THE IMPACT OF CRIME ON APARTMENT PRICES: EVIDENCE FROM STOCKHOLM,SWEDEN

This study uses data of about 9,000 apartment sales in Stockholm, Sweden, to assess the impact of crime on property prices. The study employs hedonic pricing modelling to estimate the impact of crime controlling for other factors (property and neighbourhood characteristics). Geographic Information System (GIS) is used to combine apartment sales by coordinates with offences, land use characteristics and demographic data of the population. The novelty of this research is threefold. First, it explores a set of land use attributes created by spatial techniques in GIS in combination with detailed geographical data in hedonic pricing modelling. Second, the effect of crime in neighbouring zones at one place can be measured by incorporating spatial lagged variables of offence rates into the model. Third, the study provides evidence of the impact of crime on housing prices in a capital city of a traditional welfare state, information otherwise lacking in the international literature. Our results indicate that apartment prices in a specific area are strongly affected by crime in its neighbouring zones, regardless of crime type. When offences were broken down by types, residential burglary, theft, vandalism, assault and robbery individually had a significant negative effect on property values. However, for residential burglary such an effect is not homogenous across space, and apartment prices in central areas are often less discounted by being exposed to crime than those in the city's outskirts.     

The Impact of Property Taxes and Property Tax Classification on Business Activity in the Chicago Metropolitan Area

The City of Chicago and the inner suburbs grew much more slowly than the outer suburbs in recent decades. In the central county of the metropolitan area, commercial and industrial property is "classified," in that it is assessed at a higher ratio of market value than residential property. Classification is not used in the surrounding suburban counties. The empirical analysis finds evidence consistent with the notion that property tax classification contributes to differential rates of economic growth. High property tax rates lead to significantly slower growth rates for employment, commercial property, and industrial property.     

基于POI大数据的老工业区房价影响因素空间分异与实证

在采集沈阳市铁西区2017年住宅、工厂、地铁站等兴趣点数据的基础上,将工厂距离、房龄以及住宅密度三个变量与传统变量共同参与构建地理加权回归模型,揭示房价影响因素的空间异质性及形成机制。结果表明：在全区范围内,房龄、住宅密度、公共交通、公共配套设施等对房价有显著的提升作用,而工业企业等对房价有一定的抑制作用;新老城区对比来看,所筛选的影响因素与房价的相关性具有显著的空间非平稳性,具体表现在工厂距离、公交密度、商场距离等因素在新老城区的正负影响差异,以及住宅密度、地铁站距离等单向影响因子回归系数的强度渐变;从研究方法来看,基于POI与GWR集成分析,可以有效克服房价实时更新慢、准确度低及数据清洗困难等传统难题,从而为构建和发展新数据环境下的经济地理研究提供参考。     

经济发展与住宅市场异速增长时空格局及其形成机理——以长三角地区为例

住宅具有重要的社会稳定功能,其市场发展状况与经济增长关系是实现城市更高质量发展和畅通国内大循环的关键。本文以GDP表征经济发展,住宅价格和租金表征住宅市场发展状况,利用空间变差函数、异速增长模型和增强回归树模型探究2008—2018年长三角地区三者的时空格局及演化机理。研究表明：(1)长三角地区城市经济规模、住宅价格和住宅租金空间格局具有较强的稳定性,呈现出“一极多核”形态。(2)在纵向和横向异速上,经济规模—住宅价格、经济规模—住宅租金均以负异速增长为主,前者异速增长系数多高于后者。(3)在影响三者异速增长的因素中,科技发展水平、财政投入水平、城市人口规模、设施供给水平、产业发展水平和城乡收入差距是经济规模与住宅市场异速增长的主导因素;经济、人口、社会和行政等因素影响的差异性,在预期因素的催化下,使经济规模—住宅价格异速增长高于经济规模—住宅租金。     

CAPITALIZATION OF LOCAL AND REGIONAL ATTRIBUTES INTO WAGES AND RENTS: DIFFERENCES ACROSS RESIDENTIAL,COMMERCIAL AND MIXED-USE COMMUNITIES*

ABSTRACT. The extent to which the value of locational attributes is capitalized into wages rather than rents is analyzed in a general equilibrium framework. This paper differs from earlier work by taking into account local and regional attributes and makes distinctions among residential, commercial, and mixed-use communities. The theory implies that in localities with both individuals and firms, wages and rents are simultaneously determined, while in exclusively residential localities the model is recursive. The major theoretical insights are consistent with estimations of the model using data from the University of Michigan's Panel Study of Income Dynamics.     

