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.     

Paleoindian technological provisioning strategies in the northwestern Great Basin

Great Basin populations during the Pleistocene–Holocene Transition (PHT) are often characterized as being mobile and focused on wetlands; however, the factors that influenced where Paleoindians selected residential campsites are poorly understood. Using predictions derived from optimal foraging-based patch choice models and GIS reconstructions of the PHT landscape, some researchers have argued that occupations in smaller wetlands should have been shorter than occupations in larger wetlands but such arguments have rarely been evaluated using empirical data. The PHT lithic record provides an opportunity to evaluate the relationship between wetland size and occupation span by applying Kuhn's (1995) concept of technological provisioning. Kuhn expects more mobile populations to provision individuals and more sedentary populations to provision places and suggests that: (1) a strategy of provisioning individuals should be reflected by a high proportion of more extensively used artifacts made on non-local raw materials; and (2) a strategy of provisioning places should be reflected by a high proportion of less extensively used artifacts made on local raw materials. We apply the technological provisioning concept to lithic assemblages from two of the Parman localities, extensive PHT sites in the northwestern Great Basin, and compare local and nonlocal artifacts to determine if Paleoindians shifted from provisioning individuals while moving to/from the sites to provisioning the place while occupying them. There is no relationship between artifact transport distance and artifact use intensity. We interpret these findings as evidence that Paleoindians did not alter their provisioning strategies while occupying the Parman localities, likely because occupations were brief within a small wetland poorly-suited to support groups for long periods.     

Forecasting in a Small and Unstable Regional Economy Using Regime Shifting Models: The Case of Extremadura

We consider forecasting in a small and unstable regional economy subject to structural breaks. In this context, we work with two types of regime‐shifting databased models using cointegration theory. The objective of the present work is to analyze the out‐of‐sample forecasting performance of the two approaches used to construct a short‐term regional econometric model: stochastic and deterministic time varying parameters models. The forecasting experiments will be illustrated by specifying, and estimating an econometric model for Extremadura, a small and unstable region in southwestern Spain.     

States, Markets and Governance for Emerging Market Economies: Private Interests, the Public Good and the Legitimacy of the Development Process

States, markets, and governance are among the pressing issues of our day. The global market exerts dynamic pressures on our societies, economic agents, and systems of government, especially in the developing world. Typically, most analysis begins with the idea that global markets have increasingly intruded upon the capacity of the institutions of government to manage the process of change. Our societies are seen as increasingly subject to the vagaries of market forces, to the delight of some and the regret of others.
This article argues that much thinking about states and markets is flawed, making it highly likely that policy-makers, among others, will commit mistakes in their responses to the undoubted pressures for change. If we alter the way we think about the state and the market, we will see opportunities to change what we do about them and how they evolve over time. The article argues that we should retreat from understandings of the market and governance that involve a clear distinction between states and markets, proposing a radical reformulation wherein states and markets are no longer seen as separate entities, but as a state-market 'ensemble of governance', or 'condominium'. Drawing on Adam Smith, this approach leads to a reinterpretation of the relationship between private interests in market processes and the wider public good. This model is used to interpret contemporary patters of global trade and finance, and the article concludes that this new way of thinking can help us to realise better our normative preferences about the sort of world in which we wish to live.     

Is Robert I in hell?

Can one use the most formal and formulaic type of source left us by the early Middle Ages to probe the beliefs and values of a tenth‐century leader? An enquiry into Robert of Neustria's ‘deposition’ of Charles the Simple, the importance of Saint‐Denis to Robert, and the contemporary meaning of the battle of Soissons.