segregation exclusion and compensating transfers under a dynamic setting anas 2002 has shown that there exist equilibria with exclusion and the payments of economic transfers where whites and blacks are better off than in the case without them anas model is static so it does not consider important dynamics aspect of this phenomenon hence we have developed a dynamic general equilibrium model of segregation our main findings are there exists a path of transfers such as there is a dynamic equilibrium where whites and blacks are better off with exclusion and transfers and higher levels of prejudices imply lower levels of aggregated utility finally the effects of a prejudice shock can last between 2 and 30 years hence policymakers must pay attention to sudden positive prejudice shocks in order to implement policies to reduce their consequences

calculated inequality portfolio benchmarking and regional office property investment in the uk the paper explores the reasons for the persistence in the uk of significant relative interregional variations in office property investment in the face of economic theory and empirical evidence that would support its more even spatial distribution the argument is made from a cultural economy perspective and involves the application to property of a concept drawn from the accountancy literature calculative practice uk investment decision making is distinguished by the primacy attributed to portfolio benchmarking as an influence on investment strategy the wider logic underpinning property benchmarking is subjected to critical appraisal then evidence is presented that suggests that benchmarking is a self referential practice which results in convergence and rigidity in fund structures and in the concentration of performance around a bounded range of sub optimal returns it is a barrier to the greater geographical diversification of office property investment

the structure of canadian inter industry r d spillovers and the rates of return to r d this paper estimates the effects of interindustry r d spillovers on the production cost of nine major canadian industries production costs in all nine are affected by spillovers and six industries are influenced by at least two different source industries rates of return to r d capital for each industry are also estimated private rates of return on r d are at least two and a half times those on physical capital rates of return on r d inclusive of spillovers are also computed for industries that are major sources of spillover the spillover inclusive returns are at least twice the private returns copyright 1989 by blackwell publishing ltd

bidding conventions and the degree of overpricing in the market for houses how do buyers decide whether a property is overpriced do they base their judgement on the simple difference between the asking price and expected selling price or do they take into account local bidding conventions the typical asking selling price spread in the neighbourhood this paper explores the implications of bidding conventions for the definition and measurement of the degree of overpricing and the effect this has on a survival model of time on the market the paper also considers the impact of uncertainty and employs fractional polynomial regression to explore whether spatio temporal variations in attribute prices affect market perceptions of overpricing

an alternative approach to housing market segmentation using hedonic price data abstract much empirical research has been devoted to housing market segmentation and the implications for the application of the hedonic price model market segmentation is demonstrated empirically in j urban econ 3 2 146 166 1976 j urban econ 7 1 102 108 1980 rev econ statist 66 3 404 406 1974 there appears to be theoretical evidence j pol econ 82 1 34 55 1974 that such empirical efforts may have been less than adequate unfortunately the empirical applications of rosen s model j environ econ manag 5 81 102 1978 j urban econ 5 3 357 369 1978 do not seem to effectively account for the complexity of the factors which cause multiple equilibria market segmentation this paper demonstrates empirically that market segments can be defined along more dimensions than hitherto have been included in any analysis

global microstructures the virtual societies of financial markets using participant observation data interviews and trading transcripts drawn from interbank currency trading in global investment banks this article examines regular patterns of integration that characterize the global social system embedded in economic transactions to interpret these patterns which are global in scope but microsocial in character this article uses the term global microstructures features of the interaction order loosely defined have become constitutive of and implanted in processes that have global breadth this study draws on schutz in the development of the concept of temporal coordination as the basis for the level of intersubjectivity discerned in global markets this article contributes to economic sociology through the analysis of cambist i e trading markets which are distinguished from producer markets and by positing a form of market coordination that supplements relational or network forms of coordination

social behaviour as a basis for modelling the urban housing market a review this paper considers how empirical models of urban housing markets might be constructed as a basis for policy analysis it is suggested that this is fundamentally more difficult than national or re

linking migration and mobility individual and contextual effects in housing markets in the uk clark w a v and huang y 2004 linking migration and mobility individual and contextual effects in housing markets in the uk regional studies38 617 628 most migration work continues to separate long and short distance moves and their outcomes but clearly they are part of a complex process of relocation across different scales while we know that long distance moves are largely driven by labour market differences and moves at the local scale are the way in which households translate those long distance moves into residential satisfaction in local housing markets we know very little about the link between the two processes and their likelihoods some studies have suggested that long distance moves are followed by local adjustment moves at an early point after the relocation this paper evaluates those empirical findings in the context of the british housing market it takes up a number of previously unexamined issues related to these linkages and to the timing of the links between the two moves

job search and the effect of urban structure on unemployment and married female participation rates a model of urban job search is presented concentrating on the skill level of the seeker the implications for the effect of urban structure on intra urban unemployment and married female participation rate differentials are examined it is found using census data for greater london that urban structure represented by the intra urban distribution of jobs per worker as derived from the job search model has the predicted effects on unemployment and participation rates after allowing for other determinants of these rates the paper concludes with some implications for urban manpower policy

exploring spatial dynamics with land price indexes the purpose of this study is to explore the within region spatial dynamics of appreciation and depreciation rates using three different representations of geographical space mean value indexing methods are used to construct global land price indexes sub market land price indexes and local land price indexes using transaction price data for vacant residential land within the city of hamilton ontario between 1995 and 2003 the results are validated against statistics canada s series of new housing price indexes followed by a comparison of the relative performance of the three geographical representations of land price indexes the results indicate that the mean value indexing methods are robust although subject to outliers and sample selection bias and clearly illustrate the spatial dynamics of annual appreciation and depreciation rates across the study area the results also underscore the need for regular surveillance of the spatial dynamics of urban land markets

