 1949-2021 panel at the municipality level, we exploit these differences in a spatial fuzzy regression discontinuity design. Our results show a substantially weaker nationalist backlash against current immigration in regions that received more forced migrants in the past. Current immigration levels activate and mute this effect of exposure to immigration in the past over a period of at least 70 years. |
| Keywords: | Migration, Nationalism, Persistence, Voting Behavior |
| JEL: | D72 O15 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:22-505&r=ure |
| By: | Hanson, Gordon H. |
| Abstract: | I examine the specialization of US commuting zones in AI-related occupations over the 2000 to 2018 period. I define AI-related jobs based on keywords in Census occupational titles. Using the approach in Lin (2011) to identify new work, I measure job growth related to AI by weighting employment growth in AI-related occupations by the share of job titles in these occupations that were added after 1990. Overall, regional specialization in AI-related activities mirrors that of regional specialization in IT. However, foreign-born and native-born workers within the sector tend to cluster in different locations. Whereas specialization of the foreign-born in AI-related jobs is strongest in high-tech hubs with a preponderance of private-sector employment, native-born specialization in AI-related jobs is strongest in centers for military and space-related research. Nationally, foreign-born workers account for 55% of job growth in AI-related occupations since 2000. In regression analysis, I find that US commuting zones exposed to a larger increases in the supply of college-educated immigrants became more specialized in AI-related occupations and that this increased specialization was due entirely to the employment of the foreign born. My results suggest that access to highly skilled workers constrains AI-related job growth and that immigration of the college-educated helps relax this constraint. (Stone Center on Socio-Economic Inequality Working Paper) |
| Date: | 2023–10–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:9a45d&r=ure |
| By: | Benny Kleinman (University of Chicago); Ernest Liu (Princeton University); Stephen J. Redding (Princeton University, CEPR, and NBER) |
| Abstract: | We provide sufficient statistics for nominal and real wage exposure to productivity shocks in a constant elasticity economic geography model. These exposure measures summarize the first-order general equilibrium elasticity of nominal and real wages in each location with respect to productivity shocks in all locations. They are readily computed using commonly available trade data and the values of trade and migration elasticities. They have an intuitive interpretation in terms of underlying economic mechanisms. Computing these measures for all bilateral pairs of locations involves a single matrix inversion and therefore remains computational efficient even with an extremely high-dimensional state space. These sufficient statistics provide theory-consistent measures of locations’ exposure to productivity shocks for use in further economic and statistical analysis. |
| Keywords: | economic geography, trade, migration |
| JEL: | F10 F15 R12 |
| Date: | 2023–07 |
| URL: | http://d.repec.org/n?u=RePEc:pri:cepsud:314&r=ure |
| By: | Daniel Suryadarma; Asep Suryahadi; Sudarno Sumarto |
| Keywords: | education, determinants, secondary school, enrollment, Indonesia |
| URL: | http://d.repec.org/n?u=RePEc:agg:wpaper:351&r=ure |
| By: | Fanghua Li; Chenyang Ji; Moshe Buchinsky |
| Abstract: | In this paper we examine the causal relationship between formal social insurance and individuals’ migration decisions. We exploit a quasi experimental design in rural China, under which county officials were assigned to a group of villages (i.e., treated villages) to serve as village supervisors (VSs) for the local leaders. We show that this led to reduced favoritism in welfare allocation by the local leaders, thereby increasing the efficacy in the formal social insurance in the treated villages. We use detailed geo-referenced administrative household-level data suited for a spatial regression discontinuity design (RDD) to obtain an average treatment effect (LATE) of the improved social insurance on migration. The apparent variation in the implementation of the reform across treated villages and heterogeneous impacts on different family clans make it possible to directly link changes in the efficacy of the insurance to migration choices. We find a large positive migration effect, of about 19%, for the young males and females. In turn, this led to a large boost in the average household’s income in just two years. |
| JEL: | J01 O10 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31819&r=ure |
| By: | Nino Paulus; Lukas Lautenschlaeger; Wolfgang Schäfers |
| Abstract: | Problems and objective Social media platforms have become vibrant online platforms where people share their opinions and views on any topic (Yadav and Vishwakarma, 2020). With the increasing volume and speed of social media, the exchange of stock market-related information has become more important, which is why the effects of social media information on stock markets are becoming increasingly salient (Li et al., 2018). Business organizations need to understand these dynamics, as it reflects the interest of all kind of market participants – retail investors, institutional investors, but also clients, journalists and many others. Therefore, it is not surprising that there is evidence for public sentiment, obtained from social media, correlating with or even predicting economic indicators (e.g. Bollen et al., 2011; Sprenger et al., 2014; Xu and Cohen, 2018). Regarding real estate, Zamani and Schwartz (2017) successfully used Twitter language to forecast house price changes for a small sample at the county level. Except this limited research on real estate markets and the research for the general stock market, there is no more general study that examines the relationship between social media and real estate markets. Nevertheless, real estate markets are of particular interest, not only because of its popularity as an asset class among retail investors, but also because real estate is ubiquitous in daily life and the intransparency of the market. Sentiment indicators extracted from social media therefore promises to cover perspectives from all kinds of people and could therefore be more informative than traditional sentiment measures. However, as described by Li et al. (2018), social media-based sentiment indicators are not intended to replace traditional sentiment indicators, but rather complement them, as these are usually based on the knowledge of only a few industry insiders instead of that of the general public. Besides, the study focuses on indirect real estate (i.e. REITs) as it allows retail investors who represent the majority of social media users sharing equity-related information, to participate in real estate markets. Methodology & Data Using a dictionary-based approach, a classical machine learning approach as well as a deep learning based approach to extract the sentiment of approximately 4 million tweets, this paper compared methods of different complexity in terms of their ability to classify social media sentiment and predict indirect real estate returns on a monthly basis. The baseline for this comparison is a conventional dictionary-based approach including valence shifting properties. The dictionary used is the real estate specific dictionary developed Ruscheinsky et al. (2018). For the classical machine learning method, a support vector machine (SVM), which already has stated to be potent in a real estate context (Hausler et al., 2018), is utilized. The more complex deep learning approach is based on a Long Short-Term Memory (LSTM) model. The usefulness of deep learning-based approaches for sentiment analysis in a real estate context has been proven before by Braun et al. (2019). As high-tradevolume-stocks tend to be discussed most on Twitter, posts are collected from this platform (Xu and Cohen, 2018), including a ten-year timespan from 2013 to 2022. Hereby selection is made on the basis of cashtags representing all US REITs. The monthly total return of the FTSE Nareit allEquity Total Return states the dependent variable, whereby the created sentiment variable is the variable of interest. Contribution to science and practice The aim of this study is to create a standardized framework that enables investors of all kinds to better classify current market events and thus better navigate the opaque real estate market. This framework could be applied not only by investors, but vice versa by REITs to understand and optimize their position in society and in the investor landscape. To the authors knowledge, this is the first study to analyze the impact of social media sentiment on (indirect) real estate returns, based on a comprehensive national dataset. |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_200&r=ure |
