Development of land valuation approach based on hedonic model--A case study of Vientiane capital city Laos

The aim of this study is to identify the variables affecting land value. Examined land was selected from the village in Vientiane capital city Laos. Data was collected from 100 villages in center of Vientiane capital city by using survey methods. A hedonic price analysis was conducted to determine the marginal return to different land characteristics using an econometric model corrected for correlation. Parcel characteristics such as distance to public park, village income, distance of population, number of the school within 500 meters buffer, distance to the temple, distance to the major market and distance to the business center （CBD）. Arc GIS 9.2 was applied to calculate the distance of the factors, after that SPSS 15.0 was used to calculate the land price characteristic based on hedonic price model. The results showed that the distance to the center of population was the main factor influencing to the land price, and followed by school and village income. Map of the land price before and after hedonic price analysis were produced. The land price valuation approaches based on hedonic price model for Vientiane capital city were developed and land price map were predicted. Hedonic price model and GIS were very useful for this research, and finally the policy of the land valuation based on GIS was developed.     

Tests for the Poolability of Panel Data in the Presence of Unknown Heteroskedasticity: an Asymptotic Extension of ANOVA

This paper presents asymptotic tests for the poolability of panel data in the presence of heteroskedasticity. Also, the test statistic is compared with the well-known F -test statistic using simulation studies. The test statistic is regarded as an asymptotic extension of ANOVA in the sense that the statistic measures the distance between the null and the alternative models using the idea of ANOVA. Simulation studies show that the real size of the test statistic is in the neighbourhood of the nominal size, though that of the F -statistic is quite different. Even when the error term is independent and identically and normally distributed, its real size is near the nominal size and the power is not much inferior to that of the F -statistic when the sample size is large.
JEL Classification Numbers: C12, C23.     

Multiple equilibria in two-sector monetary economies: An interplay between preferences and the timing for money

In this paper, we study the occurrence of local indeterminacy in two-sector monetary economies. We consider a general MIUF model with two alternative timings in monetary payments: the Cash-In-Advance timing, in which the cash available to buy goods is money in the consumers’ hands after they leave the bond market but before they enter the goods market, and the Cash-After-the-Market timing, in which agents hold money for transactions after leaving the goods market. We consider three standard specifications of preferences: the additively separable formulation, the Greenwood–Hercovitz–Huffman (GHH) (Greenwood et al., 1988) formulation and the King–Plosser–Rebelo (KPR) (King et al., 1988) formulation. First, we show that for all the three types of preferences, local indeterminacy occurs under the CIA timing with a low enough interest rate elasticity of money demand. Second, we show that with the CAM timing, although determinacy always holds under separable preferences, local indeterminacy can occur with GHH and KPR preferences. We thus prove that compared to aggregate models, two-sector models provide new rooms for local indeterminacy when non-separable standard preferences are considered.     

Monotonicity and continuity of the critical capital stock in the Dechert–Nishimura model

We show that the critical capital stock of the Dechert and Nishimura (1983) model is a decreasing and continuous function of the discount factor. We also show that the critical capital stock merges with a nonzero steady state as the discount factor decreases to a certain boundary value, and that the critical capital stock converges to the minimum sustainable capital stock as the discount factor increases to another boundary value.     

Discrete fixed point theorem reconsidered

The aim of this note is to indicate an example that demonstrates the incorrectness of Iimura’s discrete fixed point theorem [Iimura, T., 2003. A discrete fixed point theorem and its applications. Journal of Mathematical Economics 39, 725–742] and to present a corrected statement using the concept of integrally convex sets.     

Equilibrium storage with multiple commodities

This paper introduces a multisector model of commodity markets with storage, where equilibrium is defined by profit maximization, arbitrage and market clearing conditions. We then solve for the decentralized equilibrium via a corresponding dynamic program. We also describe the dynamics of the model, establishing geometric ergodicity, a Law of Large Numbers and a Central Limit Theorem.     

An empirical re-evaluation of wealth effect in Japanese household behavior

This study investigates empirically the role of wealth in the behavior of Japanese households from two standpoints. One is concerned with what types of wealth are relevant in consumption decision by households. The other is which component of consumption spending is affected by wealth. We find that the liquid financial wealth appears as a significant explanatory variable in expenditure function of many commodity groups as well as total consumption. It turns out that variations of liquid wealth are responsible for about one third of the change in aggregate consumption in the boom period starting from the middle of 1980s.