Exports' Contribution to Economic Growth: Empirical Evidence for California,Massachusetts, and Texas,Using Employment Data

The paper shows an interregional trade model from which testable parameter restrictions for economic base theory, shown to be equivalent to the hypotheses of the Granger causality test, are derived. The results of the tests for three states, based on various bifurcation methods, suggest that economic base theory holds strongly for the crudest definition of the base, but not for others. The frequency analysis indicates a likely association between inherent cyclicalities in employment growth data and economic base theory. The regional multipliers and the timing of economic adjustments to exogenous shocks are also discussed.     

The external effects of inner-city shopping centers: Evidence from the Netherlands

Shopping center redevelopment is inevitable to remain attractive for consumers. In this paper, we investigate the external effects of shopping center redevelopment on nearby residential property prices. Using a difference-in-difference empirical framework, we find the redevelopment has positive external effects on nearby property prices. We find the price of a property located next to a redeveloped shopping center increases by 1.43% on average just after redevelopment. Our results indicate that these positive external effects wear off rather rapidly across space and over time. This suggests that shopping center redevelopment plays a substantial, but limited, role in combating neighborhood deprivation.     

Hedonic pricing analysis of the influence of urban green spaces onto residential prices: the case of Leipzig,Germany

In the light of global urbanization and biodiversity loss, ecosystem services provided by urban green spaces (UGS) are becoming increasingly important, not least as a recovery and recreation opportunity for citizens. The valuation of UGS is significant for urban planners, who make decisions on the creation or removal of UGS. We analysed the influence of UGS on residential property prices in Leipzig, Germany, by applying a hedonic pricing analysis. This analysis complements the existing literature by considering both sale and rental prices for flats and houses; moreover, the shape of UGS is taken into account explicitly; finally, it is the first study in Germany to analyse UGS in hedonic studies to such an extent. The results demonstrate that the size of the nearest UGS has a stronger impact on prices compared to the distance from it. With respect to shape, we found that the simpler the UGS shape, the higher the prices. Although we find an impact of UGS on prices, the impact is smaller than that of other characteristics. The proposed valuation approach and obtained results inform urban planners regarding the design of new UGS and raise awareness about potential intended and unintended economic and social effects.     

长春市住宅价格空间分异与影响因素研究

基于持续年份住宅数据、利用空间热点分析和地理加权回归模型，对2011年以来长春市住宅价格分布的空间分异现象和住宅价格影响因素分布的空间异质性进行研究。结果显示：①近年来长春市住宅小区存在向内填充与向外扩散并进，圈层扩展和扇形放射融合的演化趋势，其中西南-东南扇面是居住空间扩展的主要方向；②2011年以来长春市住宅价格呈现出以南部为指向的扇面增长的空间特征，高价住宅街区由点状分布到片状扩散。通过半变异函数和冷热点聚类分析方法指出，长春市住宅空间的南北分异现象显著，住宅价格的低值与高值聚类以铁路为界线存在显著的空间隔离；③就POI数量而言，住宅小区周边银行保险、医疗、住宿、休闲娱乐数量对住宅价格产生较强影响，同时以上因素作用效应的空间差异性同样显著。     

城市住宅的生态区位探析

在评析传统的住宅经济区位论的基础上,文章提出了居住环境的生态价值对住宅区位的重要意义,进而从经济因素和环境因素两个角度提出了城市住宅的生态区位模型。并以上海市为例分析了环境生态价值对商品住宅价格的影响,以及对未来住宅区位的几点启示。     