| By: | Janet Holtzblatt; Swati Joshi; Nora R. Cahill; William Gale |
| Abstract: | Although it is generally blind with respect to race, the federal individual income tax can create racial disparities when factors that affect tax liability are associated with race. We provide new evidence on racial differences in marriage penalties and bonuses in the income tax, using data from eight waves of the Survey of Consumer Finances. Our results support Brown’s (2021) hypothesis that, controlling for income, penalties are more frequent and larger for Black couples than white couples. We link these results to racial differences in relative spousal earnings, the presence of dependents, and the level of income. We show that marriage rates are much higher among white adults than Black adults, which implies that two policy reforms we examine end up benefiting a greater share of white adults than Black adults. |
| JEL: | H20 H24 J15 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31805&r=ure |
| By: | Ojekunle Olabisi Sunday |
| Abstract: | This research paper examines the challenges and opportunities for proptech adoption in the Nigerian real estate industry. Proptech, a convergence of property and technology, has the potential to revolutionize the way real estate businesses are conducted by enabling more efficient, quick, and cost-effective operations. However, proptech adoption in developing countries like Nigeria faces unique challenges, including inadequate infrastructure, limited access to finance, and lack of awareness and trust in modern technologies. This study aims to explore the factors that influence the adoption and diffusion of proptech innovation in Nigeria. A descriptive survey will be used to gather data; a structured questionnaire will be distributed to real estate professionals, proptech companies, and potential users of proptech solutions in Nigeria. The findings of this study will shed light on the current challenges facing proptech adoption in Nigeria and the opportunities it presents for the real estate industry. The results indicate that about 71% of the respondents are currently using proptech solutions; with increased efficiency, cost reduction, and better decision-making identified as the main benefits. Lack of awareness was cited as the primary reason for not adopting proptech solutions while concerns regarding data privacy and security were noted as potential risks. Factors influencing adoption include ease of use and compatibility with existing systems. The study's significance lies in providing insights into the state of proptech adoption in Nigeria and identifying key challenges and opportunities. This information will be valuable for real estate managers, developers, investors, brokers, and technology providers, helping them make informed decisions regarding the adoption of proptech solutions. By improving operational efficiency, enhancing customer experience, and driving business growth, proptech adoption can contribute to the growth and development of the Nigerian real estate industry. |
| Keywords: | adoption; Challenges; Nigeria; Opportunities; proptech; Real Estate Industry |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-020&r=ure |
| By: | Christoph Grimpe (CBS, DK - ZEW, DE); Katrin Hussinger (DEM, Université du Luxembourg); Wolfgang Sofka (CBS, DK - University of Liverpool, UK) |
| Abstract: | Access to unique knowledge of a target firm is the strategic rationale for many firm acquisitions with the expectation of improving the acquirer’s innovation performance. We argue that the ac- quisition price reflects opportunities for value creation through innovation and investigate whether acquirers pay not just for the target firm’s knowledge but also for the opportunity to access local- ized knowledge when targets are embedded in the knowledge flows of their region. Accordingly, we integrate embeddedness theory with literature on the expectations for knowledge-based value creation in M&A. We hypothesize that target firms that are highly embedded in local knowledge flows have higher acquisition prices. Using data on 520 technology-oriented firm acquisitions in Europe between 2001 and 2010, we find that the acquisition price increases with the target firm’s local embeddedness. The effects are weaker when an acquirer’s knowledge base is closely related to the localized knowledge and stronger when the target’s knowledge base is closely related to the localized knowledge, suggesting that local embeddedness conditions the ability of acquirer and |
| Keywords: | firm acquisitions, local embeddedness, localized knowledge, patents, knowledge relatedness. |
| JEL: | G34 O3 P48 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:luc:wpaper:23-01&r=ure |
| By: | Bahman Madadi; Ary P. Silvano; Kevin McPherson; John McCarthy; Risto \"O\"orni; Gon\c{c}alo Homem de Almeida Correiaa |
| Abstract: | Connected and Automated Vehicles (CAVs) can have a profound influence on transport systems. However, most levels of automation and connectivity require support from the road infrastructure. Additional support such as Cooperative Intelligent Transport Systems (C-ITS) services can facilitate safe and efficient traffic, and alleviate the environmental impacts of road surface vehicles. However, due to the rapidly evolving technology, C-ITS service deployment requirements are not always clear. Furthermore, the costs and benefits of infrastructure investments are subject to tremendous uncertainty. This study articulates the requirements using a structured approach to propose a CAV-Readiness Framework (CRF). The main purpose of the CRF is allowing road authorities to assess their physical and digital infrastructure readiness, define requirements for C-ITS services, and identify future development paths to reach higher levels of readiness to support CAVs by enabling C-ITS services. The CRF is intended to guide and support road authorities' investment decisions on infrastructure. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2311.01268&r=ure |
| By: | Mihaela Meslec; Chiara Catalano |
| Abstract: | Integrating biodiversity considerations into urban development projects has become increasingly important for developers, as it contributes to ecosystem services and supports occupiers’ well-being. Moreover, despite the increasing regulation (ESG, EU Taxonomy, SDGs) there are very few successful projects because there is a lack of methods to effectively manage and integrate complex and diverse data from various sources, such as urban ecology, environmental impact assessments, biodiversity surveys or spatial planning data. Based on emerging technologies, a common data environment (CDE) can provide a solution to manage and integrate these data sets effectively. In this paper, we explore the potential of a CDE for biodiversity integration in a Swiss Real Estate Development project. We employed a mixed-methods research approach, incorporating one case study, action research, and iterations to create a minimum viable product (MVP) for testing the technical solution. Additionally, we analysed the potential business case for a CDE in managing biodiversity data and supporting biodiversity integration in real estate projects. Upon examination of the project documentation, it has been observed that the incorporation of biodiversity into real estate development projects is impeded by the insufficient specification of the data requirements, integration, and management of biodiversity. Additionally, the study found that the absence of a business case for developers that incorporates ecosystem services is a significant obstacle to the integration of biodiversity in urban development. This can be attributed to the lack of a business case for developers that incorporates ecosystem services. To address both issues, a collaborative data environment (CDE) can serve as a potential solution by enabling the sharing, collaboration, and management of biodiversity data. For this purpose, an Eco-Module was developed which contain enhanced ecological data such as animal species distribution, habitat and vegetation types as part of the ecological data requirements. Three GeoBIM technological solutions were explored and tested using a Minimum Viable Product (MVP) approach to integrate GIS-specific biodiversity data sets such as shapefiles and raster data with the BIM model. Furthermore, the study has investigated the added value for real estate owners/investors by recommending to further use the data to quantify the overall benefits of eco-services as a base for a solid business case. The incorporation of ecosystem services in the business case for developers can incentivize biodiversity integration in real estate development. A common data environment can provide an effective solution for managing and integrating complex and diverse biodiversity data sets from different scales. The added value comes from the data analysis and ecological simulations such as habitat suitability and species distribution models. In addition, hydrological and climatic data can enrich the CDE. By implementing an ecologically enriched CDE with dedicated Eco-Modules, the platform can raise awareness during the lifecycle of the project on important ecological issues, showing the potential use of biodiversity information for landscape-architectural-urban design and concrete financial and environmental benefits to decision-makers. |