an application of two non parametric techniques to the prices of british dwellings an examination of cyclicality using a pesaran timmermann test of co movement cook and watson cook s and watson d 2015 a new perspective on the ripple effect in the uk housing market co movement cyclical subsamples and alt

residential mobility with job location uncertainty abstract this paper investigates the relationship between job changes and residential mobility a job change may be prompted by reasons unrelated to factors associated with housing consumption however a job change may lead to an adjustment to housing consumption i e residential relocation previous studies find that job relocations are positively associated with residential mobility this paper departs from previous studies by looking at the effects of an uncertain future job location on residential mobility and mobility expectation it is conjectured that with the existence of costs of residential mobility a household head s likelihood for changing jobs in the future dampens the household s propensity to move but encourages the formation of mobility expectation these conjectures are examined empirically using data from the panel study of income dynamics and they are confirmed

the real estate cycle and the economy consequences of the massachusetts boom of 1984 87 the economy of massachusetts is in a deep recession what makes the downturn all the more painful is that it comes on the heels of a period of unprecedented prosperity what happened how could a state go from having the lowest unemployment rate in the us to having the second highest in the space of less than 4 years some claim that the current recession is a natural and inevitable downturn after a prolonged expansion and that the region will soon return to a reasonable growth path others claim that the state is likely to experience a prolonged period of decline the thesis of this article is that the dramatic real estate cycle which began with a housing price boom between 1984 and 1987 was an important element that not only contributed to but also very significantly amplified the economic fortunes and misfortunes of the commonwealth and the region

the distribution of london residential property prices and the role of spatial lock in much of mainstream economic analysis assumes that markets adjust smoothly through prices to changes in economic conditions however this is not necessarily the case for local housing markets wh

does government r d policy mainly benefit scientists and engineers conventional wisdom holds that the social rate of return to r d significantly exceeds the private rate of return and therefore r d should be subsidized in the u s the government has directly funded a large fraction of total r d spending this paper shows that there is a serious problem with such government efforts to increase inventive activity the majority of r d spending is actually just salary payments for r d workers their labor supply however is quite inelastic so when the government funds r d a significant fraction of the increased spending goes directly into higher wages using cps data on wages of scientific personnel this paper shows that government r d spending raises wages significantly particularly for scientists related to defense such as physicists and aeronautical engineers because of the higher wages conventional estimates of the effectiveness of r d policy may be 30 to 50 too high the results also imply that by altering the wages of scientists and engineers even for firms not receiving federal support government funding directly crowds out private inventive activity this abstract was borrowed from another version of this item

the spatial dimension of us house prices spatial heterogeneity and spatial dependence are two well established aspects of house price developments however the analysis of differences in spatial dependence across time and space has not gained much attention yet this paper jointly analyses these three aspects of spatial data a panel smooth transition regression model is applied that allows for heterogeneity across time and space in spatial house price spillovers and for heterogeneity in the effect of the fundamentals on house price dynamics evidence is found for heterogeneity in spatial spillovers of house prices across space and time house prices in neighbouring regions spill over more in times of increasing neighbouring house prices then when neighbouring house prices are declining this is interpreted as evidence for the disposition effect moreover heterogeneity in the effect of the fundamentals on house price dynamics could not be detected for all variables real per capita disposable income and the unemployment rate have a homogeneous

booms and busts in the uk housing market the often volatile behaviour of uk house prices between 1957 and 1994 is analysed in an annual econometric model theory suggests that financial liberalisation of mortgage markets in the 1980s should have led to notable shifts in house price behaviour the evidence supports the predictions of theory suggesting shifts took place in wealth effects as in the consumption function and that real interest rates and income expectations became more important the presence of transactions costs suggests important nonlinearities in house price dynamics the paper also contains an explicit econometric treatment of expectations demography supply spillovers from the rented sector and of composition biases in the official house price index

housing submarkets and the lattice of substitution this paper aims to stimulate interest in the early micro economic conceptualisation of housing submarkets proposed by rapkin and grigsby which defined market areas in terms of dwelling substitutability three key questions need to be addressed if a return to the rapkin grigsby approach is to be achievable and worthwhile first what are the practical benefits the paper highlights a range of potential research applications that would benefit from the substitutability approach secondly in what way are existing approaches likely to be inadequate for demarcating substitutability based submarkets four criteria are proposed for assessing submarket estimation methods which existing approaches fail to satisfy thirdly what are the prospects for developing a substitutability metric that will make the rapkin grigsby definition empirically feasible a new measure is proposed based on the cross price elasticity of price cpep which is illustrated using data for glasgow scotland

mixing housing tenures is it good for social well being mixing tenures is now a widely accepted policy designed to tackle problems of social exclusion in disadvantaged neighbourhoods however the evidence base for mixing tenures is fragmented and ambiguous with few exceptions studies of mixed tenure effects have been small one off investigations of individual communities providing only a rudimentary basis for comparative evaluation in attempting to address these issues a national level ecological analysis of mixed tenure in great britain was conducted using aggregate data from two decennial censuses and geocoded vital registrations asking the question whether mixing housing tenures is good for social well being the objective of the research is to establish under what if any circumstances tenure mixing is positively related to indicators of the social well being of an area s population the findings provide little support for positive outcomes and lead the authors to question the efficacy of mixing tenures as a policy for improving social well being

