Public Policies for the Preservation of Capital in Older Areas

This paper provides a framework for considering approaches to the preservation of older neighborhoods. Particular attention is paid to the role of financial institutions in the dynamics of neighborhood change and to public/private collaborative efforts to stem decline. In general, public policie to preserve neighborhoods must be comprehensive in nature and require a variety of tools to take into account the unique aspects of a neighborhood's environment. To create or maintain a stable neighborhood environment, however, there are no alternatives to an overall approach which embodies local governments, the private sector, and private citizens. Any other approach may provide short-run gains that will not create the dynamics necessary for long-term stability. Copyright American Real Estate and Urban Economics Association.

Modeling Geographic Ferrous Scrap Markets: Regional Prices and Interregional Transactions in the United States

The "U.S. Regional Ferrous Scrap Model" analyzes spatial variations in prices for two grades of ferrous scrap using a logistic model of choice under differentiated products. The model uses a computer-generated equilibrium framework to solve for prices that support the observed spatial distribution of supply and demand quantities. This paper presents the model's formal structure and its solution algorithm. The model specification is highly disaggregated with 1,212 supply and 240 demand regions. Characteristics of the equilibrium solution are described for prices and interregional flows. Sensitivity of equilibrium values to changes in model parameters is reported. Copyright Blackwell Publishing Inc. 2005