| Keywords: | Common Data Environment; Ecosystem services; Real Estate Development; Urban Biodiversity |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_330&r=ure |
| By: | Merve Engür; Kerem Yavuz Arslanli |
| Abstract: | The commercial real estate sector is being transformed by technology and PropTech. Companies are increasingly looking for new alternatives and Blockchain has the potential to solve the issues about challenges, regarding liquidity and transparency by offering fresh alternatives for commercial real estate investors. The main problem examined is that the complexity of the leasing processes and the handling of the process with different actors make the whole process open to errors. Smart contracts using blockchain technology promise to solve this complexity in the contract process. Smart contracts are also claimed to form a structure where reliability and transparency are guaranteed. The purpose of smart contracts is to ensure that the lease agreement is signed, the rent is paid on time, and the contract termination is implemented in accordance with the terms. This research explores the application areas of smart contracts based on Blockchain technology and potential application innovations in the commercial property market and finds criteria for using smart contracts in property leasing. Smart contracts are an important example of the use of Blockchain technology in commercial real estate leasing. Therefore, it is essential to find criteria that allow the use of smart contracts in commercial property leasing. The criteria that smart contracts must meet in order to be preferable to the existing contract type are questioned and if these criteria are met, whether smart contracts can be used in the shopping center rental process has been researched. The criteria considered in the current lease agreement process, and the use of blockchain technology in the commercial real estate industry are explained. In commercial real estate contracts, the application areas of smart contracts are explored. The importance of the criteria in this process is determined through a survey of employees in commercial property leasing companies. The survey investigating the criteria for smart contracts to be used instead of existing lease contracts will be made to the target people and the survey results will be evaluated by a scoring method. The AHP method is used to integrate the criteria into the hierarchical structure and show which criteria are effective in the selection decision for the leasing contract process. The scoring system determines which criteria are more important than the others. Participants in the interview were asked which criterion they preferred over the others. The criteria that resulted from these surveys were scored using scoring matrices. The survey using the AHP method revealed the criteria and features that the leasing process must promise for the use of smart contracts. As a result, the opportunity for smart contracts to be integrated into the commercial property leasing process is being pursued. |
| Keywords: | blockchain; commercial property; Property Lease; Smart Contract |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_213&r=ure |
| By: | Navin Kumar Chaubey; Satyesh Bhatt |
| Abstract: | The progress and development of any country and society depend on the education of the citizens of that country, the purpose of education is not only to give verbal knowledge to the person but also to guide and build character as well as to make him financially capable. Literacy in India, especially adult literacy, has been a national priority since independence, to illiteracy in the country, the Government of India made various provisions, in which students from 6 to 14 years of age were given free and Compulsory Education. The Right to Education Act was passed in the Parliament of India on 4 August 2009. And was implemented in the whole country on 1st April 2010, making India one of the 135 countries to make education a fundamental right of every child. It was the responsibility of the state government to ensure the availability of compulsory and free elementary education to children of 6 to 14 years, admission in the school for the primary students, their attendance should be ensured and quality education should be provided to them. To arrange a school in the neighborhood of the students, there should be no discrimination against the children of weaker and backward classes and to arrange physical infrastructures like buildings, teacher teaching-learning material, curriculum and training for teachers, and free books, is the responsibility of the state government to provideschool uniforms, mid-day meal facilities. Sarva Shiksha Abhiyan 2001 recommended opening schools at every 1 kilometer and upper primary school at 3 kilometers and teachers, Shikshamitras appointed in every school so that quality education could be provided. Despite all these efforts of the government, special progress is not being seen in the field of primary education, the increasing attraction of students and parents towards private schools is also an important component. Even after these arrangements and efforts of the government, the desired result is not being achieved, so this is a very serious and worrying topic, that the government and policymakers need to be considered, keeping this subject in mind, The research selected the topic for the critical study of the schools. Key words: fundamental rights, elementary education, Education Act, Literacy, the mid-day meal, Sarva Shiksha Abhiyan |
| Date: | 2023–09 |
| URL: | http://d.repec.org/n?u=RePEc:vor:issues:2023-47-01&r=ure |
| By: | Sudarno Sumarto; Marc Vothknecht; Laura Wijaya |
| Keywords: | poverty, decentralization, economic growth, Indonesia |
| URL: | http://d.repec.org/n?u=RePEc:agg:wpaper:276&r=ure |
| By: | Mai-Thi Ta (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Léa Tardieu (UMR TETIS - Territoires, Environnement, Télédétection et Information Spatiale - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - AgroParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Harold Levrel (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | As the multiple benefits from exposure to urban green spaces (UGSs) are increasingly acknowledged, urban greening policies have become an important component of the urban political agenda. Most targeting strategies of future UGS development are based on the pursuit of an equal distribution of UGSs among residents. These strategies implicitly assume that the development of any type of UGS will have the same effect on citizens' well-being, provided that their access is guaranteed. This paper questions this assumption and addresses the demand side of urban greening policies by evaluating which UGS characteristics are sought by urban dwellers. We apply a travel time-based discrete choice experiment (DCE) to capture the trade-offs between the UGS characteristics (e.g., tree cover, size, presence of water, accessibility) and the travel time that citizens are willing to spend to reach a hypothetical UGS compared to a "stay at home" option. We discover that all the respondents have a disutility in choosing the "stay at home" option instead of a scenario of UGS development, especially when the UGS contains trees. This disutility is however much higher among outer suburb inhabitants living in municipalities with relatively lower urbanization levels and rent prices. Further, the global time budget dedicated to reach a UGS is much lower for inner-city residents compared to outer-suburb inhabitants. Inhabitants living in less urbanized areas place a higher value on a large UGS (> 1.5 hectares), while residents living in city centres do not seem to be influenced by this UGS characteristic. Our results suggest that strategies based on access criteria would benefit from being differentiated according to urbanization levels of cities, as the inhabitants of city centres value nearby and multiple UGSs but not necessarily large UGSs while the inhabitants of suburbs value larger UGSs, even when located farther away. urban green spaces-recreational services-urban greening policies-preference heterogeneity-choice experiment-green infrastructures |
