AN EMPIRICAL ANALYSIS OF INTERREGIONAL PRICE LINKAGES*

ABSTRACT Vector autoregression models are used to analyze the relationships between Texas and Illinois corn prices, and the New Orleans export price. Decomposition of error variances suggests an increasing exogeneity in the recent years between the export market and the two U.S. markets. Impulse response functions indicate that the export price influences both the Illinois and Texas prices.     

江苏省城市地价影响因素分析与空间结构研究

本文以江苏省68个地级与县级市的城市地价为样本,运用因子分析方法对影响地价的诸多变量进行分析,发现城市集聚规模与城市经济发展水平是影响地价的重要因素。对江苏省城市地价进行地统计分析,发现江苏省城市地价明显表现出区域空间分布规律,表现为江苏省城市地价存在南北、东西两个方向上的梯度变化,运用线性回归方法求得两个方向上的梯度值;江苏省城市地价整体有一定正相关性,但局域自相关性表现不强;地价以南京、苏州为高地价点,省内地价存在沿沪宁铁路与长江的高地价条带区域。结合因子分析结果对以上规律做出解释。     

THE EXCHANGEABILITY OF HEDONIC PROPERTY PRICE STUDIES*

ABSTRACT. Observations drawn from multiple markets are essential to the construction of indices of housing costs and to measures of demand for housing attributes. It is not evident when multiple markets exist or whether such markets exist for some attributes but not for others. We test for multiple markets by using Bayesian methods to assess the transferability (random exchangeability) of entire hedonic price expressions from one site and time to another, the transferability of hedonic price functions for particular attributes, and the degrees of similarity that hedonic price functions must have in order to be transferable. In our illustrations, price functions for structural housing attributes are generally transferable; prices for neighborhood attributes are not. Therefore, in our illustrations, the desired price indices and demand functions should be estimable for neighborhood attributes, but not for structural ones.     

ECONOMETRIC ANALYSIS OF HOUSING TRAIT PRICES IN A THIRD WORLD CITY*

ABSTRACT. A first step in the process of economic analysis of housing markets in Third World cities is the econometric analysis of housing trait prices. The information on market price of housing is basic to the derivation/estimation of other market parameters such as housing demand and supply elasticities. In addition, housing trait prices constitute invaluable inputs into the analysis of effects of government housing programs. This paper presents estimates of housing trait prices in a Third World city housing market, the city of Jos in Nigeria. Nonlinear stochastic specification of a policy constrained hedonic price function is presented as an unbiased estimator of housing trait prices. The Box-Cox statistical procedure was employed in the paper to obtain hedonic regression coefficients which are the parameters needed to compute the average prices evaluated both at the mean of each trait and at their margins. The potential uses of housing trait prices for policy analysis are discussed briefly.     

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。     

AN ALGORITHM FOR THE SPATIAL PRICE EQUILIBRIUM PROBLEM ON A GENERAL NETWORK IN THE SPACE OF THE PATH FLOWS*

ABSTRACT. The spatial price equilibrium on a general network may be formulated as a nonlinear-cost mathematical programming problem with simple constraints, when the decision variables are the path flows. The solution of this problem is difficult due to the very large number of variables (paths) and the impracticality of generating all the paths from all the origins to all the destinations. In this paper, we develop a Gauss-Seidel-Newton Projection algorithm and combine it with a restriction strategy. That makes it unnecessary to generate a priori all the paths. This algorithm may be further improved by exploiting the equivalence between the spatial price equilibrium on a general network and the network equilibrium. Computational results that we present in this paper demonstrate the efficiency of the proposed solution algorithms.     

Testing for the Law of One Price and Identifying Price-Leading Markets: An Application to Corn Markets in Benin

A data-determined method is proposed to test for the law of one price as a long-run equilibrium condition and to identify which markets in a network of spatially dispersed commodity markets quote the reference price. The method consists of supplementing Johansen's FIML cointegration procedure with a permanent-transitory decomposition and rules of inference in linear time-series models with unit roots. As an example, we apply our method to prices of six corn markets in Benin. We find that the law of one price holds in the long-run. It appears that two rural markets quote the reference price: their prices adjust fastest towards the permanent change induced by the common stochastic trend.     

