Author: Huiyan LinPublisher:
ISBN:
Category :
Languages : en
Pages : 142
Book Description
Three Essays on Modeling Land Use Change and Spatial Econometric Analysis of Residential Property Value
Three Essays on Residential Land Development
Author: Douglas Harvey Wrenn (II)Publisher:
ISBN:
Category :
Languages : en
Pages : 103
Book Description
In our last essay, we develop a nonparametric estimation technique for spatial panel data. Using a Monte Carlo experiment, we show how extending current geographically weighted regression (GWR) models to account for temporal heterogeneity provides a better fit to the data when coefficient heterogeneity exists in both the spatial and temporal dimensions. We also show how the technique can be used in modeling real-world land use change by applying the proposed technique to a panel dataset of historical subdivision development.
Three Essays in Real Estate and Urban Economy
Author: Sutee AnantsuksomsriPublisher:
ISBN:
Category :
Languages : en
Pages : 286
Book Description
This dissertation aims to demonstrate applications of regional science methodologies to analyze issues in real estate and urban economics in different scales: city, region, and country. The methodologies used in this dissertation include geographic information systems (GIS), spatial econometrics, and computable general equilibrium (CGE) modeling. There are three chapters in this dissertation. The first chapter studies the impact of the new mass transit systems on the land values of residential development in Bangkok, Thailand. GIS and spatial econometrics are used to examine the impacts. The study has found that the proximity to mass transit stations spatially correlates with an increase in the prices of residential land. The benefit of new mass transit stations, however, may not be equally distributed to the residents of Bangkok due to the lack of value capture mechanisms such as a capital gain tax or a property tax. Policy implications on property taxation are also discussed in this study. Chapter two discusses the economic impact of Cornell University on Tompkins County, New York, focusing on the impact of the investment on the new mixed-used development in Collegetown. This study is one of the first attempts to study the economic impact of a university using a CGE model. In addition, the assumption of increasing-returns-to-scale is incorporated into the framework of a small-area CGE model. This extension of the model allows for a more realistic representation of the imperfect competition in the economic simulation. In the last chapter, a financial CGE model is used to investigate the role of real estate investment in the economy of Thailand. This study discusses how the overinvested real estate market can cause the country to be vulnerable to a financial crisis. In addition, the relationship of real estate asset and property markets is incorporated into the model to captures interconnections between production sectors and financial sectors. The macroeconomic and socioeconomic indicators from the model simulation show that moderate investment in real estate sectors can lead to steady economic growth with small impact on income disparity.
Essays on Applied Spatial Econometrics and Housing Economics
Author: Hua KieferPublisher:
ISBN: 9781109994957
Category :
Languages : en
Pages : 128
Book Description
Housing purchase represents one of a household's most significant economic decisions. The ancient joke in real estate is that the three most important criteria for selecting a house are location, location, and location. This explains the great emphasis of a household on residential location choice when he/she is buying a home. Driven by households' demand on location, it should also play an important role in determining house prices. As a key determinant in household consumption behavior, locational context or neighborhood effects is worth investigation. This dissertation examines locational/neighborhood effects in the housing market using spatial econometric methods.
