Wirtschaftspolitische Beratung unter Wertabstinenz

Ohne ZusammenfassungDer Gedankengang dieses Aufsatzes wurde vom Verfasser Ende 1965 vor dem Post-Doctoral Research Seminar von Prof. W. Isard (University of Pennsylvania, Philadelphia) zum ersten Mal vorgetragen. Mit den dort angeregten Änderungen wurde das Manuskript in vorläufiger Form veröffentlicht unter: H. Zimmermann: The Treatment of Imprecise Goals: The Case of Regional Science, Preliminary Draft, Regional Science Research Institute Discussion Paper Series, No. 9, Philadelphia 1966. Für die kritische Durchsicht dieses Artikels dankt der Verfasser insbesondere den Professoren H. Albert, G. Colm, R. A. Gakenheimer, K. H. Hansmeyer und G. Schmölders sowie seinem Kollegen Dr. G. Engelhardt. Eine der wichtigsten Anregungen bestand darin, den Anwendungsbereich vom speziellen Gegenstand der Regionalpolitik auf den allgemeinen Beratungsfall auszudehnen. Die Weiterführung des regionalpolitischen Aspekts, insbesondere der Zieldiskussion (s. u., §§ 2 und 3), findet sich in: H. Zimmermann: Öffentliche Ausgaben und regionale Wirtschaftsentwicklung, Veröffentlichungen Veröffentlichungen der List Gesellschaft, erscheint in Kürze.     

Einzelbesprechungen

Ohne Zusammenfassung     

Hedonic pricing and the spatial structure of housing data – an application to Berlin

Housing prices are largely determined by physical location. By applying the outsample prediction accuracy of rental prices as evaluation criteria, we examine whether the choice of the hedonic model additionally depends on the spatial structure of housing data, i.e. accounting for locational effects by either district fixed effects or spatial econometric modelling. Our results show that a generalised spatio-temporal model outperforms a district fixed effects model only if the spatial density – the weighted mean distance to nearest neighbours – is relatively small. Moreover, we use the required density thresholds to deduce a pseudo indifference curve, thereby showing that the ratio of the weighted spatial distance-to-the mean district diameter increases with the mean sample size per district. This emphasises the role of data structure and district choices for model selection. Differences in data can thereby serve as an explanation for contradictory findings in literature, whether spatial econometric methods or simple district fixed effects are used.     

DOES SPEED MATTER? THE ROLE OF HIGH-FREQUENCY TRADING FOR ORDER BOOK RESILIENCY

We analyze limit order book resiliency following liquidity shocks initiated by large market orders. Based on a unique data set, we investigate whether high-frequency traders are involved in replenishing the order book. Therefore, we relate the net liquidity provision of high-frequency traders, algorithmic traders, and human traders around these market impact events to order book resiliency. Although all groups of traders react, our results show that only high-frequency traders reduce the spread within the first seconds after the market impact event. Order book depth replenishment, however, takes significantly longer and is mainly accomplished by human traders’ liquidity provision.