共查询到20条相似文献,搜索用时 31 毫秒
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Oscar Fisch 《Journal of urban economics》1977,4(4):428-447
This paper deals with the derivation of the rent values of the standing stock of the housing market with a continuous vintage approach, under malleable stock and homogeneous population assumptions, and under dynamic conditions: population and income growth, technological obsolesence, and a continuous upward shift and elasticity change in the supply function. The core of the model is a Volterra nonlinear integral equation of the second kind, and results are shown in relation to existence, uniqueness and stability. Finally, a spatial-dynamic model is specified by a Fredholm-Volterra nonlinear integral equation, framing the analysis of the housing filtering process with the Burgess-Hoyt concept of directional growth in urban development. 相似文献
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城市空间结构理论——单中心城市静态模型 总被引:5,自引:0,他引:5
首先介绍了在西方城市经济理论中被广泛接受的单中心城市空间结构静态模型。然后,利用比较静态分析方法(comparativestaticanalysis),分析区位、居民收入及交通费用(区位,居民收入及交通费用为模型的外生变量(exogenousvariable))对价格和房屋消费量(价格和房屋消费量为模型的内生变量(endogenousvariable))的影响。最后,理论模型通过引进一般住房生产函数,推导出土地价格及资本密度(即建筑高度)的空间变化规律。通过对城市经济模型进一步分析(对极值条件或解的微分解析分析)得出地价(地租),资本密度(或称容积率),人口密度的空间分布规律,这些规律对城市规划,城市政策,引进市场原则和价格机制来提高城市土地利用效率都有理论指导意义。 相似文献
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Michelle J. White 《Journal of urban economics》1978,5(4):485-504
This article develops a model of the determination of urban rent functions in the short-term when the housing stock is assumed fixed. The model suggests that expectations concerning the nature of long-term equilibrium play a central role in determining short-term rents. Open and closed models are discussed as alternative long-term paradigms applicable to different types of exogenous changes. The model suggests, first, that the short-term rent on housing gradient is always below the long-term gradient. Second, depending on whether land-owners have perfect or imperfect information concerning the nature of long-term equilibrium, the short-term rent gradient could signal them to rebuild the housing stock at the correct long-term density level or at too high or too low density levels. 相似文献
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Masahisa Fujita 《Journal of urban economics》1976,3(3):209-241
The optimum spatial pattern of urban growth for a problem which is essentially a dynamic version of von Thünen model of land use is first studied by using a notion of bid land price curves, which is a dynamic extension of bid rent curves by Alonso [1]. Then a competitive market of which equilibrium growth path coincides with this optimum one is obtained by examining demand side properties. It is hoped in this way to throw some light for the future development of dynamic theory of urban land use. 相似文献
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美国拥有发达的私人住房租赁市场和公共住房租赁市场,其关于住房租赁市场的法律制度、税收体系、房租补贴政策和完善的政府监管体制等方面均值得我国借鉴。研究表明,支撑美国住房租赁市场的因素主要有供给因素、需求因素和政府对租赁市场的有效管理和规范。尽管在住房消费文化和土地制度环境等方面我国住房市场与美国住房市场差异显著,但美国发展与规范住房租赁市场的经验对培育和发展我国住房租赁市场仍然具有重要的政策借鉴价值。 相似文献
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美国拥有发达的私人住房租赁市场和公共住房租赁市场,其关于住房租赁市场的法律制度、税收体系、房租补贴政策和完善的政府监管体制等方面均值得我国借鉴。研究表明,支撑美国住房租赁市场的因素主要有供给因素、需求因素和政府对租赁市场的有效管理和规范。尽管在住房消费文化和土地制度环境等方面我国住房市场与美国住房市场差异显著,但美国发展与规范住房租赁市场的经验对培育和发展我国住房租赁市场仍然具有重要的政策借鉴价值。 相似文献
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We combine a standard stock-flow housing market model, incorporating explicit relationships between house prices, the housing stock, and the rent level, with a parsimonious expectation formation scheme of housing market investors, reflecting an evolving mix of extrapolative and regressive expectation rules. The model results in a two-dimensional discrete-time nonlinear dynamical system. Based on realistic parameters, the model is able to generate endogenous boom-bust housing market dynamics with lasting periods of overvaluation and overbuilding. We thus exploit our model to investigate how real forces, in particular supply conditions, interact with expectations-driven housing market fluctuations. 相似文献
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We study the economic linkage between homebuilder stock market performance and commodity futures market information on a major component of building materials—lumber. The price of lumber plays a dual role in determining homebuilder profits: it represents a production input cost and serves as a future housing demand indicator. Using all US publicly listed homebuilder stocks, we show that the housing demand effect dominates the builder–lumber relationship. This effect is robust even after we control for the Federal Housing Finance Association (FHFA) housing price index (HPI). Our results further indicate that the slope of the lumber futures curve serves as a cross-market signal of future housing demand and thus of homebuilder stock market performance. 相似文献
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Toru Ohkawara 《Journal of urban economics》1985,18(3):338-349
The urban residential land rent function has been studied extensively in the field of urban economics, and the land rent function of Muth and Mills is considered to be one of the typical functional forms which is used in empirical studies. However, the model of Muth and Mills simply assumed the demand function for housing services to be a power function of income, which gives rise to a question. The main purpose of this paper is to derive an alternative form of the urban residential land rent function which is consistent with the utility maximization behavior of consumers and to discuss the estimation procedure of the derived land rent function. 相似文献
