ON THE SHAPE OF MARKET AREAS IN LÖSCHIAN SPATIAL MODELS*

ABSTRACT. The paper analyzes the lattice shape of equilibrium configurations of firms in spatial models. Lösch's assertion that free entry will result in hexagonal market areas is proved for a variety of assumptions about the nature of the market equilibrium, and about the preferences of customers. All the models considered, however, incorporate rational entry behavior and identify the stable lattice as an entry deterring equilibrium. A simple proof is presented of the optimality of hexagonal market areas, at least among regular space-filling configurations.     

TWO-EARNER FAMILIES IN THE HOUSING MARKET

The 1970's has been a period in which three trends have coincided: housing prices have been escalating, wives have continued to enter the labor force, and legislation prohibiting discrimination in mortgage markets on the basis of sex and marital status has been enacted. In this paper, we examine the role of the two-earner family–one in which both husband and wife work–in the housing market of the 1970's, and the interrelation of this household type with other factors shaping the current high demand for housing. We also speculate on the role of the two-earner family in the housing market of the 1980's. We conclude that two-earner families are in a position to increase their housing outlays in the future, that the continued growth in the number of two-earner families will add to future housing demand, but that many two-earner families may be divorced couples of the future. This suggests that, while there will be a strong impact on single-family home demand, there will also be some restructuring of demand toward rental housing and cooperative/condominium ownership.     

SPATIAL HEDONIC MODELS OF AIRPORT NOISE,PROXIMITY, AND HOUSING PRICES*

ABSTRACT Despite the refrain that housing prices are determined by “location, location, and location,” few studies of airport noise and housing prices have incorporated spatial econometric techniques. We compare various spatial econometric models and estimation methods in a hedonic price framework to examine the impact of noise on 2003 housing prices near the Atlanta airport. Spatial effects are best captured by a model including both spatial autocorrelation and autoregressive parameters estimated by a generalized moments approach. In our preferred model, houses located in an area in which noise disrupts normal activities (defined by a day–night sound level of 70–75 decibels) sell for 20.8 percent less than houses located where noise does not disrupt normal activities (defined by a day–night sound level below 65 decibels). The inclusion of spatial effects magnifies the negative price impacts of airport noise. Finally, after controlling for noise, houses farther from the airport sell for less; the price elasticity with respect to distance is −0.15, implying that airport proximity is an amenity.     

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.     

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.     

THE EMERGENCE OF CENTRALITY IN A TRANSITION ECONOMY: COMPARING LAND MARKET DYNAMICS MEASURED UNDER MONOCENTRIC AND SEMIPARAMETRIC MODELS*

ABSTRACT This paper focuses on the emergence of Krakow's historic core as the city's economic center after Poland's economic reforms of 1989—reforms that introduced market forces into land markets. Using a semiparametric approach to identify pricing centers, an evolving and polycentric price surface is revealed. While the traditional city center emerges as the dominant node, the evolution of the price surface is far more complex than that found using alternative approaches. Accordingly, it yields superior explanatory power compared to simpler monocentric models and should caution against their use in metropolitan areas in transition or those that are polycentric.     

旅游城市住宅市场负外部性及其矫正策略研究

旅游业与包括住宅产业在内的房地产业之间存在着显著的正外部效应。这使得旅游房地产成为旅游城市发展经济的一个重要推动力。然而,随着国内旅游房地产开发的热度不断提升,旅游业对旅游城市住宅市场的负外部效应也日益凸显。西方学者的研究表明这些负外部效应主要源自为发展旅游业而实施的较严格的控制性规划以及旅游地产开发带来的第二住宅现象。特别是第二住宅已经成为导致我国部分旅游城市住宅市场失衡的重要诱因。为了保障本地居民的居住需求,促进旅游业与旅游城市经济、社会的和谐和可持续发展,政府应当采取必要的手段矫正旅游房地产开发对本地住宅市场的负外部性。     

ACCOUNTING FOR LOCAL SPATIAL HETEROGENEITIES IN HOUSING MARKET STUDIES

We adopt a novel method to deal with omitted spatial heterogeneities in hedonic house price analysis. A Gaussian variant of the conditional autoregressive (CAR) model is used to study the impact of spatial effects. In a general linear modeling framework, we include zone‐specific random effects that are allowed to interact spatially with neighboring zones. The results demonstrate that this estimator accounts for missing spatial information, producing more reliable results on estimated spatially related coefficients. The CAR model is benchmarked against a fixed effects model. Socioeconomic neighborhood characteristics are found to have only modest impact on spatial variation in housing prices.     

A NEOCLASSICAL MODEL OF HOUSING QUALITY GROWTH AN INTERPRETATION*

The paper interprets a neoclassical model of quality growth in relation to housing technology, reinvestment choice, growth of the stock of shelter, growth with and without architectural design progress, and analyses of the golden rule of quality accumulation in the housing sector.     

MODELS OF MAN'S BIOSOCIAL ADAPTATION IN AN INDUSTRIAL SOCIETY*

The morphological, physiological, and behavioral adaptation of professional athletes can be viewed as a model, being close to the successful hunter's adaptation in a foraging society. Physique, endocrine status, and personality traits were studied in athletes of various professional levels. A set of traits believed to be adaptive for this group is described. Athletes display masculine proportions of head and body, higher testosterone levels, early onset of sexual activity, extroversion, and thoroughness. These fi ndings are discussed from the standpoint of modern ethology and evolutionary anthropology.     

市场经济条件下沿海农业可持续发展模式探讨

市场经济条件下,沿海农业发展正面临着机遇和挑战的双重考验,立足优势,建立农业经济体制,走农业可持续发展的道路,是未来农业发展的必然选择。