Microeconomic Models of Housing Markets

Microeconomic Models of Housing Markets

Author: Konrad Stahl

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 206

ISBN-13: 3642465315

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The present volume is an outgrowth of several years' interactions be tween U. S. American and W. -German economists interested in analyzing the structure and functioning of housing markets, and the impacts of govern mental policies on these markets. Such an interaction turns out to be fruitful in several respects. Unquestionably, German economists can learn a lot from the high level of sophistication exhibited in much of the American literature. However, this is not a one way road of learning and the adoption of concepts, for the following reason. Most of the analysis presented in that literature hinges on the use of the standard microeco nomics textbook tools. Now, even a casual observation of housing markets in European countries reveals that behavior and conduct in these markets do not follow the assumptions presumed in this mode of analysis, which calls into question the uncritical employment of that tool kit. This has important consequences for policy analysis and indeed, for some principal attitudes towards housing policy, and points sharply to the need for developing analytical concepts that take up more of the pecul iarities of housing market behavior and conduct. While such a develop ment may be particularly warranted in view of European housing markets, we maintain this to be the case in view of the American housing market as well.


Book Synopsis Microeconomic Models of Housing Markets by : Konrad Stahl

Download or read book Microeconomic Models of Housing Markets written by Konrad Stahl and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: The present volume is an outgrowth of several years' interactions be tween U. S. American and W. -German economists interested in analyzing the structure and functioning of housing markets, and the impacts of govern mental policies on these markets. Such an interaction turns out to be fruitful in several respects. Unquestionably, German economists can learn a lot from the high level of sophistication exhibited in much of the American literature. However, this is not a one way road of learning and the adoption of concepts, for the following reason. Most of the analysis presented in that literature hinges on the use of the standard microeco nomics textbook tools. Now, even a casual observation of housing markets in European countries reveals that behavior and conduct in these markets do not follow the assumptions presumed in this mode of analysis, which calls into question the uncritical employment of that tool kit. This has important consequences for policy analysis and indeed, for some principal attitudes towards housing policy, and points sharply to the need for developing analytical concepts that take up more of the pecul iarities of housing market behavior and conduct. While such a develop ment may be particularly warranted in view of European housing markets, we maintain this to be the case in view of the American housing market as well.

Microeconomic Models of Housing Markets

Microeconomic Models of Housing Markets

Author: Konrad Stahl

Publisher:

Published: 1985-03-01

Total Pages: 212

ISBN-13: 9783642465321

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Book Synopsis Microeconomic Models of Housing Markets by : Konrad Stahl

Download or read book Microeconomic Models of Housing Markets written by Konrad Stahl and published by . This book was released on 1985-03-01 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Microstructures of Housing Markets

The Microstructures of Housing Markets

Author: Susan J. Smith

Publisher: Routledge

Published: 2013-10-31

Total Pages: 217

ISBN-13: 1317968034

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House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.


Book Synopsis The Microstructures of Housing Markets by : Susan J. Smith

Download or read book The Microstructures of Housing Markets written by Susan J. Smith and published by Routledge. This book was released on 2013-10-31 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: House prices and mortgage debt have moved to centre stage in the management of national economies, regional development and neighbourhood change. Describing, analysing and understanding how housing markets work within and across these scales of economy and society has never been more urgent. But much more is known about the macro-scales than the microstructures; and about the economic rather than social drivers of housing market dynamics. This book redresses the balance. It shows that housing markets are social, cultural and psychological – as well as economic – affairs. This multidisciplinary approach is helpful in understanding the economic staples of supply, demand, price and information. It also casts new light on the emotional and political economy of markets.

The Economics of Housing Markets

The Economics of Housing Markets

Author: A. Goodman

Publisher: Taylor & Francis

Published: 2013-07-04

Total Pages: 165

ISBN-13: 113646106X

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A state of the art overview of theoretical and empirical aspects of housing market research.


Book Synopsis The Economics of Housing Markets by : A. Goodman

Download or read book The Economics of Housing Markets written by A. Goodman and published by Taylor & Francis. This book was released on 2013-07-04 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: A state of the art overview of theoretical and empirical aspects of housing market research.

Housing Economics

Housing Economics

Author: George Fallis

Publisher: Butterworth-Heinemann

Published: 2014-05-12

Total Pages: 250

ISBN-13: 1483192563

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Housing Economics provides information pertinent to the fundamental aspects of housing economics. This book discusses the economic theory of how households make housing choices, how suppliers make decisions, and how changes in exogenous variables alter the market outcome. Organized into 10 chapters, this book begins with an overview of the nature of housing economics and explains why the standard microeconomic models need to be modified. This text then examines the demand side of the housing market. Other chapters provide an economic analysis of the supply side of the housing market. This book discusses as well the housing market models as they arise in a more macroeconomic context. The final chapter deals with the effects of different housing programs on consumers, producers, and the market equilibrium. This book is a valuable resource for undergraduate students of economics. Planners, urban geographers, policy analysts, and civil servants will also find this book useful.