SPATIAL MOBILITY AND COMMUTING: THE CASE OF TWO‐EARNER HOUSEHOLDS*

ABSTRACT We examine the effects of the spatial configuration of workers' residence and workplace location on intraregional residential and job moving decisions of workers belonging to two‐earner households. We hypothesize that two‐earner households' residential mobility depends positively on the commuting distance of both spouses, but negatively on the distance between workplaces. Further, we hypothesize that workers' job mobility depends positively on the worker's commuting distance, negatively on the spouse's commuting distance, and positively on the distance between workplaces. Using data for Denmark, it appears that these hypotheses hold, and that the effects of the spatial configuration are rather large.     

Residential Development,Risk, and Land Prices

This paper examines the relationship between the residential development sequence and land price. Inherent in the dynamics of residential development is that the first consumers face the greatest risk since they do not know with certainty what the neighborhood characteristics will be; subsequent consumers have more information. The model predicts that land prices will rise over time relative to the market; developers offer the first consumers discounted land prices to compensate them for the first-mover disadvantage. The empirical evidence indicates that this is indeed the case.     

Residential property disparities in city districts in Prague,Czech Republic

City districts are often classified as ‘rich’ or ‘poor,’ a phenomenon that occurs within cities all over the world. While income inequality, wealth inequality, and other kinds of social inequality are frequently tracked, there is a surprising lack of research concentrating on how social inequality manifests as differences between parts of cities, especially outside of the U.S. That is mostly due to insufficient available data. In this paper, we propose a methodology for measuring the relative inequality between city districts by using the average prices of residential properties in various parts of the city, and assessing their relative difference. This approach has several advantages, as property listings are often readily available even in cities where income data is not. This methodology has potential for measuring developments in inequality in a much wider range of cities. As a proof of concept, we apply this methodology to property prices in Prague during the period 2003–2012 to identify a trend of either growing or decreasing inequality among individual parts of the city. We have found that during this period the disparity has grown only 5.97%, which means the overall growth of disparity between the city districts was negligible.     

The stretched rubber band: banks,houses, debt and vulnerability in Australia

This article analyses the development of residential capitalism and financialisation in Australia. It outlines the series of economic vulnerabilities developing in the financial system, centred on household debt and inflated property markets. It then analyses why policy-makers have done so little to restrict the growth of household debt and house prices. I argue that financial policy-makers have underestimated the financial vulnerabilities building up in Australia – as evidenced by the slow take-up of macroprudential policies. I outline four reasons: first, the excellent profit performance of the major banks; second, the policy predilection for idealised economic liberal regulation; third, the development of a politico-housing complex; and, finally, the growing role of household debt in ameliorating distributional conflict by underpinning growth.     

南京市住宅价格时空分异格局及其影响因素分析——基于地理加权回归模型的实证研究

以2009-2017年南京市“一主三副”商品房社区为基本研究单元,运用GIS地统计分析中的普通Kriging插值法对“一主三副”住宅价格空间分布进行模拟和估计,并利用地理加权回归（GWR）模型探究社区属性、商业区位、交通区位、服务区位和景观区位等类型变量对住宅价格的影响规律。研究结果表明：①南京市房价总体上呈现主城向副城递减的中心外围模式,“一主三副”住宅价格空间结构呈现出同心圆和扇形融合的混合模型。②中心位势对主城住宅价格影响相对下降,对副城影响相对提升,交通位势表现出相反的趋势,住宅房龄、绿化环境对住宅价格的影响由主城向副城递减,山水景观的影响由长江沿岸向外围递减。③主副城住宅价格影响因素具有空间异质性,其中主城受距CBD距离、住宅建筑年代和绿化率的影响较大,而副城主要受距地铁站距离、距景观资源距离的影响。     

IS THE GHOSH MODEL INTERESTING?*

ABSTRACT The overall value of the Ghosh model is appraised. Its treatment of quantities and prices is scrutinized by examining the variant with data in quantities and prices, and the variant with data in value and price indexes. The methodology involves returning to the accounting equations and shows that: (i) the Ghosh model offers solutions of limited interest, being incapable of providing prices or price indexes separately from quantities; (ii) what is taken to be the equation of Ghosh's value model is actually that of Ghosh's physical model; (iii) the Ghosh model may serve for cost‐push exercises, but the dual of the Leontief model performs the same task in a much simpler and more natural way; and (iv) Cronin's mixed models do not actually mix Leontief and Ghosh hypotheses.     