| Abstract: | Les multiples avantages de l'exposition aux espaces verts urbains (EVU) étant de mieux en mieux reconnus, les politiques de renaturation sont devenues une composante importante de l'agenda politique urbain. La plupart des stratégies de ciblage des futurs EVU sont fondées sur la recherche d'une répartition égale des espaces verts urbains entre les résidents. Ces stratégies supposent implicitement que le développement de tout type d'EVU aura le même effet sur le bien-être des citoyens, à condition que leur accès soit garanti. Cet article interroge cette hypothèse en caractérisant la demande en EVU et en spécifiant les caractéristiques recherchées selon les profils sociodémographiques des habitants. Pour cela, nous avons réalisé une expérience de choix discrets basée sur des temps de trajets mesurant les arbitrages entre différents attributs constitutifs des EVU (couvert forestier, taille, forme, accessibilité) et le temps de trajet que les habitants accepteraient d'effectuer pour se rendre dans un espace vert fictif. Nous montrons que l'ensemble des résidents a une désutilité à choisir l'option "rester à la maison" plutôt qu'un scénario de développement d'un EVU, en particulier lorsque l'EVU contient des arbres. Cette désutilité est cependant beaucoup plus élevée chez les habitants des banlieues, vivant dans des municipalités à faibles taux d'urbanisation et à loyers modérées. Par ailleurs, le budget temps global consacré pour atteindre un EVU est beaucoup plus faible pour les habitants des centres-villes que pour ceux des banlieues. Enfin, les habitants des zones moins urbanisées accordent une plus grande valeur aux grands EVU (> 1, 5 hectares), tandis que les habitants des centres-villes ne semblent pas être influencés par cette caractéristique. Les résultats suggèrent que les stratégies basées sur des critères d'accès gagneraient à être différenciées en fonction du taux d'urbanisation des villes, car les habitants des centres-villes semblent mieux valoriser des EVU proches et nombreux mais pas nécessairement grands, tandis que les habitants des banlieues valorisent des EVU plus grands, même lorsqu'ils sont plus éloignés |
| Keywords: | urban green spaces, recreational services, urban greening policies, preference heterogeneity, choice experiment, green infrastructures, espaces verts urbains, services récréatifs, végétalisation, hétérogénéité des préférences, expérience de choix, infrastructures vertes |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04210911&r=ure |
| By: | Jaume Benseny; Jarno Lahteenmaki; Juuso Toyli; Heikki Hammainen |
| Abstract: | The emergence of new wireless technologies, such as the Internet of Things, allows digitalizing new and diverse urban activities. Thus, wireless traffic grows in volume and complexity, making prediction, investment planning, and regulation increasingly difficult. This article characterizes urban wireless traffic evolution, supporting operators to drive mobile network evolution and policymakers to increase national and local competitiveness. We propose a holistic method that widens previous research scope, including new devices and the effect of policy from multiple government levels. We provide an analytical formulation that combines existing complementary methods on traffic evolution research and diverse data sources. Results for a centric area of Helsinki during 2020-2030 indicate that daily volumes increase, albeit a surprisingly large part of the traffic continues to be generated by smartphones. Machine traffic gains importance, driven by surveillance video cameras and connected cars. While camera traffic is sensitive to law enforcement policies and data regulation, car traffic is less affected by transport electrification policy. High-priority traffic remains small, even under encouraging autonomous vehicle policies. We suggest that 5G small cells might be needed around 2025, albeit the utilization of novel radio technology and additional mid-band spectrum could delay this need until 2029. We argue that mobile network operators inevitably need to cooperate in constructing a single, shared small cell network to mitigate the high deployment costs of massively deploying small cells. We also provide guidance to local and national policymakers for IoT-enabled competitive gains via the mitigation of five bottlenecks. For example, local monopolies for mmWave connectivity should be facilitated on space-limited urban furniture or risk an eventual capacity crunch, slowing down digitalization. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.14406&r=ure |
| By: | Nhamo, L.; Mpandeli, S.; Mabhaudhi, Tafadzwanashe (International Water Management Institute) |
| Keywords: | Urbanization; Resilience; Sustainability; Nexus approaches; Sustainable Development Goals; Goal 11 Sustainable Cities and Communities; Circular economy; Climate change adaptation |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:iwt:bosers:h052081&r=ure |
| By: | Oto-Peralías, Daniel (Universidad Pablo de Olavide); Cuberes, David |
| Abstract: | This paper uses Spanish data to study whether the presence of large estates (latifundia) increases the probability of installing mega photovoltaic plants in a municipality. First, we document that the percentage of municipalities with mega plants is much higher in municipalities with large estates. Second, we perform an intra-municipal analysis at the 0.5x0.5km cell level and show that cells located in larger register (cadastral) parcels have a higher probability of being part of a mega photovoltaic installation. These results are important in order to assess the costs and benefits of such investments, in a context of growing opposition by rural populations. Our results also exemplify how a historically rooted economic factor, land inequality, plays an important role in determining the location of these facilities. |
| Date: | 2023–10–03 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:hakt5&r=ure |
| By: | Frank Kwakutse Ametefe; David Kitulazzi; Precious Brenni; Francois Viruly |
| Abstract: | Sustainability is increasingly gaining importance across the globe among investors, regulators, banks, governments, and various other stakeholders. The impact of different elements of sustainability such as corporate governance have also been studied extensively. Ametefe et al. (2023) identified two major strands of literature which consider the benefits of incorporating sustainable investment considerations in the investment decision of real estate firms. One strand looks at how sustainable investment practices impact the operating cost and profitability of real estate firms while a second strand looks at how ESG factors impact market fundamentals such as stock prices, return on asset, return on equity etc. Many of these studies however take a view that there is a uni-directional relationship between sustainable investment and real estate firm performance. The objective of this study is however to analyse the dynamic interrelationship between sustainable investment and the performance of real estate firms. The present study employs the ESG framework which evaluates a firm’s sustainable investment practices using the three pillars of environmental, social and governance sustainability. We make use of the Dumitrescu and Hurlin (2012) approach to testing Granger Causality which can be applied to a panel dataset. This test helps to determine if there is any, uni-directional or bi- directional relationship between real estate firm performance and the different elements of sustainability. The main focus of this paper is on listed real estate firms in South Africa, both REITs and non-REITs. The real estate market in market in developing countries have not been adequately represented in studies on this topic. For completeness however, we will include all firms listed on the JSE for which Bloomberg provides ESG data. Our analysis would be carried out on the overall ESG scores as well as specific ESG pillars i.e., Environmental, Social and Governance sustainability indicators. To determine how ESG scores vary between REITs and non-REITs, and also among the different industries and sectors, we will employ two tests, the Kruskal and Wallis (1952) test for K-independent samples and the Cuzick and Edwards (1990) test. These tests have been widely used to assess possible differences across independent samples (Wasiuzzaman et al., 2022). |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-021&r=ure |