基于GWR模型的合肥居住地价影响因素研究

以合肥市主城区为例,基于2010-2014年居住用地的出让数据,运用地统计法、GWR模型等方法,对合肥市居住地价的空间异质性及其影响因素进行研究。研究表明：①合肥市居住地价的空间分布呈现出显著的多中心的空间结构,地价的峰值区分别以老城区、政务区天鹅湖及滨湖新区塘西河公园为中心呈现圈层式分布;②不同的地价影响因素表现出不同的空间分布特征,其中容积率对居住地价的贡献度空间差异最大,其次是宗地面积,主干路次之,交通站点对居住地价的贡献度最小;③厘清各影响因素对地价的作用机制,建立动态的数字地价模型,不仅能促进土地资源的集约利用,重塑城市的空间结构,而且能为城市整体价值的发挥提供重要的理论支撑。     

南宁市房地产价格分布规律的机助制图研究与开发方向的探讨

南宁市房地产业经历了由沉寂、复苏、火爆到稳步发展的过程．各公司开发的房屋类型相近,但价格差异却很大,价格分布呈现明显的规律性：一是城市中心价格高,边缘与郊区价格低;二是东部城区价格高,西部城区价格低．主导价格分布规律的三大影响因子是地理位置、交通便捷程度和生态环境质量．南宁今后的房地产开发和城市规划建设一要顺应价格分布规律,优地优用、保障房地产开发的高效益;二要加强交通设施建设和环境保护．促进全市房地产的升值;三要因势利导,发展城市副中心,逐步形成多中心的城市建设格局。     

DEREGULATING THE DISTRIBUTION OF ELECTRICITY: PRICE AND WELFARE CONSEQUENCES OF SPATIAL OLIGOPOLY WITH UNIFORM DELIVERED PRICES*

ABSTRACT. Theoretical, spatial oligopoly models are developed and calibrated to simulate the price and welfare consequences of deregulating the retail price of electricity (the distribution function), assuming competing sources of generation supply are available. Two types of distribution competition are considered, retaining the currently used uniform delivered pricing structure: competition for customers at neighboring utilities’ borders and franchise competition. Because duplicate facilities are required for borderline competition, short-run price increases ranging between 14 and 37 percent over existing regulated prices are estimated for upstate New York, largely because deregulated prices reflect replacement, not historic, costs of facilities.     

MILL PRICING AND SPATIAL PRICE DISCRIMINATION MONOPOLY PERFORMANCE AND LOCATION WITH SPATIAL RETAIL MARKETS*

ABSTRACT. Most of the monopoly spatial price discrimination literature explicitly assumes uniform population density over space. It also implicitly assumes that firms (plants) are spatially isolated from each other with production and retail points that coincide in location. While departures from these assumptions have been explored separately in the literature, it remains to examine performance and location when these assumptions are relaxed simultaneously. What emerges in this paper is a model where density functions approximate a pair of cities isolated from other cities. Each city has its own retail market, while the location of a single production or wholesale point is determined by characteristics of the two markets. Comparisons of mill pricing and spatial price discrimination found in the spatial monopoly literature can be interpreted as special cases of the more general framework provided here.     

城镇可持续生活供水价格研究--以陕西省关中地区为例

本分析了关中地区城镇生活水价现状和问题,得出了城镇生活水价是不可持续的结论,即水价低于供水生产成本,水价结构不合理。在探讨可持续水价的调整原则的基础上,提出了价格杠杆调节关中生活水价的措施,包括：逐步把水价调整到成本水价以上的水平,并调整水价结构,使之能反映供水成本和水资源价值;实行累进加价制度,对超定额用水征收高水价;实施季节性水价等。     

SENSITIVITY ANALYSIS FOR GENERAL SPATIAL PRICE EQUILIBRIA

ABSTRACT. General spatial price equilibrium models are formulated as variational inequalities. Sensitivity analysis results recently developed for variational inequalities are reviewed which give conditions for existence and equations for calculating the derivatives of solution variables with respect to perturbation parameters. These results are applied to the variational inequality formulations of general spatial price equilibria, and derivatives of supplies, demands, flows, and prices with respect to perturbations of supply functions, demand functions, and transportation-cost functions are calculated.     

PRICE AND LOCATION CONJECTURES IN MEDIUM- AND LONG-RUN SPATIAL COMPETITION MODELS*

ABSTRACT. This paper examines medium-run and long-run equilibria in unbounded (circular) and bounded (linear) one-dimensional multifirm markets. A price-location adjustment model is outlined that dows simulation of the spatial equilibrium when these firms anticipate reactions from their nearest spatial rivals. Thus, the market equilibrium is derived from the interdependent but atomistic decisions of the competing firms and is not imposed by some outside observer or agency. Ail conjectures are exogenous; the three well-known price conjectures (Greenhut-Ohta, Hotelling-Smithies, and Losch) are highlighted; and the relevant comparative statics are provided.     

