Author: Lu HanPublisher:
ISBN:
Category : House buying
Languages : en
Pages : 124
Book Description
Effect of Uncertainty on Home Purchase Decisions Over the Life Cycle
Author: Lu HanEffects of Uncertainty on Home Purchase Decisions Over the Life Cycle
Author: Lu HanThe Effects of Price Uncertainty on Home Purchase Decisions Over the Life-Cycle
Author: Lu HanPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
This paper presents a life-cycle model of housing demand for repeated home purchase market with uncertain house prices and lumpy transaction costs. By extending the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes, I derive optimal home purchase decision rules and the housing risk premium. This allows me to characterize a self-hedging mechanism in an incomplete market: households use earlier accumulated housing wealth to hedge against the future housing cost risk. As a result, the direction of the effects of price uncertainty on housing demand depends critically on households' future housing consumption plans. When price uncertainty increases, households consume (and thereby invest in) less housing if they plan to realize the housing wealth gain. However, they will instead take bigger housing positions if they plan to move to a bigger home in a correlated housing market in the future.
Mastering Uncertainty in Mechanical Engineering
Author: Peter F. PelzPublisher: Springer Nature
ISBN: 3030783545
Category : Technology & Engineering
Languages : en
Pages : 483
Book Description
This open access book reports on innovative methods, technologies and strategies for mastering uncertainty in technical systems. Despite the fact that current research on uncertainty is mainly focusing on uncertainty quantification and analysis, this book gives emphasis to innovative ways to master uncertainty in engineering design, production and product usage alike. It gathers authoritative contributions by more than 30 scientists reporting on years of research in the areas of engineering, applied mathematics and law, thus offering a timely, comprehensive and multidisciplinary account of theories and methods for quantifying data, model and structural uncertainty, and of fundamental strategies for mastering uncertainty. It covers key concepts such as robustness, flexibility and resilience in detail. All the described methods, technologies and strategies have been validated with the help of three technical systems, i.e. the Modular Active Spring-Damper System, the Active Air Spring and the 3D Servo Press, which have been in turn developed and tested during more than ten years of cooperative research. Overall, this book offers a timely, practice-oriented reference guide to graduate students, researchers and professionals dealing with uncertainty in the broad field of mechanical engineering.
Household Housing Decisions Under Uncertainty
Author: Zheng DuanPublisher:
ISBN:
Category : Uncertainty
Languages : en
Pages : 111
Book Description
Real estate is the largest component in most American households' portfolios. Prior studies have shown both negative and positive relations between uncertainty and households' housing decisions. This dissertation makes an effort to reconcile the differences in the literature through theoretical and empirical work that links uncertainty and households' housing decisions from a real options perspective. In the first chapter, I provide novel empirical evidence to show the importance of uncertainty in explaining households' several housing decisions - housing consumption, housing investment and mortgage default. After controlling for unobserved heterogeneity, I find that the effect of uncertainty has opposite signs on housing purchase decisions depending on the type of purchase (primary residence or investment property). I also find that uncertainty contributes to households' default decisions beyond other factors that have previously been identified in the literature. In addition to identifying the sign of the effect of uncertainty, I show that the uncertainty effect varies depending on the household's risk aversion, which is consistent with the predictions from a theoretical real options perspective. The second chapter introduces a real options type of model to explain from a theoretical perspective why the effect of uncertainty on households' home purchase decisions can depend on the type of a home purchase. Based on a real options approach introduced in Miao and Wang (2007) the model captures the dual nature of housing as a consumption good and an investment vehicle. It explains the uncertainty effect on the optimal timing of home purchase decisions either as a consumption good or as an investment. Unlike previous studies that rely on risk-neutral assumptions in the valuations of real options in explaining uncertainty effect on households' decisions, the model recognizes idiosyncratic risks and households' precautionary saving motives which allow the effect of uncertainty to vary across different degrees of risk-aversion. The third chapter introduces a real options type of model to explain the effect of uncertainty on households' default decisions. Unlike previous studies that focus on the link between uncertainty and investment decisions,the model shows the usefulness of a real options approach in explaining households' default decisions. The model predicts a positive relation between uncertainty and households' default decisions, which is consistent with the empirical results from the first chapter.
An international workshop on life cycle impact assessment sophistication
Author: Publisher: DIANE Publishing
ISBN: 1428901884
Category :
Languages : en
Pages : 92
Book Description
Insights in the Economics of Aging
Author: David A. WisePublisher: University of Chicago Press
ISBN: 022642667X
Category : Business & Economics
Languages : en
Pages : 399
Book Description
The fraction of the population over age sixty-five in many developed countries is projected to rise, in some cases sharply, in coming decades. This has drawn growing interest to research on the health and economic circumstances of individuals as they age. Many individuals are retiring from paid work, yet they are living longer than ever. Their well-being is shaped by their past decisions such as their saving behavior, as well as by current and future economic conditions, health status, medical innovations, and a rapidly evolving landscape of policy incentives and supports. The contributions to Insights in the Economics of Aging uncover how financial, physical, and emotional well-being are integrally related. The authors consider the interactions between financial circumstances in later life, such as household savings and home ownership, physical circumstances such as health and disability, and emotional well-being, including happiness and mental health.
Life Cycle Assessment
Author: Surjya Narayana PatiPublisher: CRC Press
ISBN: 100062501X
Category : Nature
Languages : en
Pages : 126
Book Description
This book offers an itemized analysis of Life Cycle Assessment (LCA), for use in any processes, products, services, industries, organizations and so forth. Various challenges faced during applications of LCA, and its extension are discussed including their benefits. Further, the book provides practical examples of LCA in different core sectors, such as cement and construction. Each chapter functions as a stand-alone unit within the book and defines its individual role within the overall concept of LCA. Features: Covers Life Cycle Assessment (LCA) and future challenges including its practical applications as climate change tool. Connects life cycle management and LCA/environmental management. Explains benefits of LCA studies for both internal and external purpose in terms of various impact parameters. Identifies different raw materials or alternate energy mediums for changing inputs to reduce environmental impacts. Discusses extension of LCA concept like LCC, LCSA, SCLA, and OLCA. This book is aimed at professionals in all engineering areas and environmental studies.
Probability, Statistics and Life Cycle Assessment
Author: Reinout HeijungsPublisher: Springer Nature
ISBN: 3031493176
Category :
Languages : en
Pages : 1159
Book Description
Safety, Reliability, Risk and Life-Cycle Performance of Structures and Infrastructures
Author: George DeodatisPublisher: CRC Press
ISBN: 1315884887
Category : Technology & Engineering
Languages : en
Pages : 1112
Book Description
Safety, Reliability, Risk and Life-Cycle Performance of Structures and Infrastructures contains the plenary lectures and papers presented at the 11th International Conference on STRUCTURAL SAFETY AND RELIABILITY (ICOSSAR2013, New York, NY, USA, 16-20 June 2013), and covers major aspects of safety, reliability, risk and life-cycle performance of str