economics and the self organisation approach alfred marshall revisited the economics of alfred marshall is reassessed in the light of new developments in the natural sciences whereby a nonequilibrium thermodynamic approach is adopted to analyze self organization in dissipative structures it is argued that there is a clear correspondence between marshall s treatment of time irreversibility and this modern approach particularly when the latter is set in an informational context thus his principles is viewed as a very useful starting point in adapting the self organization approach for application in economics the main features of such a post marshallian approach to economics are discussed and compared with the mechanical approach of neoclassicism copyright 1993 by royal economic society

policy review section in this policy review section gerry stoker of the institute of local government studies presents a critical review of the role of urban development corporations udcs in comparing the experience of the udcs consideration is given to the varying nature of the land and property market in each udc area to the relationship with local authorities and other local bodies and the regeneration strategies pursued by the udcs this is followed by an assessment of the impact of the udcs in economic social and political terms in the second article john britton of the university of toronto examines the theoretical case for interventionist public policies to assist the innovation process in small and medium sized enterprises these arguments are supported by a review of the experience of various national support programmes introduced in the uk in particular the manufacturing advisory service introduced in 1978 and the design advisory service launched in 1982

unemployment and urban labour markets two quite distinct views on how metropolitan labour markets work have co existed for over three decades both claim empirical support and after a brief period of confrontation they continue to co exist today giving quite conflicting signals to policy makers according to the first model the urban labour market consists of a number of spatially defined sub markets so that local unemployment exists primarily because of deficiencies in highly localised demand for labour by this argument unemployment rates remain high in the absence of a renewed supply of appropriate jobs within short commuting distances of the jobless the solution according to this model is to attract private and public sector production into such areas in contrast a second model views the city as a single market in which transactions between labour and capital take place regardless of the location of residence and employment sites according to this perspective the spatial incidence of unemployment simply reflects the residential

low demand for housing incidence causes and uk national policy implications low and falling demand for housing has come to be recognised as a fairly widespread phenomenon in late 1990s britain whilst research has tended to focus on the negative consequences of this for so

institutions in british property research a review this paper surveys approaches to the study of institutions as used in recent commercial property research in britain institutional analysis can be approached from mainstream economics power str

do council housing policies reduce migration between regions data from the 1973 general household survey of great britain are used to examine whether the council house system which currently provides a dwelling for one british family in every three tends to discourage long distance migration controls are introduced for various socioeconomic variables and the importance of occupation sector of employment age and education in explaining migration is discussed comparisons are also made between local movements and long distance migration the findings indicate that over longer distances council tenants have much lower migration rates than owner occupiers

substantive issues in the definition of localities evidence from sub group local labour market areas in the west midlands coombes m g green a e and owen d w 1988 substantive issues in the definition of localities evidence from sub group local labour market areas in the west midlands reg studies 22 303 318 local labour market areas llmas are now widely accepted as the most appropriate areal units for analyses of spatial patterns of employment and unemployment the most commonly used set of llmas in britain are the travel to work areas ttwas of the department of employment these areas are increasingly being used for locality studies that encompass not only labour and demand trends but also their social and political implications however ttwas are defined on the basis of aggregate commuting patterns which generalize substantial differences in the journey to work behaviour of different sections of the workforce this paper compares the ttwas as revised in 1984 with llmas defined using the same methodology for four sub groups of the labour force with differing skill levels in the west midlands the numb

unemployment duration in the recession the local labour market area scale green a e 1985 unemployment duration in the recession the local labour market area scale reg studies 19 111 129 this paper examines spatial variations in the duration of uncompleted unemployment spells using median lower and upper quartile duration measures within a local labour market area llma framework regional hierarchical and functional differentials in unemployment duration during the recession are investigated using a nineteen fold llma classification it is discovered that pre existing spatial differentials in unemployment duration experience were largely maintained with longer durations recorded in the north than in the south around provincial conurbations than in the london metropolitan region at higher than at lower levels of the urban hierarchy and in llmas with a manufacturing employment base than in those with a service or commercially oriented employment structure

urban rural variations in the structure of manufacturing production this paper demonstrates that recent attempts to explain manufacturing shifts to nonmetropolitan areas can be synthesised into a capital vintage model of production the result is a set of systematic differences between urban and rural production methods which are consistent with the locational implications of the manufacturing process cycle theory the model is supported by the first comprehensive estimation of separate production functions for smsas and nonmetropolitan areas using census data for the us from 1977 only smsas are shown to possess the significant agglomeration economies needed for product development and process innovation cost competitive nonmetropolitan areas show much greater variation in input proportions due to spatial factor price differentials

optimal growth policy the role of skill heterogeneity a simple semi endogenous growth model is employed to show that optimal subsidization of both r d and capital costs is independent of the distribution of r d skills in the workforce this holds despite the empirically supported fact that a higher r d subsidy rate raises wages of r d workers

interindustry technology flows and productivity growth a reexamination the relationship between productivity growth and r and d intensity is reexamined using detailed data for 193 us manufacturing industries and a breakdown of r and d into own product and process improvement oriented components and imported r and d from other industries a significant interindustry relationship between total factor productivity growth and r and d intensity is reconfirmed with used r and d having larger coefficients than own product r and d components but own product r and d is also significant and the explanatory power of the used r and d component rather than the embodied component imported from other industries thus the evidence for r and d spillovers remains tenuous 6 references 2 tables

