Foreclosure externalities: New evidence

Policy makers have used externalities to justify government intervention in the foreclosure process. Using a new dataset that covers 15 of the largest metropolitan statistical areas in the U.S. and a novel identification strategy, this paper provides new evidence on the size and source of these externalities. Our results show that a property in distress affects the value of neighboring properties from the time when the borrower becomes seriously delinquent on the mortgage until well after the bank sells the property to a new owner. Properties with seriously delinquent loans within 0.1 miles are found to decrease transaction prices of non-distressed properties by approximately one percent on average. The spillovers are found to dissipate rapidly with distance and completely disappear one year after the bank sells the property to a new homeowner. Importantly, we find that the size of the externality is sensitive to the condition of foreclosed properties, as bank-owned properties in poor condition lower nearby transaction prices by 2.6% on average while those in good condition marginally raise prices. We argue that the measured price spillovers are physical externalities caused by a lack of property maintenance and not pecuniary externalities that reflect local supply or demand shocks.     

基于博弈论的铁路行包后续改革问题探讨

在铁路行包业务剥离的改革重组后,铁路行包业务得到一定的改善,部分矛盾得到缓解,但仍然存在后续改革的问题.本文对新中铁快运公司成本控制和人力资源两个方面探讨了目前铁路行包业务问题的根源,根据合作博弈理论提出后续改革思路.     

Indeterminacy in discrete-time infinite-horizon models with non-linear utility and endogenous labor

We consider a discrete-time two-sector model with sector specific externalities in which the technologies are given by CES functions with asymmetric elasticities of capital–labor substitution, and the preferences of the representative agent are given by a CES additively separable utility function defined over consumption and leisure. We first show that when the labor supply is infinitely elastic, the steady state is always saddle-point stable, no matter what the elasticity of intertemporal substitution in consumption and the size of externalities are. We then prove that when the elasticity of intertemporal substitution in consumption is sufficiently large, local indeterminacy requires a low enough elasticity of the labor supply.     

The Nature of Urban Land

A bstract . Considerations about land interpose into almost every aspect of urban life. They may not be the only factor determining a city's well-being but appropriate land policies are necessary to bring about prosperity and equity. Contemporary accounts of the 'urban crisis' and of urban problems reveal the pervasiveness of land issues. Use of one urban land parcel has bearing on the usability of neighboring sites, which makes land a community resource. Urban land may be defined as land used or expected to be used for urban activities. Its attributes include location, space, property, clustering, heterogeneity and immobility and indestructibility. Neo-classical theorists, by stressing accessibility and ignoring externalities and other attributes of land, achieved only an unrealistic understanding of it. Most land economists are institutionalists , their theory encompassing long-validated concepts about the nature of land. The neo-Marxian approach has many points of congruence with the institutionalist one. Empirically investigated, urban land is found to be different from economic goods and hence its production, allocation and disposition must proceed at least like other public goods.     

“When Should Manufacturers Want Fair Trade?”: New Insights from Asymmetric Information when Supply Chains Compete

We study a model of competing manufacturer/retailer pairs where adverse selection and moral hazard are coupled with promotional externalities at the downstream level. In contrast to earlier models mainly focusing on a bilateral monopoly setting, we show that with competing brands a ‘laissez‐faire’ approach towards vertical price control might not always promote productive efficiency. Giving manufacturers freedom to control retail prices is more likely to harm consumers when retailers impose positive promotional externalities on each other, and the converse is true otherwise. Our simple model also suggests that, with competing supply chains, consumers and manufacturers might prefer different contractual modes if promotional externalities have substantial effects on demands.     

Parcel distribution timetabling problem

In this paper we propose a model to generate an effective timetable for time definite parcel distribution companies operating a hierarchical hub-and-spoke network. The model, referred to as parcel distribution timetabling problem, provides the departure times from each serviced city and each servicing facility in order to minimize the travel times of all shipments from their origin cities to their destination cities. Although the problem is faced by every parcel distribution company, it is rarely addressed in the literature. There is no evidence that parcel distribution companies, including the international ones, are developing operational research models in generating their timetables. The application of the model to a real-world case led to a decrease of more than 11% in the average travel time of the shipments. The company was even more delighted by the rapidity of the model in generating the timetable; this task that used to take weeks is decreased to just minutes.     

A study of the impacts of zoning on housing values over time

Using a virtually unique data base for Vancouver, Canada, this study examines the ways in which various zoning classifications and land uses affect the sale prices of single-family residences over a 24-year period. The overwhelming conclusion is that while there are impacts, they are consistent in neither direction nor magnitude. The results suggest that the negative externalities that are generally assumed to exist may in fact not exist. As a result, the use of zoning to control the effects of such presumed externalities may not be justified.     

Promoting cost efficiency and uniformity in parcel delivery centre locations and service areas: a GIS-based analysis

This paper provides a systematic framework to determine local delivery centre (LDC) locations and service areas to reduce delivery costs and balance the allocation of parcel delivery loads to promote sustainable LDC development. Based on a case study of a parcel distribution company in Korea, this study proposes two strategies for LDC service area delineation within each terminal service boundary that either minimises the total delivery time or balances the allocation of delivery loads. This research contributes to improving cost efficiency and balancing delivery load allocations in planning LDC locations and service areas that can potentially promote the long-term mutual sustainable development of parcel distribution companies and their local delivery counterparts.     