| By: | Scott Alan Carson; Scott A. Carson |
| Abstract: | Individuals urbanize when the net benefits to urbanization exceed rural living conditions. Body mass, height, and weight are welfare measures that reflect the net difference between calories consumed and calories required for work and to withstand the physical environment. Nineteenth and early 20th century US urban residents had lower BMIs, were shorter, with lower weights than rural residents. Urban net nutrition varied by race, and urban whites and blacks had lower BMIs, shorter statures, and lower weights compared to their rural counterparts. Urban male net nutrition experienced greater variation than urban females, and urban females may not have been affected as much as males by urbanization. |
| Keywords: | urbanization, stature variation, cumulative net nutrition, nativity, race |
| JEL: | C10 C40 D10 I10 N30 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10703&r=ure |
| By: | Widjajanti Isdijoso; Asep Suryahadi; Akhmadi |
| Keywords: | family, welfare, criteria, targeting, welfare levels |
| URL: | http://d.repec.org/n?u=RePEc:agg:wpaper:1568&r=ure |
| By: | Kovacs, Roxanne J.; Dunaiski, Maurice; Tukiainen, Janne |
| Abstract: | There is an ongoing debate about face masks being made compulsory in public spaces to contain COVID-19. A key concern is that such policies could undermine efforts to maintain social distancing and reduce mobility. We provide first evidence on the impact of compulsory face mask policies on community mobility. We exploit the staggered implementation of policies by German states during the first wave of the pandemic and measure mobility using geo-located smartphone data. We find that compulsory face mask policies led to a short-term reduction in community mobility, with no significant medium-term effects. We can rule out even small increases in mobility. |
| Keywords: | Covid-19; coronavirus; face masks; social distancing; community mobility; Wellcome Research Fellowships in Humanities and Social Science 219744/Z/19/Z |
| JEL: | D90 H10 I12 I18 |
| Date: | 2023–10–11 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:120492&r=ure |
| By: | Jakob Kozak; Maximilian Nagl; Cathrine Nagl; Eli Beracha; Wolfgang Schäfers |
| Abstract: | Corporate bonds are an important source of funding for real estate investment trusts (REITs). The outstanding unsecured debt of U.S. equity REITs, which is an approximation for outstanding bond debt, was $450 billion in 2022, while REIT net asset value was $1.1 trillion in the same year. This highlights the importance of corporate bonds for U.S. REITs. However, the literature on bond risk premia focuses only on corporate bonds in general and neglects the specific structure and functioning of issuing REITs. Specifically, U.S. REITs must distribute 90% of their taxable income to shareholders, which prevents them from building capital internally through retained earnings. Since corporate bonds represent a general claim on corporate assets and cash in the case of default, we hypothesize that the drivers of REIT bond risk premia differ from those of the general corporate bond market. Therefore, this paper aims to fill this gap by examining yield spreads, which are the difference between the yield on a REIT bond and the U.S. Treasury yield having the same maturity. Based on findings in the empirical asset pricing literature on the superior performance of artificial neural networks in the adjacent fields of stock and bond return prediction, this paper applies an artificial neural network to predict REIT bond yield spreads. We use a data set of 27, 014 monthly U.S. REIT bond transactions from 2010 to 2021 and 33 explanatory variables including bond characteristics, equity and bond market variables, macroeconomic indicators, and, as a novelty, REIT balance sheet data, REIT type, and direct real estate market total return. Preliminary results show that the neural network predicts REIT bond yield spreads with an out-of-sample mean R2 of 36.3%. Feature importance analysis using explainable machine learning methods shows that default risk, captured by REIT size, economy-wide default risk spread, and interest rate volatility, is highly relevant to the prediction of REIT bond yield spreads. We also find evidence for tax and illiquidity risk premia. Interestingly, equity market-related variables are only important in times of economic recession. Real estate market return is an important feature and is negatively related to the predictions of REIT bond yield spreads. These findings underline that bond risk premia for REITs have additional drivers compared to those in the general corporate bond market. |
| Keywords: | Fixed Income; Machine Learning; REIT; Risk Premium |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_146&r=ure |
| By: | Marius Servais; Wolfgang Brunauer |
| Abstract: | The ESG topic has arrived in the European finance & real estate industry (RE) at the latest with the European Commission's Sustainable Finance Action Plan. ESG stands for "Environment - Social - Governance" and is intended to examine all relevant areas of economic activity for their environmental ("E") and social ("S") compatibility, as well as sustainable corporate governance ("G"). The real estate sector is of particular interest. In our latitudes, buildings are responsible for 40 percent of total energy, 30 percent of CO² emissions and consume a large amount of resources, in particular land, during construction and operation. On the one hand, regulations such as the EU Taxonomy (2020/852), SFDR (2019/2088), directives such as NFRD/CSRD, as well as guidelines from European and national financial supervisors including central banks are forcing companies and financial market participants to non-financial/sustainable disclosure. On the other hand, the market demand exerts pressure on real estate actors to improve in terms of sustainability. The revival of sustainable building certifications (DGNB, LEED, BREAM, etc.) can be seen as proof. Both developments (i.e. the sustainability performance of buildings), have or will have a financial impact on real estate assets and the market. This corresponds to the underlying logic of ESG, according to which sustainability stands in a reciprocity with the financial performance of an economic activity and/or asset. In the mid- & long term, sustainability enhances financial returns through risk reduction and growth opportunities. However, the technical implementation of ESG, in particular the financial aspect, still remains difficult. Existing ESG ratings have multiple deficiencies, they are (either)… assessing RE Companies based on disclosure reports without any information on assets level (ex. MSCI). are mainly expert-based weightings of ESG indicators with limited conclusion on financial implications (ex. GRESB). are assessing single objects with a dependency on lots of input data provided by RE asset managers or owners (ex. GRESB). Furthermore, data and methodology divergences are causing incomparableness. The research done by DataScience Service GmbH (DSS), a proptech/fintech company based in Vienna with focus on automatic real estate valuation (AVM), consists of two mayor efforts tackling some of the existing deficiencies. The development of an ESG tool which is capable of a nationwide ESG performance monitoring of assets and parcels with regulatory conformity. The underlying ESG indicators assess new and existing buildings, and are sensitive to different building types. The translation of ESG performance data into financial risks. A core component will be the integration of the ESG performance data into our AVM (regression model) to determine (statistically) the financial impact on real estate value (long term goal – no findings yet). The current status of our research will be presented at the conference focusing on the first mayor effort. The ESG tool required the development of a new conceptual framework structuring ESG indicators and a multi-scale hierarchy (market – location – property). The derived ESG indicators considering physical & transitional risks are the result of an intensive screening process of regulatory, certification and disclosure frameworks. The methods are based on scientific findings and therefore, they are referred to as "hard facts" (quantitative metrics), i.e. they are objective, independent and verifiable. The foundation of the tool relies on the combination of high-resolution images from air, space and property (including interior images), as well as other geodata, floor plan and other third-party documents such as energy performance certificates, building certificates and consumption data. This variety of data is analyzed using the latest methods of image recognition, time spatial analysis (GIS), text mining, etc. A particular advantage of high-resolution earth observation / geospatial data is, in addition to the spatial resolution and the global coverage, the possibility of constant monitoring. This means that the smallest changes can be detected at an early stage and immediately communicated to affected stakeholders. The new approach enables a high quality & consistent ESG rating at granular level (property level). |