crime and social interactions the high variance of crime rates across time and space is one of the oldest puzzles in the social sciences this variance appears too high to be explained by changes in the exogenous costs and benefits of crime we present a model where social interactions create enough covariance across individuals to explain the high cross city variance of crime rates this model provides an index of social interactions which suggests that the amount of social interactions is highest in petty crimes moderate in more serious crimes and almost negligible in murder and rape

a question of compromise case study evidence on the location and mobility strategies of dual career households green a e 1997 a question of compromise case study evidence on the location and mobility strategies of dual career households reg studies 31 641 657 drawing on in depth interviews with 30 dual career households this paper presents a framework for the study of and selected evidence on the key factors influencing the location and mobility strategies of a privileged and growing group of the population the ways in which such factors are traded off one against another in decision making and how individual sacrifices may be made for household benefits are outlined accessible semi rural areas emerge as one of the most preferred residential environments for dual career households with many couples prepared to commute long distances to work nearly always by car in order to live in such areas a further advantage of a location accessible to a motorway junction is that commuting potential for both partners is maximized while the need for residential migration is minimized green a e 1997

a framework for housing market area delineation principles and application a review is presented of the requirements of a framework for the delineation of housing market areas hmas in the context of undertaking a housing market assessment this prompts adoption of a methodology that features an iterative application of information obtained from estate agents to identify hma cores and a functional regionalisation of 2001 census interward migration flows the approach is demonstrated using data for north west england the concluding section explores some implications of the hma framework for policy and future research

the dynamics of intraurban quantile house price indexes estimating price indexes for different quantiles shows how prices vary for homes that are in different stages of the filtering process the paper describes a filtering model and its implication for the dynamic interaction of housing prices at these various stages a time series analysis of quantile price indexes for three municipalities near chicago supports the predictions of the filtering model

young people job search and local labour markets the example of belfast in debates about employability the role of area perceptions in shaping the labour market behaviour of individuals has been neglected this paper sets out to gain an understanding of what relatively disadvantaged young people in belfast know about the geography of labour market opportunities in the city and the locations where they are prepared to work using secondary data analysis and primary research methods it is shown that most young people have a highly localised outlook factors of limited mobility lack of confidence and religion intertwine in complex ways to limit perceived opportunities it is concluded that geography does play a role in shaping access to employment and training opportunities

valuing genetic resources in peasant economies the case of hairless creole pigs in yucatan abstract we report the results of a choice experiment study to model preferences over a selection of breed traits of creole pigs the study was conducted amongst households of backyard producers and small farmers rearing this local breed in yucatan mexico hypothetical choice data were collected to estimate the preference of households over alternative pigs profiles whose attributes distinguish creole pigs from the potentially more productive yet less adapted exotic breeds currently threatening to severely displace this locally adapted animal genetic resource angr the observed choices are employed to estimate a series of random utility models whose results are first tested for preference equality between households and small farmers then endogenous segmentation is allowed within households by means of latent class models stated preference based estimates are found to be of the same magnitude as revealed preference producers costs as a consequence the method is deemed to be appropriate for the valuation of non market functions in production estimates conditional on household characteristics are then presented and discussed

joint r d in low carbon technology development in china a case study of the wind turbine manufacturing industry abstract china faces the dual challenges of climate change and increased energy demand these challenges in turn increase the demand for wind energy development along with rapid growth in manufacturing capacity chinese companies have aspired to increase their innovation capacity in order to enhance their competitiveness in the market joint research and development r d is an attractive path for chinese companies striving to advance their r d capacity this paper examines joint r d between chinese wind turbine manufacturing companies and foreign design firms assessing the performance of joint r d activities in china using the structure conduct performance scp framework the study found that joint r d has improved chinese companies technical capacity human resources and financial growth however the effect on chinese companies innovation capacity is still limited because of unequal technical capacities of the two sides in collaboration as well as their preference for augmenting profits rather than technical capacity current joint r d mode is only the extension of licensing mode in wind turbine manufacturing industry

spatial dynamics of the housing market an interurban perspective a major unproven hypothesis in housing economics is that regional ripple effects are caused by household migration between regions this paper examines household migration and price ripples at the level of local housing markets driven partly by the fact that such migration linkages are likely to be more pronounced between local rather than regional housing markets following a review of regional housing market studies several hypotheses linking the existence of lead lag relationships and cointegration with the scale of migratory linkages between local housing market areas lhmas are proposed using private housing transactions data for strathclyde a sub region of scotland the paper identifies two clusters of lhmas that differ in terms of their migratory linkages with glasgow the hypothesised leading housing market of the sub region tests for lead lag relationships and cointegration confirm the link between migration and house price changes

buyer exuberance and price premium it has been demonstrated that the real estate market disciplines irrational price premiums however the persistence of price premiums begs the question of what causes price premiums in the first place this paper seeks to examine two explanations for price premiums the conventional information asymmetry explanation and the buyer exuberance explanation as motivated by behavioural studies the results show that information asymmetry explains price premiums and this finding is robust across two sub hypotheses tested namely information differences arising from market familiarity and product characteristics in addition we find that price premiums are also caused by buyer exuberance specifically exuberance arising from representativeness purchasing power and anchoring effects