Book Synopsis Housing Economics by : George Fallis

Download or read book Housing Economics written by George Fallis and published by Butterworth-Heinemann. This book was released on 2014-05-12 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Housing Economics provides information pertinent to the fundamental aspects of housing economics. This book discusses the economic theory of how households make housing choices, how suppliers make decisions, and how changes in exogenous variables alter the market outcome. Organized into 10 chapters, this book begins with an overview of the nature of housing economics and explains why the standard microeconomic models need to be modified. This text then examines the demand side of the housing market. Other chapters provide an economic analysis of the supply side of the housing market. This book discusses as well the housing market models as they arise in a more macroeconomic context. The final chapter deals with the effects of different housing programs on consumers, producers, and the market equilibrium. This book is a valuable resource for undergraduate students of economics. Planners, urban geographers, policy analysts, and civil servants will also find this book useful.

Modelling Spatial Housing Markets

Modelling Spatial Housing Markets

Author: Geoffrey Meen

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 279

ISBN-13: 1461516730

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Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.


Book Synopsis Modelling Spatial Housing Markets by : Geoffrey Meen

Download or read book Modelling Spatial Housing Markets written by Geoffrey Meen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Spatial fixity is one of the characteristics that distinguishes housing from most other goods and services in the economy. In general, housing cannot be moved from one part of the country to another in response to shortages or excesses in particular areas. The modelling of housing markets and the interlinkages between markets at different spatial levels - international, national, regional and urban - are the main themes of this book. A second major theme is disaggregation, not only in terms of space, but also between households. The book argues that aggregate time-series models of housing markets of the type widely used in Britain and also in other countries in the past have become less relevant in a world of increasing income dispersion. Typically, aggregate relationships will break down, except under special conditions. We can no longer assume that traditional location or tenure patterns, for example, will continue in the future. The book has four main components. First, it discusses trends in housing markets both internationally and within nations. Second, the book develops theoretical housing models at each spatial scale, starting with national models, moving down to the regional level and, then, to urban models. Third, the book provides empirical estimates of the models and, finally, the models are used for policy analysis. Analysis ranges over a wide variety of topics, including explanations for differing international house price trends, the causes of housing cycles, the role of credit markets, regional housing market interactions and the role of housing in urban/suburban population drift.

Choice and Allocation Models for the Housing Market

Choice and Allocation Models for the Housing Market

Author: J. Rouwendal

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 326

ISBN-13: 9400924682

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It is generally agreed that food, clothing and shelter are the three basic material needs of all people. A simple test for the successfulness of any economic system may therefore be the extent to which it succeeds in providing the population with these commodities. One would conjecture that in the countries that are generally considered as highly developed there would be no problems at all with their availability. And although this conjecture is to a large extent, confirmed by the evidence, it is nevertheless surprising that in western economies with the high per capita incomes housing is still an important object for public concern. Food and clothing are abundantly available in these countries, but the provision of housing is often an object of serious policy concern. To mention one striking example : in the Netherlands there still exist official figures that mention housing shortages of ten thousends of dwellings. This state of affairs is not mentioned here to motivate an exaggerated view on housing problems in Western countries. The situation in the Netherlands and comparable countries is indeed much better than that in underdeveloped countries and a comparison with developing countries would presumably show figures which are comparable to those for food or clothing. The point I want to make is that even in highly developed market economies where the availability of food and clothing is quite satisfactory, the availability of dwellings often is not.


Book Synopsis Choice and Allocation Models for the Housing Market by : J. Rouwendal

Download or read book Choice and Allocation Models for the Housing Market written by J. Rouwendal and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is generally agreed that food, clothing and shelter are the three basic material needs of all people. A simple test for the successfulness of any economic system may therefore be the extent to which it succeeds in providing the population with these commodities. One would conjecture that in the countries that are generally considered as highly developed there would be no problems at all with their availability. And although this conjecture is to a large extent, confirmed by the evidence, it is nevertheless surprising that in western economies with the high per capita incomes housing is still an important object for public concern. Food and clothing are abundantly available in these countries, but the provision of housing is often an object of serious policy concern. To mention one striking example : in the Netherlands there still exist official figures that mention housing shortages of ten thousends of dwellings. This state of affairs is not mentioned here to motivate an exaggerated view on housing problems in Western countries. The situation in the Netherlands and comparable countries is indeed much better than that in underdeveloped countries and a comparison with developing countries would presumably show figures which are comparable to those for food or clothing. The point I want to make is that even in highly developed market economies where the availability of food and clothing is quite satisfactory, the availability of dwellings often is not.

