Real Estate Economics articles from June 2001

Real Estate Economics archives from June 2001

Voluntary Development Restrictions and the Cost of Habitat Conservation.
June 22, 2001... Sabrina J. Lovell [*] David L. Sunding [**] The management of economic activity on private land plays an important role in the effort to maintain and improve environmental quality in the United States. The paper develops a conceptual...

A Flexible Fourier Approach to Repeat Sales Price Indexes.
June 22, 2001... Daniel P. McMillen [*] Jonathan Dombrow [**] Time periods are typically highly aggregated for repeat sales estimators because of the small number of observations available in some periods. We use a flexible Fourier expansion to account...

Market Efficiency and Return Statistics: Evidence from Real Estate and Stock Markets Using a Present-Value Approach.
June 22, 2001... Yuming Fu [*] Lilian K. Ng [**] This paper develops a methodology to identify asset price response to news in the framework of the Campbell--Shiller log-linear present-value equation. We further show that a slow price adjustment in...

An Experimental Analysis of the Impact of Intermediaries on the Outcome of Bargaining Games.(how do brokers affect a sale?)
June 22, 2001... Abdullah Yavas [*] Thomas J. Miceli [**] C.F. Sirmans [***] We conduct an experimental analysis of the bargaining between a buyer and a seller of the exchange of a single good by means of an intermediary or broker. We examine how...

Bricks and Behavior: The Repair and Maintenance Costs of Housing for Persons with Mental Illness.
June 22, 2001... Sandra Newman [*] Joseph Harkness [**] Comprehensive data on 153 properties offering independent living for persons with mental illness are used to examine the effects on repair and maintenance (RM) costs of building quality,...

Prepayment Risk in Adjustable Rate Mortgages Subject to Initial Year Discounts: Some New Evidence.
June 22, 2001... Brent W. Ambrose [*] Michael LaCour-Little [**] This paper uses microlevel data to examine recent prepayment performance of adjustable rate mortgages (ARMs) employing the competing risk methodology developed by Deng, Quigley and Van...

A Note on Identification of Discrimination in Mortgage Lending.
June 22, 2001... Michael LaCour-Little [*] This paper shows how reduced form estimates of discrimination in mortgage lending may be biased by race differences in loan demand. The result, which follows formally from the model of the mortgage lending process...