occupational mobility and the distribution of occupational success among young men interpretation of the distribution of occupational success depends crucially on an understanding of the process of mobility if the holders of low paying jobs this year are just as likely as anyone else to hold good jobs next year then the lower tail of the earnings distribution is not a matter of great social concern further if the distribution of success is primarily determined by a random process the prospects for a significant reduction in the inequality of earnings are unfavorable on the other hand high mobility in the short run may conceal systematic stratification of the labor force it may be that the same individuals spend most of their time in the worst jobs if so luck and random events may play a small role in the distribution of well being inequality may be a major issue and the elimination of stratification may hold out the promise of an important reduction in inequality simple tabulation of distributions of success and of mobility among categories of success cannot answer the basic question of the role of stratification in this paper we develop a model and statistical method for studying mobility and relating it to characteristics upon which stratification may be based our study rests on annual interviews conducted from 1966 through 1969 with about 3 000 white males born between 1942 and 1952 1 we find that mobility is closely related to personal characteristics especially intelligence and education men with high iqs and extensive education are more likely to move to high paying jobs and are more likely to remain in them nevertheless random events dominate the distribution of occupational success in the short run our results strongly support the finding of christopher jencks and his collaborators that redistribution of the determinants of earnings would do almost nothing to reduce the observed inequality of annual earnings

using choice experiments to assess smallholder farmers preferences for pig breeding traits in different production systems in north west vietnam abstract livestock form key components of the livelihood strategies of many of the world s poorest people however despite the potential to alleviate poverty and improve food security through livestock development interventions the lack of smallholders participation in the planning and design of breeding programs has often been a major cause of the failure of such programs particularly in developing countries where livestock production is still mostly subsistence oriented and livestock fulfil manifold functions a considerable number of livestock breeding programs have failed the development of adequate tools to characterise these functions bearing in mind that these are expressed only rarely in properly functioning markets is therefore important this paper seeks to advance the application of such methodologies to the smallholder pig sector in vietnam a choice experiment was applied across 140 households involved in pig breeding in order to assess farmers preferences and the trade offs for a list of adaptive and productive traits these included growth reproduction disease resistance feed requirements and appearance the findings indicate that smallholders highly value both adaptive and performance traits particularly in resource driven i e subsistence production systems performance traits were more highly valued in the demand driven i e market oriented systems these findings have implications for breeding program breed choice and breeding objectives

seasonality and cointegration of regional house prices in the uk the data generation process underlying regional house prices in the uk is investigated using new statistical tests it is found that causal flows tend to be northwards the south east rather than greater london acts as an exogenous price determinator of the other regions in the south the midland regions have a great influence on prices in the north and flows through the east midlands are characterised by bi directional causality these results are largely independent of assumptions made about the data generation process and tests of these assumptions have low power in any case there are also similarities between this causality and migration patterns particularly in the south of england

performing housing markets this paper offers an interpretation of how housing markets work which complements more traditional economic approaches building on a wider movement within cultural economy and economic sociology it considers how housing markets are variously performed in the power filled negotiations of buyers sellers and market professionals this is part of a larger undertaking but here the focus is particularly on the role of legal financial and information intermediaries in shaping local cultures of property exchange this is a social rather than economic analysis of housing markets it is a qualitative rather than a quantitative study it is designed to shed light on how markets are made though it might in the end change the way they are modelled

district house price movements in england and wales 1997 2007 an exploratory spatial data analysis approach using exploratory spatial data analysis and house price data from local authority districts in england and wales this article considers whether a regional ripple effect can be tracked at the district level although spatial house price variation has been explored at a sub regional level this is possibly the first paper to attempt to track house price spillover between districts on a national basis high and low growth clusters of areas are traced it is concluded that spatial spillover of house price growth is unlikely to be based on interlocked markets bonded by commuting or migration alone information flows and expectations are likely to reinforce interdistrict transmission specifically house price spillover north of the east midlands appears much more rapid than would be consistent with a ripple suggesting that there is some support for undertaking british housing market analysis on a spatially segmented basis even at a regional level

valuing indigenous cattle breeds in kenya an empirical comparison of stated and revealed preference value estimates abstract in this study we compare revealed and stated preference approaches to value traits of cattle in kenya the premise is that much can be learnt about non market values of indigenous animal genetic resources angr from the use of multi attribute stated preference methods if these compare well with revealed preference results the objective is to investigate the performance of choice experiments ces in maasai cattle trading by conducting an external test of preference consistency we compare value estimates for cattle attributes from ces data with those from hedonic analysis of actual transactions by the same population of traders in the same markets and over the same period if ces perform well they can be used to investigate values of those genetically determined livestock traits currently not prominent in pastoralists populations but desirable candidates for breeding or conservation programmes e g disease resistance the results indicate that ce estimates pass the external test and appear to be adequately precise in estimating values for cattle traits that are relevant in market transactions for maasai traders accounting for taste and variance heterogeneity does not change this conclusion ces may therefore be a promising tool for valuing phenotypic traits expressed by indigenous angr

convergence and divergence in british housing space abstractthe degree of convergence that exists among british house prices is an open question inferences vary with the method applied and periods considered using the rank of the cointegrating matrix among four decades of regional data two contiguous groups of regions are revealed these super regions have some common members through which price changes are transmitted from south to north with london found to be deviating from the south east neither it nor the uk are likely to be indicative of the regional series of the south of england

the extent of the market examines the classical theory of the market in this paper authors consider the role of price market determination price movement in competitive and monopolistic markets extension of commodity markets

