Risk perception in housing markets: Evidence from a fighter jet crash

In this study, we investigate the capitalization of flight accident risk in housing prices near military bases in Virginia from 2003 to 2016. We focus on a localized shock caused by a fighter jet crash into an apartment complex near the Naval Air Station Oceana in Virginia Beach. Although flight accident hazards were transparently disclosed by sellers and local governments years beforehand, the crash led to a temporary (approximately 3 years) decline in the prices of properties within accident potential zones (APZ) and by a lesser magnitude, properties slightly outside the APZ boundaries. This analysis sheds light on how market participants react after an extreme event, emphasizing the role of recency in the capitalization of risk.     

Changing Supply Elasticities and Regional Housing Booms

Developments in U.S. house prices over the past decade mirror those of the 1996–2006 boom. Construction activity has, however, been weak. Using data for 254 U.S. metropolitan areas, we show that housing supply elasticities have fallen markedly in recent years. We find that housing supply elasticities have declined more in areas in which land-use regulation has tightened the most, and in areas that experienced the sharpest housing busts. Consistent with the declining housing supply elasticities, we find that monetary policy shocks have had a stronger effect on house prices during the past decade than during the previous boom. At the same time, building permits respond less.     

Heterogeneity in property tax capitalization: Evidence from municipalities in Wisconsin

This article provides evidence that higher property taxes usually decrease property value. On average, a 10% increase in property taxes decreases property value by more than 0.34%. To control for school quality and related sorting, we estimate within-school-district property tax impacts. The effective cost of services (driven by appraisal errors or tax code changes), preferences for local services, and the elasticity of supply of housing all play an important role in determining whether property taxes increase or decrease house prices. Locally produced and consumed municipal services such as trash collection are positively capitalized.     

人形机器人产业发展现状与启示

随着以ChatGPT为代表的人工智能通用大模型技术的加速发展和特斯拉人型机器人的产业化推进，人形机器人迎来高速发展期，并已成为大国科技竞争的一个新战略制高点。今年以来国家和地方密集发布了多项相关政策，均强调加快推进人形机器人的技术研发和场景应用。基于人形机器人产业总体概况，以代表全球人形机器人技术发展顶尖水平的美国和日本两国为对象，重点分析其产业发展特征，并对国内外发布的机器人产业重点战略举措进行系统性梳理，最后对人形机器人产业发展提出若干建议。     

工业机器人应用会加剧中国城乡收入差距吗？

基于IFR数据库中国工业机器人数据，在科学测度2007—2019年中国31个省级区域工业机器人渗透度及城乡收入差距的基础上，细致刻画工业机器人应用对城乡收入差距的作用机制。研究发现：工业机器人应用显著加剧了中国城乡收入差距，因而有效处理机器人应用的收入分配效应能为高质量增长和共同富裕战略的协同共进提供重要支撑；工业机器人应用会通过提升就业技术结构高级化水平和资本利润率两个渠道，加剧中国城乡居民收入差距，且工业机器人应用在高劳动收入份额区域内引致的城乡收入差距效应较为显著；工业机器人应用有利于激发产业结构服务化及合理化的演进动力，并对制造业与生产性服务业协同集聚具有催化剂作用。为此，中国政府应及时和准确地预判工业机器人应用对中国目前及未来较长一段时间内经济与社会发展的动态影响，并在享受人工智能时代红利的同时，平抑其对城乡收入差距造成的负面冲击。     

Measuring technical efficiency of Spanish pig farming: Quantile stochastic frontier approach

The pig meat production plays a significant role in the Spanish agrofood system. The assessment of the efficiency performance with which farmers are operating is necessary to define adequate policy and management strategies. In this context, this study aimed to determine the technical efficiency (TE) performance of pig farms and to examine the key factors that may affect the production system in Spain. To do so, the analysis relies on the quantile stochastic frontier model using a sample of Spanish pig farms. Results show a significant difference between production frontier parameters across the selected quantiles, which support the relevance of using the quantile regression approach. The optimal quantile for the stochastic frontier indicates an average TE level of 75%. In addition, empirical findings suggest that pig farmers in Spain give more importance to the adoption of high technology to improve their economic and technical performance as well as their competitiveness at the European pig market.