| Keywords: | Esg; ESG rating; financial impact; sustainability |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_301&r=ure |
| By: | felix, John; , olaoyegodwin |
| Abstract: | The global real estate industry has always been closely tied to economic fluctuations, and the COVID-19 pandemic has been no exception. One of the most significant aspects affected by this crisis is real estate lending. In this article, we will explore the evolving landscape of funding solutions in the real estate sector and how the pandemic has reshaped the lending environment. |
| Date: | 2023–10–04 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:n6vm5&r=ure |
| By: | Nail Kashaev; Natalia Lazzati; Ruli Xiao |
| Abstract: | We develop a general model of discrete choice that incorporates peer effects in preferences and consideration sets. We characterize the equilibrium behavior and establish conditions under which all parts of the model can be recovered from a sequence of choices. We allow peers to affect only preferences, only consideration, or both. We exploit different types of variations to separate the peer effects in preferences and consideration sets. This allows us to recover the set (and type) of connections between the agents in the network. We then use this information to recover the random preferences and the attention mechanisms of each agent. These nonparametric identification results allow unrestricted heterogeneity across agents and do not rely on the variation of either covariates or the set of available options (or menus). We apply our results to model expansion decisions by coffee chains and find evidence of limited consideration. We simulate counterfactual predictions and show how limited consideration slows down competition. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2310.12272&r=ure |
| By: | Elena Perra,; Sanfilippo, Marco; Sundaram, Asha (University of Turin) |
| Abstract: | We examine the impact of competition from better connectivity to domestic markets on formal and informal firms. Combining geolocalized information on road improvements under a large infrastructure investment programme with data on manufacturing firms in Ethiopia, we show that an increase in competition is associated with higher labour productivity, capital-intensity, investment in physical capital and wages in the formal sector. On the contrary, there is no associated increase in labour productivity or wages in the informal sector. In fact, increased competition results in lower capital-intensity and investment, a shift in composition towards workers without primary education and a lower likelihood of operating in the informal sector. We thus highlight that the benefits of infrastructure improvement programmes may not accrue uniformly in the economy. |
| Date: | 2022–12 |
| URL: | http://d.repec.org/n?u=RePEc:uto:dipeco:202221&r=ure |
| By: | Michaël Aklin (EPF Lausanne, Switzerland); Vera Eichenauer (ETH Zurich, Switzerland) |
| Abstract: | We investigate the consequences of a peaceful shift of power from one social group to another. Theoretically, we show that an individual’s decision to stay put or migrate depends on the difference between the political preferences of groups and the change in tax. Empirically, we use the case of the unexpected creation of the Canton of Jura in Switzerland, which witnessed a power shift from German to French speakers in the 1970s. We find robust evidence supporting the model’s predictions using data at the municipal and individual levels. Our research sheds light on population sorting in the shadow of power transitions. |
| Keywords: | social identity, status displacement, migration, federalism, secession |
| JEL: | H31 H77 D72 J15 |
| Date: | 2022–05 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:22-502&r=ure |
| By: | Ghislain Geniaux (ECODEVELOPPEMENT - Unité de recherche d'Écodéveloppement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | In this working paper, I aim to establish a connection between the traditional mod- els of spatial econometrics and machine learning algorithms. The objective is to determine, within the context of big data, which variables should be incorporated into autoregressive nonlinear models and in what forms: linear, nonlinear, spatially varying, or with interactions with other variables. To address these questions, I propose an extension of boosting algorithms (Friedman, 2001; Buhlmann et al., 2007) to semi-parametric autoregressive models (SAR, SDM, SEM, and SARAR), formulated as additive models with smoothing splines functions. This adaptation primarily relies on estimating the spatial parameter using the Quasi-Maximum Like- lihood (QML) method, following the examples set by Basile and Gress (2004) and Su and Jin (2010). To simplify the calculation of the spatial multiplier, I propose two extensions. The first is based on the direct application of the Closed Form Estimator (CFE), recently proposed by Smirnov (2020). Additionally, I suggest a Flexible Instrumental Variable Approach/control function approach (Marra and Radice, 2010; Basile et al., 2014) for SAR models, which dynamically constructs the instruments based on the functioning of the functional gradient descent boosting algorithm. The proposed estimators can be easily extended to incorporate decision trees instead of smoothing splines, allowing for the identification of more complex variable interactions. For discrete choice models with spatial dependence, I extend the SAR probit model approximation method proposed by Martinetti and Geniaux (2018) to the nonlinear case using the boosting algorithm and smoothing splines. Using synthetic data, I study the finite sample properties of the proposed estimators for both Gaussian and probit cases. Finally, inspired by the work of Debarsy and LeSage (2018, 2022), I extend the Gaussian case of the nonlinear SAR model to a more complex spatial autoregressive multiplier, involving multiple spatial weight matrices. This extension helps determine the most geographically relevant spatial weight matrix. To illustrate the efficacy of functional gradient descent boosting for additive nonlinear spatial autoregressive models, I employ real data from a large dataset on house prices in France, assessing the out-sample accuracy. |
| Keywords: | Spatial Autoregressive model, gradient boosting, |
| Date: | 2023–05–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04229868&r=ure |
| By: | Bill Dupor |
| Abstract: | An analysis of cost-of-living increases for Social Security shows a strong direct effect on income within a state where the recipient lives but little evidence of a spillover effect in other states. |
| Keywords: | Social Security; cost-of-living adjustment |
| Date: | 2023–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:fip:l00001:96585&r=ure |
| By: | Matteo Coronese; Federico Crippa; Francesco Lamperti; Andrea Roventini; Francesca Chiaromonte |
| Abstract: | Climate change and weather events are increasingly affecting the macroeconomic performance of countries and regions. However, their effects on income inequality are less understood. In this paper, we estimate the dynamic impact of weather events on income and wages at regional level. We leverage a comprehensive dataset covering more than 200, 000 storm events affecting contiguous US' counties across three decades. Storms are short-lived, locally confined, relatively frequent, difficult-to-predict and hazardous yet not fully destructive events. While such features make them convenient for impact assessment, previous studies mostly focused on way severer events as floods and hurricanes. Our findings reveal a significant and highly robust negative association between storm activity, income and wages' growth. Notably, while income tends to recover in the long run, wages exhibit a significantly more stubborn decline, suggesting persistent and adverse impacts on (functional) income inequality. Our analyses also highlight lack of effective adaptation and large heterogeneity of the effects, with economically disadvantaged regions displaying stronger negative impacts. Finally, we find evidence for a sizable role of federal assistance and support, which effectively counteract storm-induced losses on both income and wages. |
