An empirical investigation of the effects of impact fees on housing and land markets

This paper presents the results from estimating the effects of development impact fees on the prices of new and existing single-family homes and undeveloped residential land using unique data for Dade County, FL. The results show that an additional US$1.00 of fees increases the price of both new and existing housing by about US$1.60 and reduces the price of land by about US$1.00. These findings are shown to be consistent with the new view but not the old view theory of impact fee incidence.     

资源型城市土地的集约利用

土地资源大面积浪费和土地生态破坏严重等问题在资源型城市转型过程中亟待解决.分析了当前我国资源型城市土地利用存在的弊病,指出土地集约利用的必要性及有效途径,并就资源型城市土地集约利用提出了对策建议.     

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.     

A linear programming model of the urban housing and land markets: Static and dynamic aspects

An extension of the Herbert-Stevens model is presented which incorporates the dynamic aspects of the housing market in order to simulate the filtering process. An open city is assumed with an exogenously given welfare level of the households and constant returns to scale in production. The bid-rent function can thus de defined independently of the resource allocation within the city. The maintenance policy of the landlords is endogenously determined allowing conservation, deterioration, as well as upgrading. Although the model has a normative formulation, the resulting allocation stipulates a competitive equilibrium. The model can be employed to show that discontinuous development can represent an efficient resource allocation.     

Modelling the long-term effects of transport and land use policies on industrial locational behaviour: A discrete choice model system

This paper describes a disaggregate behavioural model system developed for forecasting industrial locations. It is structured basically in terms of a nested logit model, covering relocation decisions, area-wide locational choices and local locational choices together with shipment destination choices. Several techniques are developed to overcome the difficulties in the application of discrete choice models to spatial problems. The model system was calibrated for the Nagoya metropolitan area in Japan and its validity was tested using another data set. It allows analysis of the effects of transport and land use policies not only by zone but also by firms of different attributes such as sector and capital size.     

Patterns of growth in Chinese cities: Implications of the land lease

A special feature of China’s housing market is land use rights in the form of land leasehold contracts granted by the government. We consider an equilibrium model in which a representative developer may choose to redevelop existing centrally located housing or to develop new housing at the periphery of the city. We show that as the city grows, the land leasehold system results in the city center being developed less intensely and more land being used on the outskirts of the city when compared to a fee simple environment. Thus, cities in China are likely to be relatively more spread out, with city centers relatively older than would be the case with “fee simple” ownership. Our model suggests that excess residential land use is about 6 percent. In addition, compared with the ownership case, housing supply will grow more quickly in the near future, but more slowly later on during the transition of the Chinese economy. Parallel to the supply growth pattern, equilibrium price grows relative slowly in the near future, but more quickly later on. While we focus on residential uses, we believe our model can be applied to other land uses.     

On efficient estimation of the ordered response model

In this paper, we derive efficiency bounds for the ordered response model when the distribution of the errors is unknown. Furthermore, we develop an estimator that is efficient under suitable conditions. Interestingly, neither the bounds nor the estimator are trivial extensions of what has been proposed in the literature for the binary response model. The estimator is composed of quadratic B-splines, and estimation is performed by the method of sieves. In addition, the estimator of the distribution function is restricted to be a proper distribution function. An empirical example on the effect of fees on attendance rates at universities and community colleges is also included; we get substantively different results by relaxing the assumption that the distribution of the errors is normal.     

Urban residential land rent function: An alternative Muth-Mills model

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.     

新形势下的土地征用模式探讨

随着我国城市化进程的加速,越来越多的农村集体土地通过土地征用的方式转为建设用地,但现实中往往因被征地农民得不到满意的补偿和安置,导致征地受阻并引发社会矛盾,本文提出了＂政府主导、企业参与＂的新型土地开发（征地）模式,既有效保障被征地农民的合法权益,又不影响土地开发进度,从而满足城市建设需要。     

On the problem of calibrating an agent based model for financial markets

Agent based models are very widely used in different disciplines. In financial markets, they can be used to explain well known features called stylised facts and fit statistical properties of data. For this reason, they can model price movements better than standard models using gaussianity. Calibration and validation are essential issues in agent-based modeling. However, calibrating such models is not yet sufficiently considered in the literature. In this paper, a Nelder–Mead simplex algorithm coupled with threshold accepting algorithm (Gilli and Winker in Comput Stat Data Anal 42:299–312, 2003) and a genetic algorithm have been implemented to calibrate the model presented by Farmer and Joshi (J Econ Behav Org 49:149–171, 2002) and the outcomes have been compared and discussed. The data used are closing prices of S&P500 Composite index and a particular attention has been devoted to the choice of the objective function.     

