Hedonic Analysis in a Spatial Context: Theoretical Problems in Valuing Location-Specific Amenities*

Hedonic analysis is frequently implemented to generate implicit prices for location-specific amenities within single markets, either in cross-city wage differentials or in intra-city rent gradients. Amenities are shown to be generally priced in both land and labour markets, with single-market valuations tending to understate true amenity values. Establishing a correct multi-market amenity valuation model is seen to depend on the resolution of a host of additional issues.     

An Index Approach to Measuring Product Differentiation: A Hedonic Analysis of Airfares

The main objective of this paper is to introduce an Allen-type index of differentiation based on cost functions. With this index, we create an economic measure of product differentiation that quantifies differences between products. Applied research has some generally accepted economic measures, for example, the Herfindahl–Hirschman Index for market concentration, or the Gini coefficient for inequality. Product differentiation, however, does not yet have an established measure. Our objective is to fill that gap and introduce a measure that can be used in market-related applied research such as market power, antitrust, price indexes, or market strategy. To operationalize the index, we introduce the concept of a core product and use cost functions to measure the degree of differentiation from the core product. To demonstrate the use of the index, we study the effect of product differentiation on price formation in the airline industry using an enhanced hedonic model. The model is empirically tested on 103,980 observations of quarterly US domestic airfare data between 2002 and 2016 and shows that product differentiation has a significant effect on both price and mark-up.     

特征价格模型的发展应用研究

特征价格模型因为其完美的理论思想而成为国际上普遍使用的分析异质品价格和特征关系的主要方法.本文通过对国外核心期刊上一百五十二篇特征价格法相关文献的检阅,梳理了国内外特征价格模型及指数编制的研究现状,对特征价格模型的功能进行了总结性定位,认为特征价格模型的功能主要在于:异质品价格指数的编制,异质品价格预测、价值评估或产品定价,异质品价格影响因素分析,非市场因素的经济效应的检验及对传统经济学模型的改进五方面.文章最后以住宅为例,归纳总结了特征价格法在研究应用中存在的主要问题:一是市场细分;二是特征变量选择和量化;三是模型形式选择;四是模型估计方法的研究;五是指数编制中的问题.这些研究对象为未来特征价格的研究提供了可行参考.     

Measuring Women's Quality of Life: A Discussion of Alternative Approaches

This paper reports our experiences with the application of a number of alternative approaches to a study of women's economic circumstances and quality of life in a typical western city. The important work of, especially, Martha Nussbaum on the capabilities approach to evaluations of “quality of life” has highlighted pitfalls associated with the use of a narrow informational base in studies of women's lives and has emphasized the value of qualitative methods in these evaluations. However, to date, most discussions of the relevance of plural approaches to studies of women's lives have been conducted in the context of developing countries. This paper contributes a practical, current example of the relevance of such approaches to assessments of the lives of women in western countries as well. The research findings reported in the paper also cast further light on the importance of several, related themes in the literature on the capabilities approach, namely the importance of understanding how women's aspirations and expectations change with their economic and social experiences; and the importance of appreciating the social uses of language and how this affects the way in which women describe their lives.     

A Spatial Hedonic Approach to Assess the Impact of Swine Production on Residential Property Values

A spatial hedonic model is developed to assess monetary harm of confined animal feeding operations (CAFOs) on property values, taking explicitly into account spatial dependence in property values. Spatial autocorrelation was found in the form of spatial lag dependence, not spatial error dependence. When spatial lag dependence is explicitly taken into account, on average the impact coefficient estimate of a CAFO is reduced by 18%. For example, the impact on the value of the median house ($63,520) 1 mile from a swine facility with 10,000 head fell from  − $6,800 to  − $5,200, or 23.5%. The magnitude of the spatial autoregressive parameter was about 0.2 for the 1-mile distance band, meaning one-fifth of the house value could be explained by the values of the neighboring houses.     

欠发达区域城镇化发展效益空间分异

文章采用综合评价、空间自相关等方法,对苏北和皖北11市城镇化发展效益进行分析,得出2010-2017年城镇化发展效益不高,经济和社会效益有上升趋势,综合和生态效益有下降趋势.苏北5市分维效益高于皖北6市且差距有扩大趋势.经济和社会效益是城镇化发展的主要动力;城镇化综合效益层级特征明显,自东向西递减,综合效益、经济和社会效益空间集聚特征符合城镇化"核心-边缘"分异模式;综合效益形成HH、LL、LH三种空间集聚类型,经济和社会效益均形成HH和LL两种空间集聚类型,生态效益不显著;皖北处于城镇化发展效益的冷点区域.应在提高生态效益基础上,定位欠发达区域支柱产业,加快基础设施互联互通,打破行政壁垒,实现欠发达区域一体化,融入长三角一体化.     

An Application of the Hedonic Price Model to the Perth Residential Land Market*

This paper presents the results of an application of the Rosen-Freeman hedonic price model to the Perth (Western Australia) residential land market. A sample of over two thousand market transactions is used to estimate the value of residential land attributes. Major emphasis is given to those particular land attributes that are subject to public regulation and to the policy implications that follow.     