| Keywords: | Storms; Natural hazards; Growth; Income Inequality; Climate change; Adaptation policies. |
| Date: | 2023–11–08 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2023/40&r=ure |
| By: | Moez Kilani; André de Palma |
| Abstract: | We analyze spatial competition on a circle between firms that have multiple outlets and face quadratic transport costs. The equilibrium is a two-stage Nash game: first, firms decide on their locations and then set their prices. We are able to solve analytically simple multi-outlet cases, but for the general case, we require an algorithm to enumerate all non-isomorphic configurations. While price equilibria are explicit and unique, solving the full two-stage game requires numerical methods. In the location game, we consider two scenarios: either firms cannot jump one outlet over a competitors’ outlet, or firms have the flexibility to locate outlets anywhere on the circle. The solution involves a balance between cannibalization, market protection, and spatial monopoly power. We compare prices, profits, and transport costs for all possible configurations. With flexible locations, the firms’ market areas are contiguous. In this case, surprisingly, each firm acts as a spatial monopoly. If regulations enforce that each firm must set the same price for its outlets, head-to-head competition prevails, leading to decreased profits for the firms but to a better-off situation for consumers. |
| Keywords: | Spatial competition, circle, multi-product oligopoly, price-location equilibria, coin change problem. |
| JEL: | L13 R32 R53 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ulp:sbbeta:2023-33&r=ure |
| By: | Samo Varsik; Julia Gorochovskij |
| Abstract: | Intersectionality highlights that different aspects of individuals’ identities are not independent of each other. Instead, they interact to create unique identities and experiences, which cannot be understood by analysing each identity dimension separately or in isolation from their social and historical contexts. Intersectional approaches in this way question the common classification of individuals into groups (male vs. female, immigrant vs. native etc.), which raises important implications for the policy-making process. In education, analyses with an intersectional lens have the potential to lead to better tailored and more effective policies and interventions related to participation, learning outcomes, students’ attitudes towards the future, identification of needs, and socio-emotional well-being. Consequently, as elaborated in this paper, some countries have adjusted their policies in the areas of governance, resourcing, developing capacity, promoting school-level interventions and monitoring, to account for intersectionality. Gaps and challenges related to intersectional approaches are also highlighted. |
| Date: | 2023–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:oec:eduaab:302-en&r=ure |
| By: | Piet Eichholtz; Stefan Flagner; Nils Kok; Rick Kramer; Steffen Kuenn; Wouter van Marken Lichtenbelt; Guy Plasqui; Xudong Sun |
| Abstract: | Academic achievement of students is a major determinant for their subsequent professional careers. Thus, university classrooms should offer optimal learning environments fostering students’ cognitive performance and development. However, university buildings are often poorly ventilated and in need of renovation. Past studies have shown that poor indoor environmental quality in terms of the thermal environment and air quality impairs cognitive performance. This study uses a quasi-experimental setup to investigate the effects of a sustainable university building on students’ academic performance and wellbeing. We randomly assigned a sample of about 1200 first-year Maastricht University bachelor students in economics and business into a control and treatment group. The treatment group had their four weekly 2-hour tutorials in a newly renovated building certified with the WELL Building Silver Standard. The control group stayed in the old building, which has been in service for the university since 1976, with the most recent renovation in 2002. In each of the tutorial rooms, we measured indoor temperature, relative humidity, the concentration of carbon dioxide (CO2), fine particulate matter (PM) and volatile organic compounds (VOC) during two course periods from November to December 2022 and from February to March 2023, each lasting seven weeks. We recorded the grades, the course evaluations, and student survey responses on their perception of the indoor environment during each course. Each tutor taught classes in both buildings, allowing a natural tutor-fixed effect. Preliminary results from the first period showed that CO2 and VOC concentrations were significantly lower in the certified building. No substantial differences in students’ grades were found. However, students reported a better mood, a higher satisfaction, and believed that the certified building had a positive impact on their performance. Contrarily, they reported that the lighting conditions and noise levels of the certified building hindered their performance. The next step will be to incorporate the data from the second test period examining possible longitudinal effects. All data collection will be finished by the end of March 2023, and we will do the remaining analysis and the paper write-up in April and May. |
| Keywords: | Cognition; Green Building; Indoor Environmental Quality; Well-Being |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_126&r=ure |
| By: | Siwar Khelifa; Jie He |
| Abstract: | This paper examines the overall long-term effects of the Two Control Zones policy, implemented by the Chinese government to reduce air pollution, on children’s human capital development. Estimates show that exposure to this policy, during the year of birth, is associated, 15 years later, with an increased probability to obtain better standardized test scores and thus to join a higher quality high school and an increased probability to join an academic high school. These results provide an additional evidence in favor of environmental policies as promising inputs for human capital formation. The beneficial effects are found to be accentuated among girls and children born to fathers with low education levels, suggesting that environmental regulations may help reducing some of the educational disparities, in a developing country context. Projecting forward, results also suggest better future higher education and labor market outcomes. The findings are robust to various alternative hypotheses and specifications. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:23-04&r=ure |
| By: | Alessandra Venturini; Cristina Mosso; Andrea Ricci |
| Abstract: | Integration of migrants is a priority in destination countries, but high unemployment and low wages and a strong segmentation still dominate the picture. The linguistic distance and the cultural distance are at the basis of the lack of soft skills which limit their inclusion. Cultural policies which have been considered redundant, are instead a priority for their positive effects on individuals and, in particular, on the foreigners. The present survey reviews the extensive research in the field using choir participation as pivotal activity. The results are measured with physiological and psychological indicators to understand the increase in self-esteem, self-efficacy and social inclusion which are needed for migrants to grasp the social capital of destination countries needed for integration. Even if the empirical studies are not scientifically convincing, i.e. small samples, no randomization, the numerosity and variety persuades about the positive effect. |
| JEL: | C23 J31 J61 |
| Date: | 2023–10–30 |
| URL: | http://d.repec.org/n?u=RePEc:cel:dpaper:64&r=ure |
| By: | Samuel Norris; Evan K. Rose |
| Abstract: | Many jurisdictions levy sizable fines and fees (legal financial obligations, or LFOs) on criminal defendants. Proponents argue LFOs are a “tax on crime” that funds courts and provides deterrence; opponents argue they do neither. We examine the fiscal implications of lowering LFOs. Incentives to default generate a “Laffer” curve with revenue eventually decreasing in LFOs. Using detailed administrative data, however, we find few defendants demonstrably on the right-hand side of the curve. Those who are tend to be poor, Black, and charged with felonies. As a result, decreasing LFOs for the average defendant would come at substantial cost to governments. |