a statistical explanation for extreme bids in the house market this paper proposes a simple statistical explanation for the phenomenon of extreme bids during a boom the housing market regime switches from a single bidder to a multiple bidder environment the sale price in a multiple bidder auction is the maximum bid and the distribution of maximum bids contains a much higher proportion of extreme bids compared with the distribution of single bidder valuations while this theory does not preclude behavioural explanations of extreme bids it does demonstrate that a world free from strategic and idiosyncratic behaviour would not be a world free from extreme bids during boom periods therefore when gauging the impact of strategic or idiosyncratic behaviour either hypothetically or empirically one has to measure the effect against a baseline regime where extreme bids are inevitable not against a world that is free from extreme bids

the changing urban and regional system in the united kingdom cooke p 1986 the changing urban and regional system in the united kingdom reg studies 30 243 251 the uk space economy has been subject to important structural shifts of late the north has a disproportionately large amount of old capital stock and associated industry and labour shedding in response to international competition has been massive the south is increasingly the location for newer more buoyant economic activity but there are localities within each area which do not conform to the stereotype research on localities enables the finer grained impact of economic restructuring to be more clearly understood preliminary findings from a representative set of seven uk localities suggest that significant change is taking place in the structure of local labour markets the organization of work local social structure politics and policies being pursued locally many of the processes characterizing spatial development in the 1960s and 1970s such as decentralization in manufacturing services

globalisation and housing finance systems in advanced and transition economies globalisation is only the most recent manifestation of convergence theory this article shows how distinctive housing finance systems in the advanced economies contribute to distinctive housing systems with important social and economic implications it also suggests that the evidence from the european union confirms what can be derived from a priori reasoning that mobility of finance does not alter the nationally based components of the wider housing finance system hence even huge changes in the nature of intermediaries fail to alter the fundamental nature of the mortgage product combined with lack of any evidence to suggest that government support for home ownership is in general or irreversible retreat it is suggested that the former socialist transition countries have considerably more opportunity to shape their housing finance systems than might be suggested by convergence theory

labour opportunities provided by spanish high speed rail hsr commuting services in a period of financial crisis an approach based on regional wage disparities and housing rental prices labour migration derived from interregional high speed rail hsr commuting is a relatively new behaviour whose development has partly coincided with a worldwide period of recession little resear

why women work closer to home this paper analyzes the extent to which differences in labor force status in household composition and in household roles account for sex differences in workplace residence separation modelling work trip length as the outcome of the choice of household residential and individual job locations equilibrium work trip length is estimated empirically as a function of labor market housing and household characteristics for male and female employees in seven different household categories data from the 1976 panel survey of income dynamics are used the study concludes that while sex differences in job tenure work hours and wages are in themselves sufficient to fully account for observed sex differences in workplace residence separation sex differences in household roles i e responses to spouses characteristics are of even greater importance in influencing women to work closer to home

job shortfalls in british local labour market areas a classification of labour supply and demand trends 1971 1981 owen d w gillespie a e and coombes m g 1984 job short falls in british local labour market areas a classification of labour supply and demand trends 1971 1981 reg studies 18 469 488 using data from the censuses of population for 1971 and 1981 this paper applies the labour market accounts methodology to the analysis of change in labour demand and supply over the decade in local labour market areas llmas a cluster analysis of the components of demand and supply change is performed and llmas with similar characteristics identified an attempt is then made to explain the spatial distribution of these clusters by reference to the size functional status and regional location of their members

dots to boxes do the size and shape of spatial units jeopardize economic geography estimations this paper evaluates in the context of economic geography estimates the magnitude of the distortions arising from the choice of zoning system which is also known as the modifiable areal unit problem maup we consider three standard economic geography exercises the analysis of spatial concentration agglomeration economies and trade determinants using various french zoning systems differentiated according to the size and shape of spatial units which are the two main determinants of the maup while size matters a little shape does so much less both dimensions seem to be of secondary importance compared to specification issues

adjustment to job loss in britain s major cities bailey n and turok i 2000 adjustment to job loss in britain s major cities reg studies 34 631 653 this paper examines the labour market consequences of severe employment decline in britain s major cities between 1981 and 1991 using labour market accounts significant adjustment to employment change occurred through out migration and commuting but unemployment in cities also rose although much of it was recorded as inactivity on average women were less able to adjust through out migration or commuting than men while women in lower skilled jobs showed much less adjustment than those in professional or managerial occupations this suggests that the creation of employment opportunities for less skilled occupations brings far greater direct benefits to the resident population of major cities than the creation of professional or managerial employment bailey n et turok i 2000 ajuster ala suppression d emplois dans les grandes villes de grande bretagne reg studies 34 631 653 a partir des ch

are neighbourhoods self stabilising exploring endogenous dynamics summary this study investigates how neighbourhoods respond when they are upset by transient exogenous shock s do they quickly revert to their original stable state gradually return to this stable state permanently settle into another stable state diverge progressively from any steady state or evince no discernable pattern of response a self regulating adjustment process promoting stability appears the norm based on econometric investigations of multiple annually measured indicators from census tracts in five us cities stability quickly re established at the original state characterises most of the indicators analysed rates of tax delinquency low weight births teenage births and home sales volumes violent and property crime rates also evince endogenous stability at the original state but take considerably longer than the other indicators to return to it when the exogenous shock is sizeable moreover this crime adjustment process is considerably slower in neighbourhoods with higher poverty rates