Modeling Residential and Business Telecommunication Flows: A Regional Point-to-Point Approach

Regional telecommunication flows, measured in terms of numbers of messages and conversation minutes, are analyzed with a systematic random sample of toll calls characterized by their timing, duration, cost, and origin-destination (O-D) locations. Point-to-point models are econometrically estimated, with such independent variables as destination market size, O-D distance, and average and time-of-day (TOD) prices, for the residential and business sectors separately. The results indicate that (1) the demands for calls and conversation minutes are price-inelastic and slightly elastic, respectively, (2) business demand is relatively more price-elastic than residential demand, (3) distance is a strong determinant of telephone demand, and (4) most TOD demand substitutions resulting from TOD price changes would take place between the daily and evening rate periods. Several areas for further research are outlined.     

A MULTIVARIATE ANALYSIS OF FARM OUTPUT IN SELECTED LAND-REFORM AREAS OF JAMAICA

The claim of many that certain features of Jamaican land reform discourage optimum increases in farm output has been pointed out. To test the argument, seven land-reform features, which meet methodological, theoretical, and practical restrictions, have been examined. An hypothesis derived mainly from agricultural- economic theory about the linear relation between each of the seven features and farm output per acre has been devised. The hypotheses have been tested with a multiple regression analysis of data from six land settlements selected to represent a variety of geographic settings. The hypotheses have been partially upheld, but must be revised in the following form: (1) in many cases, particularly in the early years of production, farm acreage is negatively related to output per acre; (2) in subsistence areas, where great diversity in agriculture is common, greater diversification leads to greater output per acre; (3) in most cases where farmers live an appreciable distance from their holdings (at least 0.3 miles), output per acre is negatively related to the distance; (4) output per acre declines as the age of operator increases, but only if the operator is mainly dependent on his own labour, and only after a relatively advanced age (60 years, perhaps) has been attained; (5) the number of a farmer's dependents does not affect output (gross income per acre); (6) a farmer's non-farm income does not exhibit a negative relation to output per acre, and may be positively related if the outside income can be used to purchase productive farm inputs; (7) in some cases acreage of additional land used is positively related to output per acre on settlement properties. Hopefully, further research will lead to a more rational basis for the formulation of these hypotheses. Using the regression equations, estimates have been made of the changes in output per acre which could have been achieved with feasible changes in relevant factors. Estimates indicate that current farm output could have been greatly increased in some settlements, thus justifying some of the criticism of Jamaican land reform.     

基于购物出行的沈阳市居住与商业空间匹配关系研究

居住与商业空间是影响城市空间布局的重要因素.本研究利用空间分析法、高斯两步移动搜索法和不一致指数测度沈阳市居住与商业空间的分布、居民购物活动的可达性以及居住与商业空间的匹配关系.研究表明:①沈阳市居住设施具有中部强外围弱的空间集聚特征,南部外围居住设施数量较少、集聚程度较弱.②中部太原街、皇城、北站、兴工等都市商贸中心...     

Lagrange Multiplier Test Diagnostics for Spatial Dependence and Spatial Heterogeneity

Several diagnostics for the assessment of model misspecification due to spatial dependence and spatial heterogeneity are developed as an application of the Lagrange Multiplier principle. The starting point is a general model which incorporates spatially lagged dependent variables, spatial residual autocorrelation and heteroskedasticity. Particular attention is given to tests for spatial residual autocorrelation in the presence of spatially lagged dependent variables and in the presence of heteroskedasticity. The tests are formally derived and illustrated in a number of simple empirical examples.