The Investment Multiplier: A Comparison of Three Alternative Approaches

International Advances in Economic Research -     

北京市二手住宅价格影响机制——基于多尺度地理加权回归模型(MGWR)的研究

文章基于多尺度地理加权回归研究北京市2011—2017年二手住宅交易的价格特征,结果表明:①以往基于经典地理加权回归模型的研究可能存在一定的不稳健,而多尺度地理加权回归可以将不同变量对于因变量的影响尺度反映出来,其回归的结果更为可靠。②北京房价对区位因素非常敏感,且存在高度的空间异质性,区位的影响尺度是所有变量中最小的,接近于街道尺度。而卧室数量和到最近地铁站的距离为全局尺度的变量,在空间上的影响较为平稳。到公交站的距离、到小学的距离、建筑结构和装修状况对于房价的影响不显著。其他显著的变量均存在一定的空间异质性,其空间尺度由小到大分别为成交时间、面积、楼龄、楼层、朝向。③区位、朝向、卧室数量、成交时间均正向影响房价,而面积、楼龄、楼层、到地铁站的距离负向影响房价。所有影响因素中区位是影响房价的最主要因素,其次是成交时间朝向。面积成交时间、朝向和到最近地铁站的距离影响较大,所在楼层、卧室数量对于房价的影响较小,而面积和楼龄的影响最弱。     

Measuring the Level and Inequality of Wealth: An Application to China

We construct and compare three distinct measures of household asset wealth that complement traditional income‐ or expenditure‐based measures of socioeconomic status. We apply these measures to longitudinal household survey data from China and demonstrate that household asset wealth has been increasing over time, a theme consistent with many previous studies on the process of development in China. Unlike other studies that have shown rising income inequality over time, however, we show that asset wealth inequality has actually been declining in recent years, indicating widespread participation in the benefits of economic reforms. Furthermore, the evolution in the cumulative distribution of household welfare is such that social welfare has been increasing with the passage of time, despite rising inequality in the early years of the survey.     

Hedonic and environmental quality: A hybrid model of product differentiation

In this paper, we analyze how strategic competition between a green firm and a brown competitor develops when their products are differentiated along two dimensions: hedonic quality and environmental quality. The former dimension refers to the pure (intrinsic) performance of the good, whereas the latter dimension has a positional content: buying green goods satisfies the consumer's desire to be portrayed as a socially worthy citizen. We consider the case in which these quality dimensions are in conflict with each other so that the higher the hedonic quality of a good, the lower the corresponding environmental quality. We characterize the equilibrium configurations and discuss the policy implications deriving from our analysis.     

中关村科技园区创新质量的时空集聚效应研究

创新作为中关村科技园区的基本属性,创新质量决定了中关村科技园区发展质量。科技园区促进区域产业集聚,集聚显著影响科技园区创新,但缺乏对“一区多园”创新质量的综合集聚效应研究。由此,建立中关村科技园区创新质量指标体系,在分析中关村科技园区3种集聚模式的基础上,建立集聚模式对创新质量影响的动态空间面板模型;以2006—2017年中关村科技园区等相关数据为基础,研究不同集聚模式与创新质量的时空效应并对其进行分解分析。结果表明,中关村科技园区创新质量呈现显著时间循环效应和空间溢出效应,各园区创新质量空间集聚存在高-高、低-低等模式并随着时间推移发生跃迁。所有园区受到正向显著的专业化集聚影响,大兴-亦庄园受到负向显著的多样化集聚影响,而房山园、密云园和延庆园受到的多样化集聚影响不显著,海淀园、朝阳园、大兴-亦庄园、东城园、西城园、通州园、门头沟园和顺义园受到市场竞争集聚效应的影响。     

中国控制权私利的国际比较及影响因素分析

中国的控制权私利水平高于普通法系国家,也高于东亚的大部分国家.控制权私利与净资产收益率显著负相关,与资本债务比率显著正相关,公司规模和股权制衡机制对于控股股东掠夺控制权私利有一定的限制作用,但是作用并不明显,市场化指数并不能解释各地区控制权私利水平的差异.     

中国国家森林公园的空间集聚特征与规律分析

以我国国家森林公园为研究对象,运用地理集中指数、不平衡指数、基尼系数(Gini coefficient)等地理数学与统计方法以及ArcViewGIS分析软件,通过对其在全国范围内的空间分布特征及空间布局的定量与定性分析,揭示我国20多年来森林公园旅游发展的空间分布特征及其规律,最后分析表明我国国家森林公园在全国范围内呈集中分布,且无论是在省市区之间还是七大分区之间的分布均衡性都很低,主要集中在我国中部及其东部沿海地区,与我国的人口地理分界线大体一致,且主要分布在我国年降水量大于400mm的丰水带、多水带以及过渡带之内。     

控制权收益与超控制权收益——基于企业能力理论的视角

多数文献将控制权收益定性为控股股东对中小股东利益的侵害,是一种掏空公司的行为。从企业能力理论视角来说,控股股东是基于其独特的组织资源和能力获取控制权收益,这种收益具有合理性,它是对控制性股东卓越组织能力的回报以及在组织过程中对控制权成本的补偿。而超控制权收益则是控股股东组织能力之外的滥用权力和钻法律漏洞所获得的一种非生产性回报,不具有系统性和可持续性,表现为对中小股东和其他利益相关者的侵害和掠夺。对控股股东侵害的规制,应在保护其合理控制权收益的基础上遏制其超控制权收益。     

基于社会网络分析的山地公园空间 结构与布局优化

：为优化山地城镇公园空间结构与布局,借助社会网 络分析方法,选取重庆鸿恩寺公园、碧津公园和石门公园,构 建公园空间关系网络模型。SNA模型的结果显示,鸿恩寺公 园具有较高的完备性与层级性,碧津公园具有较高的稳定性。 研究表明,公园地形、形态、功能布局以及空间节点数量对公 共空间的结构完备性、稳定性与层级性存在一定影响。最后依 据评价体系,从网络结构和规划2个层面提出公园空间的结构 与布局优化对策,从而指导公园空间与等级设置,以及公共服 务设施等规划更新。