Economic Theory and the Cities

Economic Theory and the Cities

Author: J. Vernon Henderson

Publisher: Academic Press

Published: 2014-06-28

Total Pages: 289

ISBN-13: 1483294889

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The Second Edition of Economic Theory and the Cities has been revised and expanded with both the graduate student and the practicing professional in mind. Providing a state-of-the-art synthesis of important theoretical topics in urban economics, the volume emphasizes the fundamental links between urban economics and new developments in mainstream economic theory. From the Preface: In this book I present what I believe to be the most important theoretical topics in urban economics. Since urban economics is a rather diffuse field, any presentation is necessarily selective, reflecting personal tastes and opinions. Given that, I note on what basis I chose the material that is presented and developed.First, the basic spatial model of a monocentric city is presented, since it lays the foundation for thinking about many of the topics in urban economics. The consideration of space and spatial proximity is one central feature of urban economics that distinguishes it from other branches of economics. The positive and negative externalities generated by activities locating in close spatial proximity are central to analysis of urban phenomena. However, in writing this book I have tried to maintain strong links between urban economics and recent developments in mainstream economic theory. This is reflected in the chapters that follow, which present models of aspects of the most important topics in urban economics--externalities, housing, transportation, local public finance, suburbanization, and community development. In these chapters, concepts from developments in economics over the last decade or so are woven into the traditional approaches to modeling these topics. Examples are the role of contracts in housing markets and community development; portfolio analysis in analyzing housing tenure choice and investment decisions; the time-inconsistency problem in formulating long-term economic relationships between communities, developers, and local governments; search in housing markets; and dynamic analysis in housing markets and traffic scheduling. The book ends with chapters on general equilibrium models of systems of cities, demonstrating how individual cities fit into an economy and interact with each other. This book is written both as a reference book for people in the profession and for use as a graduate text. In this edition, a strong effort has been made to present the material at a level and in a style suitable for graduate students. The edition has greatly expanded the sections on housing and local public finance so these sections could be studied profitably by a broad range of graduate students. Recommended prerequisites are an undergraduate urban economics course and a year of graduate-level microeconomic theory. It is possible that the book can be used in very advanced undergraduate courses if the students are well versed in microeconomics and are quantitatively oriented. Focus on the basic spatial model of the monocentric city Expanded sections on housing and local public finance Discussion of the critical role of spatial proximity of different economic activities, such as housing, transportation, and community development


Book Synopsis Economic Theory and the Cities by : J. Vernon Henderson

Download or read book Economic Theory and the Cities written by J. Vernon Henderson and published by Academic Press. This book was released on 2014-06-28 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Second Edition of Economic Theory and the Cities has been revised and expanded with both the graduate student and the practicing professional in mind. Providing a state-of-the-art synthesis of important theoretical topics in urban economics, the volume emphasizes the fundamental links between urban economics and new developments in mainstream economic theory. From the Preface: In this book I present what I believe to be the most important theoretical topics in urban economics. Since urban economics is a rather diffuse field, any presentation is necessarily selective, reflecting personal tastes and opinions. Given that, I note on what basis I chose the material that is presented and developed.First, the basic spatial model of a monocentric city is presented, since it lays the foundation for thinking about many of the topics in urban economics. The consideration of space and spatial proximity is one central feature of urban economics that distinguishes it from other branches of economics. The positive and negative externalities generated by activities locating in close spatial proximity are central to analysis of urban phenomena. However, in writing this book I have tried to maintain strong links between urban economics and recent developments in mainstream economic theory. This is reflected in the chapters that follow, which present models of aspects of the most important topics in urban economics--externalities, housing, transportation, local public finance, suburbanization, and community development. In these chapters, concepts from developments in economics over the last decade or so are woven into the traditional approaches to modeling these topics. Examples are the role of contracts in housing markets and community development; portfolio analysis in analyzing housing tenure choice and investment decisions; the time-inconsistency problem in formulating long-term economic relationships between communities, developers, and local governments; search in housing markets; and dynamic analysis in housing markets and traffic scheduling. The book ends with chapters on general equilibrium models of systems of cities, demonstrating how individual cities fit into an economy and interact with each other. This book is written both as a reference book for people in the profession and for use as a graduate text. In this edition, a strong effort has been made to present the material at a level and in a style suitable for graduate students. The edition has greatly expanded the sections on housing and local public finance so these sections could be studied profitably by a broad range of graduate students. Recommended prerequisites are an undergraduate urban economics course and a year of graduate-level microeconomic theory. It is possible that the book can be used in very advanced undergraduate courses if the students are well versed in microeconomics and are quantitatively oriented. Focus on the basic spatial model of the monocentric city Expanded sections on housing and local public finance Discussion of the critical role of spatial proximity of different economic activities, such as housing, transportation, and community development

