A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation

This paper is motivated by automated valuation systems, which would benefit from an ability to estimate spatial variation in location value. It develops theory for the local regression model (LRM), a semiparametric approach to estimating a location value surface. There are two parts to the LRM: (1) an ordinary least square (OLS) model to hold constant for interior square footage, land area, bathrooms, and other structural characteristics; and (2) a non-parametric smoother (local polynomial regression, LPR) which calculates location value as a function of latitude and longitude. Several methods are used to consistently estimate both parts of the model. The LRM was fit to geocoded hedonic sales data for six towns in the suburbs of Boston, MA. The estimates yield substantial, significant and plausible spatial patterns in location values. Using the LRM as an exploratory tool, local peaks and valleys in location value identified by the model are close to points identified by the tax assessor, and they are shown to add to the explanatory power of an OLS model. Out-of-sample MSE shows that the LRM with a first-degree polynomial (local linear smoothing) is somewhat better than polynomials of degree zero or degree two. Future applications might use degree zero (the well-known NW estimator) because this is available in popular commercial software. The optimized LRM reduces MSE from the OLS model by between 5 percent and 11 percent while adding information on statistically significant variations in location value.     

Pricing mortgage-backed securities in a multifactor interest rate environment: a multivariate density estimation approach

Multivariate density estimation (MDE) suggests that mortgage-backedsecurity (MBS) prices can be well described as a function ofthe level and slope of the term structure. We analyze how thisfunction varies across MBSs with different coupons. An importantfinding is that the interest rate level proxies for the moneynessof the option, the expected level of prepayments, and the averagelife of the cash flows, while the term structure slope controlsfor the average rate at which these cash flows should be discounted.     

Capital mobility,wage bargaining,and social insurance policies in an economic union

In a two-country model with mobile capital we analyse decentralized social insurance policies. These policies are a compromise between the preferences of workers and capital owners. Due to wage bargaining, worker-based social insurance contributions are borne by capital owners. These contributions affect the profitability of investment, and consequently the direction and size of capital flows. Countries will take account of these effects in determining social insurance policy. Noncooperative decision making results in tax competition and an underprovision of social insurance. In addition, increasing economic integration, represented by increasing capital mobility, could imply a divergence of social insurance levels in the two countries.     

Developing Technological Stance: Children's Learning in Technology Education

Following a review of current research in children's learning in technology education, and an examination of the kinds of knowledge demanded in contemporary technology education programs in elementary schools, I argue that what is needed in early technology education programs is the scaffolding of what I am calling technological stance. This construct acknowledges the socio-cultural character of technology as a human endeavor. In contrast to programs which are oriented to application of conceptual and procedural knowledge or to programs in which knowledge is generated through interpretation of interactions with materials and tools, programs which support technological stance position learners as critical inquirers into both tool-related and discursive practices of technology.     

Traumberuf oder Verlegenheitslösung?

So far relatively little is known about the situation of Ph.D. students in media and communication research. The main purpose of this study is, therefore, to shed light on the employment and working conditions for young scholars on their way to their doctoral degrees. We conducted a survey of 281 Ph.D. students in Germany, Switzerland and Austria. The results show that, on the one hand, young scholars are intrinsically highly motivated to do their jobs. On the other hand, they perceive an academic career as a very uncertain venture with many obstacles. Furthermore, several types of Ph.D. students can be distinguished: idealists, careerists and waverers. It is shown that only the idealists conform to the concept of a productive and interested scholar. The results are discussed in terms of their importance for the future development of the field.     

Attitudes of Businessmen,Consumers, and Consumerists Toward Consumerism

Despite the apparent concern about consumerism issues by various groups, it appears that much of this concern has been based on speculation and casual observations. There is a paucity of empirical research regarding attitudes toward consumerism. This study is the first to assess the attitudes of businessmen, consumers and consumerists—all from the same geographic and market environmenttoward several important consumerism issues. The results, which show significant differences in various areas, have important policy implications for consumerists, politicians and businessmen.     

Validating the international tourist role scale

This study was designed to validate the international tourist role scale and the three dimensions it revealed. The purpose of this attitudinal scale was to measure the tourist role typology. United States adult outbound tourists flying with 11 major airlines returned useful questionnaires. This study validated the role scale as a reliable one that properly identified three conceptual dimensions of international tourist typology and successfully provided measures of tourists’ novelty-seeking preferences on the three dimensions. The study demonstrated, however, that the scale would measure the novelty-seeking preferences of international tourists more effectively if it were supplemented by other measures.     

Applied geography in a Third World setting: A research challenge

This paper addresses the particular methodological questions that arise when conducting geographic studies of tourism in the third world. The research environment has both favorable and unfavorable aspects. On the one hand, the scope and opportunity for worthwhile research are almost unlimited. On the other hand, deficiences in background information, in the availability of suitable personnel, and in the economic and social infrastructure can be serious drawbacks to research into human endeavors. The paper draws particular attention to the pitfalls awaiting researchers who are themselves unfamiliar with third world conditions and cultures. A case study is presented, which involves the preparation and undertaking of research into domestic tourism in Nigeria. Together with a local collaborator, the author selected an appropriate topic and methodology, discovering in the process of consultation and questionnaire construction that his perceptions based on foreign experience were sometimes irrelevant to the conditions in Nigeria. The conclusion drawn from this experience is that research techniques imported to the third world from developed countries may need modification before they can be usefully applied.