| JEL: | H2 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31806&r=ure |
| By: | Sylvie Démurger; Siwar Khelifa; Béatrice Rey |
| Abstract: | This paper investigates how rural-urban income differentials interact with the risk coping motive to shape households' migration behavior. Using a model of migration behavior under agricultural income risk, our theoretical results suggest that while income differentials remain crucial in determining the migration decision, they are additionally determined by the agricultural income risk the household is facing. Empirical findings on Chinese farm households indicate that the incidence of migration as a risk coping mechanism is lower for households with a negative expected urban-to-rural income difference. Moreover, we find that, when these households care about the human capital of their children, their marginal utility of income increases as the educational performance of their children deteriorates, implying that, when migration is used as a risk coping strategy, households with lower educational performance of children may be more likely to send a parent for migration. This result also suggests that the best specification of the utility function to consider for these households is the non-separability between the household's earnings and their children's human capital. |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:irn:wpaper:23-03&r=ure |
| By: | Gary W. Cox; Jon H. Fiva; Max-Emil M. King |
| Abstract: | A vast and growing quantitative literature considers how social networks shape political mobilization but the degree to which turnout decisions are strategic remains ambiguous. Unlike previous studies, we establish personal links between voters and candidates and exploit discontinuous incentives to mobilize across district boundaries to estimate causal effects. Considering three types of network—families, co-workers, and immigrant communities—we show that a group member’s candidacy acts as a mobilizational impulse that propagates through the group’s network. In family networks, some of this impulse is non-strategic, surviving past district boundaries. However, the bulk of family mobilization is bound by the candidate’s district boundary, as is the entirety of the mobilizational effects in the other networks. |
| Keywords: | political participation, social networks, electoral geography |
| JEL: | D72 D85 C33 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10718&r=ure |
| By: | Asep Suryahadi; Daniel Suryadarma; Sudarno Sumarto |
| Keywords: | economic growth, poverty, urban, rural, Indonesia |
| URL: | http://d.repec.org/n?u=RePEc:agg:wpaper:352&r=ure |
| By: | Daniel Ibrahim Dabara; Oluwafemi Timothy Ayodele; Augustina Chiwuzie; Emmanuel Itodo Daniel |
| Abstract: | This study examines REITs' risk-adjusted performance and diversification benefits in an emerging African property market (Nigeria). The data on the quarterly returns of N-REIT, the Nigerian Federal Government Bonds (FGB), and the stock market's All-Share Index (ASI) were obtained and analysed to reveal their risk-adjusted performance and diversification benefit. Two mean-variance portfolios were developed to assess N-REITs' effect in the mixed asset portfolio. While the first portfolio was unconstrained, the second was constrained to a maximum of 5%. According to the study findings, N-REIT demonstrated superior performance to the other assets. The examination of the unconstrained portfolio showed that increasing the allocation of N-REITs up to 28% had both return and risk reduction effects. An examination of the constrained portfolio showed that with an increased allocation to N-REITs from 0.00% to 0.05%, portfolio risk and return reduced from 2.78% to 2.59% and 12.49% to 10.93%, respectively. Comparing the two portfolios based on the return risk ratios, showed that including N-REIT beyond the 5% threshold might not yield optimal portfolio performance. This study can be a valuable resource for investors seeking to make well-informed investment decisions, particularly in emerging markets such as Africa. |
| Keywords: | asset allocation; Diversification; Investment decisions; N-REIT; Risk-Adjusted Performance |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-001&r=ure |
| By: | Pascal Frucquet (LIREM - Laboratoire de Recherche en Management (LIREM) - UPPA - Université de Pau et des Pays de l'Adour) |
| Abstract: | This course, based on a PhD research is articulated around the following research question : What kind of governance practices should be developed to drive "Smart City" public policies that create public value ? The results are grounded in the French local authorities context where this kind of public policies constitute a highly accomplished form of digital transformation. |
| Keywords: | Smart City, Public policies, Governance, Public value, Co-creation |
| Date: | 2023–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04241033&r=ure |
| By: | Zaheer Allam (IAE Paris - Sorbonne Business School); David Jones; Can Biyik (AYBU - Ankara Yıldırım Beyazıt University); Zarrin Allam (Royal Perth Hospital); Yusra Raisah Takun |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03477830&r=ure |
| By: | Abena Tweneboah Danso; Emmanuel Kofi Gavu |
| Abstract: | The tragedy of anticommons is a property-owning structure where multiple owners hold the right to exclusion of a particular asset or resource; in effect when there exist too many decision makers (multiple co-owners/ landlords) in one property, it generally leads to underutilization and reduced revenues that might accrue in rent payments. For the asset to be optimally used, permission must be secured from all co-owners. Since, each owner has the right of exclusion; in effect any owner can veto the use of the asset. The problems inherent with anticommons presents itself in different ways which can create management challenges for a property manager. The different perception and appreciation of the multiple landlords about property management coupled with the intended economic profit they individually want to realize from their interest in the property can create conflicts in how they each believe the property should be managed to optimize profit. It can further compound the problems faced in the administration of professional management duties. This research uses a case study of a commercial property with multiple landlords (co-owners) in the Central Business District of Kumasi-Ghana. Analysis of data gathered by structured questionnaires for tenants and interviews with the property manager and landlords were used. The study revealed that problems faced by property managers included micromanagement by some of the landlords, poor or no scheduled maintenance practices and low level of professionalism by property manager. It is recommended that service and administrative charge should be discussed and agreed prior to the start of tenancy to eliminate misunderstanding between parties and promote payment to contribute to routine maintenance costs. It concludes that a property manager should be skillful in meeting specific investment objectives of co-owners to ensure that the property accrues optimal returns. |
| Keywords: | Anticommons; Commercial Property Management; Ghana; Multiple Co-ownership |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afr:wpaper:afres2023-016&r=ure |
| By: | Oluwatosin Adeniyi (University of Ibadan, Nigeria); Oludele Folarin (University of Ibadan, Nigeria) |
| Abstract: | This study investigated two key questions: what is the impact of industrialisation on urbanisation in Africa? and to what extent does financial development affect this industrialisation- urbanisation nexus? To elicit answers to these questions, data from thirty-three (33) African countries over a period of twenty-eight (28) years were analysed using a dynamic panel estimator. The findings showed that industrialisation had positive and significant effects on urbanisation. Further, the study shows that financial development had a positive effect on urbanisation, although it lowers the positive effect of industrialisation on urbanisation. Hence, industrial policies, particularly those with marked job creation possibilities, should be accompanied by well-designed urban planning policies in order to sidestep the adverse socio-economic consequences connected with the development of slums in urban areas. |
| Keywords: | Urbanisation, Industrialisation, Financial Development, Africa |
| JEL: | G2 L16 O18 N17 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:23/065&r=ure |