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Author: Marko Hannonen Publisher: Suomen E-painos Oy ISBN: 9526613767 Category : Mathematics Languages : en Pages : 51
Book Description
This booklet discusses some major methodological issues relating to the construction of house price models on a macro level. There is no single method that always produces the optimal results; the choice of a particular approach, method, theory, model and technique is context-dependent. This is especially true in housing markets, where a multitude of different submarkets exist. The methodology chosen should be based on sound theory, from which the basic concepts of analysis can be derived. This booklet discusses the use of potential models, which can be constructed using a general field theory, and which act as a theoretical foundation for further analysis. If we use potential models for house price analysis we can discover additional features from the data set that other approaches would simply miss. This e-book presents a pragmatic overview of key methodological concerns with the emphasis on the use of potential models. Theoretical methodological questions are left unanswered, and are not even presented in this text, since they have little relevancy to real-world modelling questions.
Author: Marko Hannonen Publisher: Suomen E-painos Oy ISBN: 9526613767 Category : Mathematics Languages : en Pages : 51
Book Description
This booklet discusses some major methodological issues relating to the construction of house price models on a macro level. There is no single method that always produces the optimal results; the choice of a particular approach, method, theory, model and technique is context-dependent. This is especially true in housing markets, where a multitude of different submarkets exist. The methodology chosen should be based on sound theory, from which the basic concepts of analysis can be derived. This booklet discusses the use of potential models, which can be constructed using a general field theory, and which act as a theoretical foundation for further analysis. If we use potential models for house price analysis we can discover additional features from the data set that other approaches would simply miss. This e-book presents a pragmatic overview of key methodological concerns with the emphasis on the use of potential models. Theoretical methodological questions are left unanswered, and are not even presented in this text, since they have little relevancy to real-world modelling questions.
Author: W. Erwin Diewert Publisher: Springer ISBN: 9784431559405 Category : Business & Economics Languages : en Pages : 0
Book Description
This book answers the question of how exactly property price indexes should be constructed. The formation and collapse of property bubbles has had a profound impact on the economic administration of many nations. The property price bubble that began around the mid-1980s in Japan has been called the 20th century's biggest bubble. In its aftermath, the country faced a period of long-term economic stagnation dubbed the "lost decade." Sweden and the United States have also faced collapses of property bubbles in the 20th and early 21st centuries, respectively. It has been pointed out that the "information gap" that existed between policy-making authorities and the property (including housing) and financial markets was a problem. In 2009, the IMF proposed the creation of a housing price index to the G20 in order to fill this information gap, and the proposal was adopted. Furthermore, in 2011, it was suggested that the next economic crisis would be caused by a bubble in commercial property prices, and it was decided to create a commercial property index as well. This book provides practical examples of how the theory of property price indexes can be applied to the issues of property as a non-homogenous good and a technological and environmental change.
Author: OECD Publisher: OECD Publishing ISBN: 9264197184 Category : Languages : en Pages : 186
Book Description
This Handbook provides, for the first time, comprehensive guidelines for the compilation of Residential Property Price Indexes and explains in depth the methods and best practices used to calculate an RPPI.
Author: Gareth Jones Publisher: Routledge ISBN: 1135370672 Category : Architecture Languages : en Pages : 301
Book Description
The aim of this book is to bring methods of land-market and land-price analysis to the foreground. It relates substantive research findings for land and urban development and blends these with a focus on research design and methodology. Its findings have relevance beyond the topics of housing and land: it broaches the whole question of how research design and general approach may lead to fundamentally different findings, different priorities, and different policy prescriptions and preoccupations. It is based on work done in the Third World, but is also relevant to studies of the industrialized world.
Author: Anthony Owusu-Ansah Publisher: Routledge ISBN: 9781032095073 Category : Housing Languages : en Pages : 218
Book Description
Measuring house prices is essential to all economies, but researchers continue to disagree on the best approach to constructing real estate indices. This book argues the need for more accurate house price indices, outlines the methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw
Author: Rob Nijskens Publisher: Springer ISBN: 3030116743 Category : Business & Economics Languages : en Pages : 220
Book Description
This open access book discusses booming housing markets in cities around the globe, and the resulting challenges for policymakers and central banks. Cities are booming everywhere, leading to a growing demand for urban housing. In many cities this demand is out-pacing supply, which causes house prices to soar and increases the pressure on rental markets. These developments are posing major challenges for policymakers, central banks and other authorities responsible for ensuring financial stability, and economic well-being in general.This volume collects views from high-level policymakers and researchers, providing essential insights into these challenges, their impact on society, the economy and financial stability, and possible policy responses. The respective chapters address issues such as the popularity of cities, the question of a credit-fueled housing bubble, the role of housing supply frictions and potential policy solutions. Given its scope, the book offers a revealing read and valuable guide for everyone involved in practical policymaking for housing markets, mortgage credit and financial stability.
Author: Thomas G. Thibodeau Publisher: Springer Science & Business Media ISBN: 9780792398837 Category : Business & Economics Languages : en Pages : 266
Book Description
This book contains a special issue of the Journal of Real Estate Finance and Economics, comprising thirteen articles on house price measurement. These articles address the various procedures used to compute cross-sectional or temporal house price indices. Specifically, these articles contain research that: (1) evaluates hedonic, repeat sales, or hybrid approaches to constructing house price indices; (2) evaluates alternative sources of data on house prices and corresponding housing characteristics; (3) identifies the most influential land, structural, neighborhood, and proximity determinants of house prices (and associated changes in house prices); (4) provides a methodology for identifying housing market segments; (5) incorporates spatial autocorrelation in house price indices; and (6) provides more accurate estimates of the variance in house prices.
Author: Marko Hannonen Publisher: Suomen E-painos Oy ISBN: 9526613368 Category : Mathematics Languages : en Pages : 74
Book Description
This book presents the essential ideas of the field theory of house prices. This theory combines some fundamental concepts of classical physics and standard economics, providing a new, alternative way of thinking about house prices. In the field theory of house prices a new concept of analysis is defined: house prices by distance from the CBD (Central Business District). In traditional neoclassical economics, house prices are analysed directly without including the location element of a house. The field theory, however, takes location explicitly into account by analysing house prices divided by the distance from the CBD. The main ideas of the field theory are also applicable to the land markets and facilities markets, where location plays a significant role in the analysis of property prices. The author is a Doctor of Science (Technology), whose research interest focuses on applied mathematics and economics.
Author: Anthony Owusu-Ansah Publisher: Routledge ISBN: 1351590995 Category : Business & Economics Languages : en Pages : 222
Book Description
The importance of house prices to households, real estate developers, banks and policy-makers cannot be overemphasised. House price changes affect consumer spending and business investment patterns, which in turn affect the wider macro economy and the entire business cycle. Measuring and understanding house prices is therefore essential to a functioning economy, but researchers continue to disagree on the best methodological approach for constructing real estate indices. This book argues the need for more accurate house price indices, outlines the various methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw data of property transactions can be prepared for the purpose of constructing indices, discusses various applications of property price indices and empirically demonstrates how the index numbers can be used to model the supply of new houses and to estimate the price elasticity of supply. Essential reading for economists, real estate professionals and researchers, and policy-makers.
Author: Marko Hannonen
Author: Marko Hannonen
Author: W. Erwin Diewert
Author: OECD
Author: Gareth Jones
Author: Anthony Owusu-Ansah
Author: Rob Nijskens
Author: Thomas G. Thibodeau
Author: Marko Hannonen
Author: M. J. Koopman
Author: Anthony Owusu-Ansah