critical survey the new geographical turn in economics some critical reflections over the past few years a new geographical economics has emerged focused on the spatial agglomeration of industry and the long run convergence of regional incomes several leading names are associated with this geographical turn including paul krugman michael porter robert barro and w brian arthur this new economic geography it is argued here is neither that new nor is it geography instead it is a reworking or re invention using recent developments in formal mathematical mainstream economics of traditional location theory and regional science as such it is quite opposed to and difficult to reconcile with the work on regional development and industrial agglomeration being carried out in economic geography proper

the definition of housing market areas and strategic planning the purpose of this paper is to develop the concept of a housing market area thereby provide insights into our understanding of the sub regional structures of the housing system and hence propose a framework for strategic planning research in the housing market to tackle this task it is first necessary to consider the criteria for a local housing market area the paper begins by reviewing previous definitions by both academics and planners and their underlying assumptions based on the principle of spatial arbitrage a local housing market area is defined by reference to criteria linked to migration self containment parallels are drawn with the principles that have been applied to define a system of spatial labour markets using travel to work areas this spatial arbitrage definition is tested empirically by developing a system of housing market areas for west central scotland using data derived from the land registry finally the paper draws together the empirical findings to discuss the nature of s

commuting in search of jobs and residences abstract this paper introduces a model which includes residential job moving and commuting behavior when labor and housing markets are characterized by market imperfections imperfect information and moving costs we examine the consequences of these market imperfections on commuting behavior an empirical analysis of commuting behavior indicates that workers commute less if they receive more job offers

job proximity and the urban employment problem do suitable nearby jobs improve neighbourhood employment rates due to a scarcity of small area jobs data much of the spatial mismatch literature has not directly addressed the impact of nearby jobs on neighbourhood employment rates such analysis is particula

residential choice mobility and the labor market abstract there is substantial evidence suggesting that the process of suburbanization creates new job opportunities that are not equally exploited by all workers in order to explain this phenomenon a simple model is developed which incorporates borrowing constraints as an important restriction on moving decisions obstructing the necessary labor flows between jurisdictions required to equalize net wages in essence people who cannot borrow will be restricted in terms of their capability of changing residence location and therefore will have limited possibilities of working in distant labor markets or they will be subject to excessive commuting furthermore the labor allocation induced by households behavior facing these constraints affects consumer welfare production and producers profits the outcomes with perfect credit markets and with borrowing restrictions are calculated and the economic welfare levels are compared as wages are flexible they adjust to reflect the relative scarcity of workers present in each jurisdiction consequently some of the negative effects of the borrowing constraints are compensated so the outcomes cannot be easily compared some numerical examples are constructed to have an idea of the possible outcomes under different conditions finally it is found that allowing for moving cost deductions from taxable income may help to alleviate the problem

constructing a market performing theory the historical sociology of a financial derivatives exchange this analysis of the history of the chicago board options exchange explores the performativity of economics a theme in economic sociology recently developed by callon economics was crucial to the creation of financial derivatives exchanges it helped remedy the drastic loss of legitimacy suffered by derivatives in the first half of the 20th century option pricing theory a crown jewel of neoclassical economics succeeded empirically not because it discovered preexisting price patterns but because markets changed in ways that made its assumptions more accurate and because the theory was used in arbitrage the performativity of economics however has limits and an emphasis on it needs to be combined with classic themes in economic sociology such as granovetterian embedding and the way in which exchanges can be cultures and moral communities in which collective action problems can be solved

describing inequalities in access to employment and the associated geography of wellbeing this paper addresses three questions how unequal is access to urban employment and the wellbeing associated with it what is the monetary value consumers place on access how does the inequality of access correspond to the geographical pattern of unemployment a novel approach is developed using the osland and pryce house price model to estimate the monetary value of access welfare mvaw the wellbeing associated with living a given distance from employment taking into account the negative externalities associated with centres of employment and the complexities that arise from the existence of multiple employment centres of varying size it is found that mvaw is considerably more unequal than house prices or income mvaw contributes around 13 per cent of the average value of a house and the spatial pattern of unemployment rates is highly inelastic with respect to both mvaw and employment suggesting no evidence of a spatial mismatch

spatial housing economics a survey this introduction to the virtual special issue surveys the development of spatial housing economics from its roots in neoclassical theory through more recent developments in social interactions modelling and touching on the role of institutions path dependence and economic history the survey also points to some of the more promising future directions for the subject that are beginning to appear in the literature the survey covers elements of hedonic models spatial econometrics neighbourhood models housing market areas housing supply models of segregation migration housing tenure subnational house price modelling including the so called ripple effect and agent based models possible future directions are set in the context of a selection of recent papers that have appeared in urban studies nevertheless there are still important gaps in the literature that merit further attention arising at least partly from emerging policy problems these include more research on housing and biodiversity

construction elasticities and land availability a two stage least squares model of housing supply using the variable elasticity approach this paper uses data at english local authority district level to construct a simultaneous equation model of housing construction that compares elasticities of supply between two cross sectional periods 1988 boom and 1992 slump using the variable elasticity approach econometric issues raised by earlier supply studies are discussed and tested for the paper also discusses the rationale for and tests the existence of a backward bending supply relationship and finds that supply is concave in both periods and bends backwards during the boom evidence of a structural break between boom and bust is found producing average price elasticities of supply noticeably smaller in the boom 0 58 than in the slump 1 03 with considerable variation across disticts land supply elasticities are found to be more stable over time and marginally greater in the boom 0 75 than in the slump 0 71 the paper also calculates second partial derivatives based on the whole demand supply system to obtain estimates

