The demand and supply for investment goods: does the market clear?

Standard theoretical considerations suggest that the quantity and price of a good are jointly determined by supply and demand. In the literature on physical investment, however, attention has been focused almost exclusively on the demand side. This paper considers the theoretical and statistical problems that arise when the demand and supply sides of the market for investment goods are estimated simultaneously. One of the important problems is dealing with the possibility that the price may not adjust instantaneously to clear the market.The model is estimated using data from post-war Japan. The two most important results that emerge are: 1) The long-run supply curve of investment goods is virtually horizontal; and 2) The market appears to be characterized by equilibrium.     

Price competition in the spatial real estate market: allies or rivals?

This paper examines whether real estate firms can avoid price competition when properties in the vicinity are priced by allies. An oligopoly model with differentiated products generally suggests that real estate firms engage in price competition with their spatially closest rivals. Yet, they can raise property prices when the market share of their allies increases. To test this prediction, a spatial autoregressive model with spatial autoregressive disturbances, including a share of allies in the vicinity, is estimated using data on the prices of residential condos in central Tokyo, Japan. The model prediction is supported by the empirical results. In the data set, the magnitude of the market share on property prices increases with the expansion of the size of the spatial market.     

What is required for greener supplier selection? A literature review and conceptual model development

This paper examines the existing literature on green supplier selection. In total, 60 articles are reviewed, all published in peer-reviewed journals between 1991 and 2011. The articles are analyzed in terms of several general variables such as type of research and theoretical viewpoint, as well as more specific variables such as the supply chain position considered, stages of the supplier selection process studied, and the perspective taken on environmental criteria. The main findings are threefold. First, analytical research, focusing on developing normative decision models for the final stage in green supplier selection is clearly most dominant, employing a wide range of techniques. Second, empirical research is less prominent and generally lacks a clear theoretical background. Third, very little conceptual research has been done linking green supplier selection to an organization's strategy. Research on green supplier selection is highly fragmented and in danger of overemphasizing the technical aspects of supplier selection. Based on this review of the articles, a conceptual model of green supplier selection is presented, aimed at integrating the different dimensions of green supplier selection and identifying directions for future research.