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The traditional theory of urban land markets assumes perfect contestability—the absolute freedom of market entry—that compels developers to bid up the land rent to equal the economic profit from land use. This assumption, however, is empirically untested due to the difficulties in measuring the ex ante economic profit of land acquisition. We overcome these difficulties by applying the event-study methodology to Hong Kong government land auctions. When a developer acquires a site at a price below its fair market value, the rationality of the stock market entails a positive abnormal return on the developer’s stock. Our analysis shows evidence of positive expected abnormal returns, indicating an imperfectly contestable land market. We further show that the expected abnormal return increases with the site value and the government land disposal level but decreases with the property market liquidity. 相似文献
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We examine whether the aggregate demand curve for stocks is downward sloping. As a proxy for aggregate demand, we use net outflows (dividends plus repurchases less net issues) from the stock market scaled by the previous year's market capitalization. To disentangle the information and price pressure effects from the demand curve effects, we use an information-free demographic variable as an instrument and look at the relation between annual changes in aggregate demand and excess market return. We find that information-free changes in the annual aggregate demand for stocks do not lead to changes in the annual excess market return. This finding supports long-term horizontal demand curves for stocks. 相似文献
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Jan K. Brueckner 《Journal of urban economics》1983,13(2):216-234
A theoretical housing model is developed embodying the approach of the recent hedonic price literature. Instead of focusing on a scalar “housing service” consumption measure, the model portrays housing as a commodity with two attributes: floor space and yard space. Developers react to a consumer bid-rent function, which relates dwelling rent to floor space, yard space, and location, in choosing the profit-maximizing characteristics of their housing complexes. The spatial behavior of the developer's choice variables is investigated (an interesting question is whether yards are larger farther from the urban center), and a comparative static analysis of the housing market equilibrium is presented. 相似文献
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We consider which factors determined the price–rent ratio for the housing market in 18 U.S. metropolitan statistical areas (MSAs) and at the national level over the period of 1975–2014. Based on a present-value framework, our proposed empirical model separates the price–rent ratio for a given market into unobserved components related to the expected real rent growth and the expected housing return, but is modified from standard present-value analysis by also including a residual component that captures non-stationary deviations of the price–rent ratio from its present-value level. Estimates for the modified present-value model suggest that the present-value residual (PVR) component is always important and sometimes very large at the national and MSA levels, especially for MSAs that have experienced frequent booms and busts in the housing market. In further analysis, we find that house prices in MSAs that have larger PVR components are more sensitive to mortgage rate changes. These are also the MSAs with less elastic housing supply. Also, comparing our results with a recent statistical test for periodically-collapsing bubbles, we find that MSAs with large estimated PVR components are the same MSAs that test positively for explosive sub-periods in their price–rent ratios, especially during the 2005–2007 subsample. Our approach allows us to estimate the correlation between shocks to expected rent growth, the expected housing return, and the PVR component. We find that the expected housing return and movements in the PVR component are highly positively correlated implying an impact of the expected housing return on house prices that is amplified from what a standard present-value model would imply. Our results also show that most of the variation in the present-value component of the price–rent ratio arises due to the variation in the expected housing return. 相似文献
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论城市土地储备的理论基础 总被引:5,自引:0,他引:5
我国城市土地储备制度仍处于起步与探索阶段,存在的突出问题是实践大大超前于理论研究.文章对与城市土地储备有关的地租理论、土地供求理论、区位理论、资源配置与市场失灵理论、政府管理理论、制度变迁与创新理论等进行了论述,指出了各个理论对我国城市土地储备的具体指导意义. 相似文献
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Land rent and housing policy: a case study of the San Francisco Bay area rental housing market 总被引:1,自引:0,他引:1
Barton SE 《American journal of economics and sociology》2011,70(4):845-873
In the San Francisco Bay Area, where residential rent is among the highest in the United States, an analysis of data from several sources demonstrates that high rent cannot be accounted for by higher quality, higher operating costs, or higher construction costs. At least one-third of the total rent paid is land rent. Despite increases in real incomes, very-low-income tenants in the Bay Area today have less income remaining after payment of rent than tenants did in 1960. High land rent is a long-term feature of the Bay Area rental market that results mostly from its geography, the density of its urban centers, and a strong economy, rather than from regulatory barriers to new multifamily construction. Deregulation is not a sufficient response to the effects of land rent on low-income tenants. Government should subsidize non-profit housing organizations, particularly land trusts that remove residential land from the market. Taxes on land rent would be a particularly appropriate funding source. 相似文献