Housing affordability and tenure choices: an empirical investigation

Several empirical studies have established that tenure choice and households mobility decisions are highly correlated (Ozyildirim et al., 2005). In the literature, there have been two methods that have used to estimate tenure choice models. The first uses a sample of recent movers while the second employs a sample of all households. Other approaches are mixed (Painter, 2000). This work refers on the results of an empirical analysis, developed to the urban level, by a sample of movers (renters and homeowners). The main goal is to test if homeownership is systematically preferred to leasing and if the housing affordability effect can be estimated by a tenure choice model. A random utility approach is used to model observed choices of renterswithin and between rent and property markets. The analytical results confirm, as expected, the strong trend to the homeownership for the families of renters. But, in current economic situation, the high value of the rent is systematically associated with a reduced chance of changing for the medium-income households. Monetary estimates of affordable rents are given in the last part of the paper, conditioned to the income level, the family size and the previous and actual level of affordability.

La Conjoint Analysis (CA) nelle valutazioni immobiliari

Conjoint Analysis (CA) is probably the most known and widely used tool in marketing research and demand forecasting. The premise of CA is that every product, or service, has multiple attributes, each with a different utility value for the consumer and that individual utilities can be quantified and assessed in a market simulation perspective. In spite of its popularity and wide diffusion, there has been little systematic research relating to the specific market – like the real estate market. Our work starts from this lack and it is organised in three sections: the first introduces a short history of CA and compares the performances of different interview designs: Adaptive Conjoint Analysis (ACA) and Choice Based Conjoint (CBC). The second section presents the case-study – the housing market of Turin – and shows the results of a research experiment. We compare ACA and CBC designs and discuss about the best when the goal is valuation – in other hands, the price is present between the attributes. The third section concludes and focuses on the problem of real estate market simulation and demand forecasting

La percezione del rischio ambientale nei contesti di valutazione ipotetica. Il caso delle infrastrutture urbane per lo smaltimento dei rifiuti

This work highlights how, within the context of contingent valuation, supporting the assessment of monetary measures of mitigation of environmental damages, has not been sufficiently clarified the role played by the perception of environmental risk, particularly in an ex ante context, where the effect of psychological anchoring to the status quo and the amount / type of available information have an important role driving the individual preferences. The contribution to experimental economics – of which the contingent valuation takes share – of the theory of choice under uncertainty and of behavioural economics is briefly traced and, in order to provide empirical evidence, the results of a choice experiment implemented in Turin, in order to assess the effect of the disamenity due to the location of solid waste infrastructure, are showing

Societal appreciation of energy security: Volume 4: Value of Lost Load - Greece

The report presents the analysis of the Value of Lost Load, which quantifies the economic value of unserved energy, for the case of Greece. The study presents the results of two surveys, to residential and non-residential electricity consumers.JRC.C.3-Energy Security, Distribution and Market