沈阳市住房价格空间分异格局及其影响因素研究

本文以我国典型的老工业城市沈阳为例来分析其住房价格空间分异特征与影响机理。通过大数据方法获取该市1450个住宅小区的房价及特征数据，利用Kriging空间插值法模拟其房价空间分布格局，并从社区、公共配套设施和交通出行等方面构建地理加权回归模型，探究各因子对房价空间分布的影响机理。结果表明：①沈阳市住房价格呈现出多中心的空间结构，且长白区域已成为新的价格峰值区。②特征因素对住房价格的影响具有显著的空间异质性，其中，公共配套设施和地铁站对房价表现出较高的影响力，并对住房价格的作用程度呈现明显空间差异性。③受“强政府、弱市场”等的长期影响，政府调控下的城市资源分配不均衡成为沈阳等老工业城市住房价格空间分异的根本原因。     

THE ROLE OF INFRASTRUCTURE IN THE SUPPLY OF HOUSING*

ABSTRACT As the housing stock in a city is duplicated, developers must devote greater amounts of resources to the provision of infrastructure. If the production of infrastructure is characterized by decreasing returns to scale, this will cause the price of developable land to increase. The conditions under which an upward-sloping supply curve for housing will result are discussed. Using cross-sectional data for U.S. cities from 1973 to 1982, it is shown that land prices fail to increase with the quantity of construction and that the price elasticity of the supply of housing is infinite.     

SEQUENTIAL SALES OF SIMILAR ASSETS: THE LAW OF ONE PRICE AND REAL ESTATE

ABSTRACT The housing literature largely overlooks the price evolution of similar assets sold sequentially, even though such sales often occur with new residential developments. The law of one price implies no persistent price pattern for identical assets sold sequentially. Nonetheless, the auction and nonauction literatures reveal conditions leading to sales sequence effects on prices. This paper examines price evolution in the condominium market where similar units are sold sequentially in a setting with minimal consumption risk. The results indicate no pervasive sequence–price relationship for sequential sales of similar property units.     

Dimensions of Spatial Price Dispersion Before and After the Crash of 1929

The spatial and temporal patterns of prices are analyzed over the 1919–40 period. Arguments are made for the distinctiveness of different economic episodes, including the crash of 1929, in terms of their local price effects. Nevertheless, it is also shown that the variability between cities and between components of their price series declined through the early 1940s. Alternative conceptions of spatial price systems are introduced, and due regard is also given to the structure and interpretation of city CPI data. Implications are drawn regarding the proper design of a theory that would explain the observed patterns of spatial price dispersion. This larger project is left, however, to another time.     

旅游产品交换过程中的价格与价值关系探讨

旅游产品的随意涨价,让很多游客感到头痛和不爽,然而业界还在蠢蠢欲动,继续运筹涨价。旅游产品的价格问题实际上关系到一重大的理论问题:由什么来衡量旅游产品价值量。旅游产品在其实现过程中没有物质性的产品传递过程,因此用"商品的价值量取决于社会必要劳动时间,商品按照价值相等的原则互相交换。价格围绕价值上下波动",已经明显解释不通了。感受才是决定旅游产品是否有价值的关键因素。旅游过程中旅游者所获得的感受越深,旅游产品的价值越大,因此它遵循刘氏"发汗定律"。也就是感受的程度是决定价格高低的直接因素。但是感受是一种纯粹的主观心理体验,它是人类社会经济文化背景的直接反映,也是人类文明的区域再现。     

UNCERTAIN INCOME AND HOUSING PRICE AND LOCATION CHOICE*

ABSTRACT. In this paper, we adapt recent developments in uncertainty modeling to the location choice paradigm. In particular, we analyze the impact of income and housing price uncertainty on housing demand and location demand characteristics in a partial equilibrium framework. We begin by recognizing that housing consumption cannot readily be altered in response to changes in income and price. We find that income and house price risk affect housing and location demands in different ways. Additionally, the spatial characteristics of price risk also affect consumer housing and location demands. For example, if housing price risk is lower farther from the central city, housing demand can be greater in those locations even with the higher transportation cost. Thus, over some locations, the expected price gradient could be positive.