An adjustment cost model of long-term employment in Japan

A dynamic factor demand model is presented which pays special attention to the prevalence of a long-term employment relationship in Japan. The model is based on the representation of technology by a variable cost function with adjustment costs for employment and capital stock, where the variable cost consists of the sum of overtime costs and materials costs. With employment being quasi-fixed and scheduled hours institutionally regulated, short-run adjustments are mostly made by overtime hours. Application to a time-series data on the Japanese electrical machinery industry indicates quasi-fixity of capital and employment and reproduces short-run overshooting of overtime hours to compensate for the sluggish adjustment of employment.     

城市应对气候变化规划初探

讨论了城市应对气候变化规划的概念,分析了城市应对气候变化规划与城市可持续发展的关系,界定了城市应对气候变化规划的类型,介绍了城市应对气候变化规划的发展历程,探讨了城市应对气候变化规划的编制要点。     

A model of information diffusion with asymmetry and confidence effects in financial markets

We present a model of multi-period continuous information diffusion in financial markets. We show that price and trading volume exhibit asymmetric term structures to information flow, where the diffusion rate accelerates more slowly at short horizons than it decelerates at long horizons. Bounded rationality is modelled by an endogenous trader confidence index which declines as stock price information becomes noisier, where lower confidence translates into lower trading volume and slower price accretion. Information diffusion slows and asymmetries are accentuated as traders lose confidence in information accuracy. Our empirical findings support the model's predictions of asymmetric momentum patterns and confidence effects.     

An efficient Bayesian approach to multiple structural change in multivariate time series

This paper provides a feasible approach to estimation and forecasting of multiple structural breaks for vector autoregressions and other multivariate models. Owing to conjugate prior assumptions we obtain a very efficient sampler for the regime allocation variable. A new hierarchical prior is introduced to allow for learning over different structural breaks. The model is extended to independent breaks in regression coefficients and the volatility parameters. Two empirical applications show the improvements the model has over benchmarks. In a macro application with seven variables we empirically demonstrate the benefits from moving from a multivariate structural break model to a set of univariate structural break models to account for heterogeneous break patterns across data series.     

Liberalising the German model: institutional change,organisational restructuring and workplace effects

Institutional change at supranational, European Union level affects national and firm level institutions in various ways. This article traces effects of liberalisation measures in the airport industry enacted in two airport firms in Germany. The study, based on qualitative empirical research, found that EU liberalisation facilitated company creation of subsidiaries (subsidiarisation) and elevated shareholder interest in corporate governance. These factors affected institutional practices and cultural norms within the German industrial context that in turn influenced significant alterations in employment and workplace relations. Considerable disruption of the German social partnership model of corporate governance and industrial relations was observed. However, in addition to patterns of convergence towards neoliberal practices and outcomes frequently observed in Anglo‐Saxon systems, the study found some elements of effective retention of cultural institutional resources of the German model. Both ‘path departure’ and social embeddedness appear to coexist.     

地价增长率在“爬坡”——今年上半年全国主要城市地价状况分析

2007年上半年全国城市综合地价水平值为1595元／平方米，综合地价增长率为3．3％。与2006年同期1．5％的平均综合地价增长率相比，提高了，1．8个百分点，全国平均地价水平增长速度有加速趋势。其中，商业用地平均地价为2547元／平方米，增长率为2．68％，增长率同比提高了1．26个百分点；居住用地平均地价为1732元／平方米，平均增长率为3．11％，增长率同比提高厂1．48个百分点；工业用地平均地价为515元／平方米，平均增长率为6．3％，     

山东省县级市建设用地状况调查与解析

在对新版城市总体规划中山东省县级市现状建设用地数据调查的基础上,运用定性与定量相结合的方法系统分析了城市建设用地面积超标和结构失衡现象,探讨了造成该现象的城市性因素,认为建设用地供给必须考虑城市经济水平差异、空间扩展方式和城市规模升级等因素的影响,以便能够在节约利用土地资源的目的下,动态地为城市健康、快速发展留有适度的空间.     

Private information in futures markets: An experimental study

This paper presents the results of an experimental study on how people use their private information to estimate the “fair” futures price and how the quality of this information affects the traders' behavior and desire to trade. It finds that subjects are able to use their information correctly and that their desire to rely on it depends positively on the information precision. It shows that subjects are able to recognize that they are expected to lose money on futures trading when other traders have better quality information. However, subjects failed to recognize the symmetry of the futures contracts.