Dissertation Abstracts International
Author: Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 634
Book Description
Three Essays on Social Dynamics and Land-use Change: Framework, Model and Estimator
Author: Three Essays on Environmental and Spatial Based Valuation of Urban Land and Housing
Author: Lu LiuPublisher:
ISBN:
Category :
Languages : en
Pages : 175
Book Description
This dissertation attempts to provide a comprehensive examination on the non-market valuation of the effect of open space amenities and local public infrastructure on the value of urban land and housing with both spatial heterogeneity and project heterogeneity. The demand for raw land is a derived demand for housing built on it. Therefore, we need to examine the land market and the housing market together. On the one hand, we estimate the value of urban land in a market that does not satisfy the usual assumptions of a competitive market structure as well as incentive incompatibility issues for transaction participants, with an application to a Chinese regional wholesale land market. These two violations to the traditional hedonic theory also generate two separate valuations on land with differentiated characteristics. On the other hand, we utilize the relative plane coordinates system, the three-dimensional distances, as well as the aggregate weight matrix, to implement the spatial hedonic estimation on the high-rise residential buildings in the same regional housing retail market in China. After these two steps, this dissertation, therefore, focuses on the profit maximization behavior of the property developer, which is the key role to link the factor market (i.e., the land market) and the commodity market (i.e., the housing market) together. Two methods are then employed to implement the hypothesis test on the hedonic price estimation including both inputs and outputs. First, a set of partial derivatives of the profit function with respect to various characteristics gives us the relationship between the marginal valuations in the land market and in the housing market. Second, we introduce a joint estimation approach that we call the spatial full information maximum likelihood (SFIML), which considers the land market, the housing market, and the property developer's profit maximization behavior all together in the estimation. Finally, we conduct a hypothesis test in both of these two scenarios to examine the validity of our linked markets assumption on the hedonic price estimation.
Essays on the Economics of Land Use Regulation
Author: Jiayin LaiPublisher:
ISBN:
Category : Land use
Languages : en
Pages : 358
Book Description
This dissertation consists of three papers on land use economics and regulation. The first paper reviews numerous past literatures on how land-use regulation, agricultural subsidies, and use-value assessment method affect land values. The second paper uses a theoretical model to analyze how imposing minimum-lot-size zoning and different designs of minimum-lot-size zoning policies affects land value. The third papers use land data from Oregon to investigate the price effect of minimum-lot-size zoning and potential impact of Measure 37 and 49. The first essay reviews an extensive collection of literature from most major applied economics journals in recent years. These past studies attempted to investigate the impacts of various land use policies, including minimum-lot-size zoning, open space protection, wetland conservation, etc. These studies demonstrate how land use policies might affect residents' land consumption, social welfare, land markets, local government finance, and urban development patterns. Various econometric and mathematical models have been used to overcome problems related to modeling and data, such as spatial correlation. The objective of the second essay is to investigate the effect of the minimum-lot-size zoning on land values versus the value of individual exemptions from the regulations. The study first assumes all residents live in a monocentric city and have the same income constraints, and then assumes that there are two income groups living in the monocentric city. Minimum-lot-size zoning is applied to the periphery of the city. As stated in the study by Jaeger and Plantinga (special report, June 2007), distinguishing between two concepts - the change in property value due to regulation and the value to a landowner of an individual exemption to a regulation - is important to estimate the potential impact of Measure 37 and 49. Therefore, this study will explore both cases: 1) the removal of minimum-lot-size zoning from all parcels, and 2) having a single parcel exempted from zoning. Both open-city and closed-city scenarios will be considered. The comparative statics will show how the zoning policy influences urban land values. In addition, a simulation will help to demonstrate the impact of policy changes. The third essay uses the two-stage hedonic model to estimate the demand for lot size. The first stage estimation allows us to estimate the marginal impact of zoning policies, while the second stage estimation is used to investigate how land values are affected by the non-marginal change in zoning policies, such as the elimination of zoning or changes related to Measure 37. In the first stage estimation, the zoning policy is assumed to have two conflicting impacts on the land value; the regulation reduces development opportunities while it also may provide more environmental benefits. In the empirical model, four Oregon counties are considered as separate land markets, and the distribution of consumers' tastes are assumed to be the same across the counties. This provides a tool for solving the identification problem in the second stage estimation.
The Economics of Land Use
Author: Ian W. HardiePublisher: Routledge
ISBN: 1351891073
Category : Business & Economics
Languages : en
Pages : 748
Book Description
The Economics of Land Use brings together the most significant journal essays in key areas of contemporary agricultural, food and resource economics and land use policy. The editors provide a state-of-the-art overview of the topic and access to the economic literature that has shaped contemporary perspectives on land use analysis and policy.
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