Housing Economics and Public Policy

Housing Economics and Public Policy

Author: Anthony O'Sullivan

Publisher: John Wiley & Sons

Published: 2008-04-15

Total Pages: 352

ISBN-13: 0470680415

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This book is a timely assessment of 20 years of progress in the field of housing economics and its application to policy and practice. Two decades on from the publication of Duncan Maclennan's influential Housing Economics, 16 leading housing experts - both academics and policy makers from across the world - now honour Maclennan's contributions. The chapters here present a contemporary survey of key issues in housing, from urban housing markets and sub-market modelling, to the economics of social housing, the basis for housing planning, economic analysis of neighbourhoods, and the connections between academic work and policy development. For students, researchers and practitioners in housing, urban economics and social policy, Housing Economics and Public Policy: . provides up to date and comprehensive reviews of major areas of the housing economics literature . sheds light on the economic, social and spatial processes that affect housing . includes discussion of major areas of cutting edge housing economics research and identifies continuing gaps . presents a synthesis of housing economics research on both sides of the Atlantic . assesses the impact of theory on policy and practice


Book Synopsis Housing Economics and Public Policy by : Anthony O'Sullivan

Download or read book Housing Economics and Public Policy written by Anthony O'Sullivan and published by John Wiley & Sons. This book was released on 2008-04-15 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a timely assessment of 20 years of progress in the field of housing economics and its application to policy and practice. Two decades on from the publication of Duncan Maclennan's influential Housing Economics, 16 leading housing experts - both academics and policy makers from across the world - now honour Maclennan's contributions. The chapters here present a contemporary survey of key issues in housing, from urban housing markets and sub-market modelling, to the economics of social housing, the basis for housing planning, economic analysis of neighbourhoods, and the connections between academic work and policy development. For students, researchers and practitioners in housing, urban economics and social policy, Housing Economics and Public Policy: . provides up to date and comprehensive reviews of major areas of the housing economics literature . sheds light on the economic, social and spatial processes that affect housing . includes discussion of major areas of cutting edge housing economics research and identifies continuing gaps . presents a synthesis of housing economics research on both sides of the Atlantic . assesses the impact of theory on policy and practice

Choice and Allocation Models for the Housing Market

Choice and Allocation Models for the Housing Market

Author: Jan Rouwendal

Publisher: Springer

Published: 2011-10-17

Total Pages: 322

ISBN-13: 9789400924697

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It is generally agreed that food, clothing and shelter are the three basic material needs of all people. A simple test for the successfulness of any economic system may therefore be the extent to which it succeeds in providing the population with these commodities. One would conjecture that in the countries that are generally considered as highly developed there would be no problems at all with their availability. And although this conjecture is to a large extent, confirmed by the evidence, it is nevertheless surprising that in western economies with the high per capita incomes housing is still an important object for public concern. Food and clothing are abundantly available in these countries, but the provision of housing is often an object of serious policy concern. To mention one striking example : in the Netherlands there still exist official figures that mention housing shortages of ten thousends of dwellings. This state of affairs is not mentioned here to motivate an exaggerated view on housing problems in Western countries. The situation in the Netherlands and comparable countries is indeed much better than that in underdeveloped countries and a comparison with developing countries would presumably show figures which are comparable to those for food or clothing. The point I want to make is that even in highly developed market economies where the availability of food and clothing is quite satisfactory, the availability of dwellings often is not.


Book Synopsis Choice and Allocation Models for the Housing Market by : Jan Rouwendal

Download or read book Choice and Allocation Models for the Housing Market written by Jan Rouwendal and published by Springer. This book was released on 2011-10-17 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is generally agreed that food, clothing and shelter are the three basic material needs of all people. A simple test for the successfulness of any economic system may therefore be the extent to which it succeeds in providing the population with these commodities. One would conjecture that in the countries that are generally considered as highly developed there would be no problems at all with their availability. And although this conjecture is to a large extent, confirmed by the evidence, it is nevertheless surprising that in western economies with the high per capita incomes housing is still an important object for public concern. Food and clothing are abundantly available in these countries, but the provision of housing is often an object of serious policy concern. To mention one striking example : in the Netherlands there still exist official figures that mention housing shortages of ten thousends of dwellings. This state of affairs is not mentioned here to motivate an exaggerated view on housing problems in Western countries. The situation in the Netherlands and comparable countries is indeed much better than that in underdeveloped countries and a comparison with developing countries would presumably show figures which are comparable to those for food or clothing. The point I want to make is that even in highly developed market economies where the availability of food and clothing is quite satisfactory, the availability of dwellings often is not.