the mobility of immigrants and natives evidence from internal migration following job displacement boman a the mobility of immigrants and natives evidence from internal migration following job displacement regional studies in times of change in the labour market differences in migratory behaviour between groups affect the labour market outcome of these groups one important group in society is that of immigrants for which human capital migration theory presents two potentially conflicting hypotheses one is based on immigrants having less location specific human capital increasing their probability of migration the other is based on ethnicity immigrants living in ethnic enclaves have higher costs of leaving the enclave reducing their probability of migration this paper disentangles and finds support for both hypotheses using high quality data on a wide range of variables for essentially all individuals involuntarily displaced due to closures or substantial cutbacks of swedish workplaces in 1987 and 1988 boman a la mobilite des immigres et de la population autochtone des preuves provenant

commuting migration housing and labour markets complex interactions commuting migration housing and labour markets are important for the overall economy and for the everyday life of many people commuting makes up a large part of all journeys world wide and many resourcedemanding transport investment projects are initiated to cope with this type of travelling in a range of countries increasing flows of national and international migration are central determinants of demographic developments in industrialised countries the working age population or those aspiring to be part of the economically active population constitute a large proportion of the total population consequently income earned through working represents a major component of total earnings in these economies cahuc and zylberberg 2004 in order to obtain an efficient labour market workers should locate and relocate to where the relevant jobs are to be found from an economic point of view commuting and migration are essential elements for obtaining a well functioning labour market fischer et al 1996 lux and sunega 2012 zabel 2012 finally housing is a basic good and for many people rents or loan repayments make up a relatively large proportion of their overall budget oecd 2011 moreover housing represents a dominating element of homeowners wealth or equity due to its central role during the financial and economic crisis starting around 2007 it has become clear that housing prices are important for the development of the overall economy in many countries for example muellbauer and murphy 2008 zabel 2012 housing and labour markets are linked in many ways when explaining these links it is useful to start with some of the distinguished features of housing markets as already mentioned houses frequently constitute a major part of households wealth moreover earned income from employment is a major

the industrial structure and labour market segmentation urban and regional implications danson m w 1982 the industrial structure and labour market segmentation urban and regional implications reg studies 16 255 65 we argue that dualism in the industrial structure as suggested by averitt 1968 and galbraith 1967 determines stratification and segmentation in the labour market as suggested by kerr 1954 piore 1973 and friedmann 1977 in recognizing this the urban and regional economist has greater understanding of the processes of change of the last fifty years in particular government and corporate policy by replacing the pre 1914 centre industries of steel shipbuilding and engineering with branch and other peripheral plants and firms has led to a deterioration in the relative position of the inner cities and regions

the spatial interaction of housing and labour markets commuting flow analysis of north west england the consideration of housing and labour market interaction is a relatively recent development in an academic and policy debate which has traditionally considered home and work in isolation this pa

peer group effects and educational attainment abstract given the aims of an educational system the relationship between educational inputs and educational outputs the educational production function a frequency distribution of students by ability and a fixed educational budget how should students and educational expenditures be allocated over classrooms the paper focuses on peer group effects which capture the influence of a student s classmates on his educational attainment and the determinants of whether streaming or mixing is preferable it should be noted that peer group effects arise in other contexts notably in the workplace thus the paper casts some light on the optimal composition of teams

targeting jobs to local people the british urban policy experience the paper compares the effectiveness of a number of employment generating schemes in terms of the proportion of jobs created going to locally resident unemployed workers whilst the paper establishes that considerable leakages do occur a wide range of experience is identified which may in part be due to the differing methodologies used by the policy analysts concerned this is due to the often inadequate attention paid to the study of local labour market institutions and dynamics some categories of workers continue to be systematically discriminated against and policies which are currently being developed may help some of these workers overcome obstacles but without identifying and dismantling labour market barriers

tiered housing markets and their relationship to labour market areas this paper develops a tiered geography of local housing market areas hmas that provides a national framework for spatial planning it is derived from a theoretical understanding of the economic basis of hmas the analysis explores the relationships between the tiers of the hma geography and local labour market areas drawing on this understanding the empirical research generates sets of different potential geographies of hmas for england based on an algorithm that applies criteria linked to the degree of closure of migration and or commuting patterns a range of theoretically appropriate criteria then enable the different geographies to be assessed the choice of geography is guided by chow tests of statistical differences in standardised house prices in neighbouring hmas derived from hedonic regressions finally conclusions are drawn on the validity of the approach developed the empirical work is on england and datasets drawn from the census and land registry

spatial impacts local labour market characteristics and housing prices this paper takes as a starting point a model where spatial variation in housing prices is explained by urban attraction and labour market accessibility effects using data from a region in south west norway estimation results are found to be encumbered however with significant spatial effects the spatial durbin model is used to account for this and to provide estimates of direct and indirect impacts in addition hypotheses are tested that some of the spatial variation in housing prices reflects local labour market characteristics some support is found for a hypothesis that a model specification should account for sub centres located at some distance from the central parts of the region the indirect impacts estimated in the spatial durbin model suggest that spatially related misspecifications of implicit elasticities in the ordinary least squares model are mainly due to negative externalities close to areas of high labour market accessibility