浅析中国铁路行包运输

本文探讨了中国铁路行包运输的现状．指出了铁路行包运输存在的问题．提出了发展中国铁路行包运输的有关对策。     

铁路行包运输特许经营模式探讨

在激烈的国内快运市场竞争中，铁路行包运输由铁路局经营管理的局限性逐步凸显，严重制约了我国铁路行包运输的发展。基于铁路行包运输经营模式的局限性，本文提出引入特许经营模式，探讨其特许经营发展思路，拓展经营网络，实现铁路运输服务延伸。     

铁路行包办理站的优化方法研究

行包办理站的优化是一种基于全路车站行包办理量统计分析的优化方法。是解决多因素条件影响下铁路行包办理站址选择的依据。根据全路铁路行包办理站办理量及旅客列车加挂行李车编挂方案,按照始发终到、中途及中转车站作业情况,采用分析的方法给出了行包办理站设置的原则,并在此基础上得出未来行包办理站的优化方案。方案的执行可行性强,灵活且有针对性,对未来行包办理站的发展具有指导性意义。     

An equilibrium model of city size

This paper develops an equilibrium model of city size in which population distribution, real prices, and real wages are determined. Two possible modifications are considered, one involving externalities. The partial equilibrium changes resulting from these modifications are derived and seen to be quite different from the general equilibrium changes. Finally, the paper suggests that site-specific factors of production must be introduced into any consistent model of city size.     

Coasian equilibrium

We consider a general equilibrium economy with public goods and externalities. Following Boyd and Conley (1997), we treat externality markets directly instead of indirectly through Arrovian commodities. Because such direct externality markets are not subject to the nonconvexities that Starrett [Starrett, D., 1972. Fundamental nonconvexities in the theory of externalities. Journal of Economic Theory 4, 180–199] shows are fundamental to Arrow’s externality markets, this new approach admits the use of largely standard methods to prove welfare and existence theorems in an economy with externalities. We extend the Boyd and Conley model to allow firms to benefit from public goods and be damaged by externalities, and to allow consumers to produce externalities. We state a first welfare theorem and prove the existence of a competitive equilibrium. Taken together, this can be viewed as a type of general equilibrium Coase theorem. Considered as a special case, these theorems also represent a significant generalization of existing results for pure public goods economies.     

The effects of zoning on structure and land markets

Zoning takes three general forms: constraints on density, lot size, and allowable use. This paper demonstrates that the three restrictions differ in their effects on structure and land markets. Density zoning is equivalent to a monopoly restriction that can be used to raise all land values. Allowable use restrictions affect land values differentially. Large-lot restrictions affect the price for housing paid by individual households differentially. Considering externalities does not alter these basic differences. The implications for empirical studies of zoning are discussed.     

我国铁路行包运输统计指标体系的基本框架研究

铁路行包运输统计指标体系是铁路行包运输统计工作的重要载体.本文分析了当前我国铁路行包运输统计指标体系存在的问题,讨论了铁路运输业统计指标体系的设计原则,设计了铁路行包运输统计指标体系的基本框架.     

公路行包快运的发展对策

在以批量小、价值高、时间紧、个性化为特征的小件货物运输日益火爆的今天,一种依托公路客运班车开展快件货运的创新物流业务模式——公路快件货物运输（俗称行包快运）悄然兴起,并成为客运企业新的经济增长点。采用SWOT分析法对天河客运站开展行包快运业务所具有的优势、劣势以及面临的机会、威胁进行了分析．并提出了公路行包快运应对激烈市场竞争的发展对策。     

The effects of agglomeration externalities on urban green total-factor productivity in China

For China's urban industrial layout and green development, determining which types of agglomeration externalities are most advantageous to the rise of green total-factor productivity has both theoretical and practical relevance. This research experimentally studies the effects of three types of agglomeration externalities on urban green total-factor productivity using the data of 285 Chinese cities from 2003 to 2018. The findings demonstrate that urban green total-factor output is rising, albeit with certain differences during different time periods. Both the Jacobs externality and the Porter externality are favorable for increasing urban green total-factor production when all cities are evaluated together, although the latter has a stronger promoting influence. The effect of the Marshall-Arrow-Romer externality, on the other hand, is not significant. Furthermore, these effects also depend on the stage of economic development and population size.     

Knowledge Spillovers and Growth in the Disagglomeration of the Us Advertising-Agency Industry

We investigate knowledge spillovers and externalities in the disagglomeration and growth of the advertising-agency industry. A simple model of high demand, low wages, and externalities associated with clusters of related industries can explain the dispersion of advertising agency employment across states. Other factors affected the industry growth rate within states. Consistent with Jacobs and Porter but contrary to Marshall, Arrow, and Romer, competition, but not specialization, enhanced growth. In accord with Porter (1990), growth increased with buyer cluster size. Diversity had no effect on growth. Despite improvements in telecommunications and transportation reducing effective distances, location still matters.     

An Empirical Analysis of Determinants of Land Values in the Adirondack Park

A bstract . This study contributes to our knowledge about the determinants of land values in the Adirondack Park in New York State. Sales data for 1971-1973 are used in the multiple regression analysis. The key variables influencing the price per acre for vacant forest land parcels are accessibility by road, location, adjacency to state land, date of sale, land use classification, size of parcel, site type, topography, and nonlocal buyers.     

铁路行包运输发展第三方物流的研究

基于对铁路行包运输发展第三方物流的优势和效益分析，说明把行包运输作为铁路发展第三方物流的切入点是可行性，并阐述了铁路行包运输发展第三方物流的对策。