A Multicriteria Model for the Assessment of Countries' Environmental Performance

[EN] Countries are encouraged to integrate environmental performance metrics by covering the key value-drivers of sustainable development, such as environmental health and ecosystem vitality. The proper measurement of environmental trends provides a foundation for policymaking, which should be addressed by considering the multicriteria nature of the problem. This paper proposes a goal programming model for ranking countries according to the multidimensional nature of their environmental performance metrics by considering 10 issue categories and 24 performance indicators. The results will provide guidance to those countries that aspire to become leaders in environmental performance.Guijarro, F. (2019). A Multicriteria Model for the Assessment of Countries' Environmental Performance. International Journal of Environmental research and Public Health. 16(16):1-15. https://doi.org/10.3390/ijerph16162868S1151616Short, F. T., Kosten, S., Morgan, P. A., Malone, S., & Moore, G. E. (2016). Impacts of climate change on submerged and emergent wetland plants. Aquatic Botany, 135, 3-17. doi:10.1016/j.aquabot.2016.06.006Lynch, A. J., Myers, B. J. E., Chu, C., Eby, L. A., Falke, J. A., Kovach, R. P., … Whitney, J. E. (2016). Climate Change Effects on North American Inland Fish Populations and Assemblages. Fisheries, 41(7), 346-361. doi:10.1080/03632415.2016.1186016Wang, Z.-X., Hao, P., & Yao, P.-Y. (2017). Non-Linear Relationship between Economic Growth and CO2 Emissions in China: An Empirical Study Based on Panel Smooth Transition Regression Models. International Journal of Environmental Research and Public Health, 14(12), 1568. doi:10.3390/ijerph14121568Greco, S., Ishizaka, A., Tasiou, M., & Torrisi, G. (2018). On the Methodological Framework of Composite Indices: A Review of the Issues of Weighting, Aggregation, and Robustness. Social Indicators Research, 141(1), 61-94. doi:10.1007/s11205-017-1832-9Biggeri, M., Clark, D. A., Ferrannini, A., & Mauro, V. (2019). Tracking the SDGs in an ‘integrated’ manner: A proposal for a new index to capture synergies and trade-offs between and within goals. World Development, 122, 628-647. doi:10.1016/j.worlddev.2019.05.022Munda, G., & Nardo, M. (2009). Noncompensatory/nonlinear composite indicators for ranking countries: a defensible setting. Applied Economics, 41(12), 1513-1523. doi:10.1080/00036840601019364Munda, G. (2011). Choosing Aggregation Rules for Composite Indicators. Social Indicators Research, 109(3), 337-354. doi:10.1007/s11205-011-9911-9Ding, Y., Fu, Y., Lai, K. K., & John Leung, W. K. (2017). Using Ranked Weights and Acceptability Analysis to Construct Composite Indicators: A Case Study of Regional Sustainable Society Index. Social Indicators Research, 139(3), 871-885. doi:10.1007/s11205-017-1765-3Zhou, P., Ang, B. W., & Poh, K. L. (2007). A mathematical programming approach to constructing composite indicators. Ecological Economics, 62(2), 291-297. doi:10.1016/j.ecolecon.2006.12.020Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429-444. doi:10.1016/0377-2217(78)90138-8Zhou, L., Tokos, H., Krajnc, D., & Yang, Y. (2012). Sustainability performance evaluation in industry by composite sustainability index. Clean Technologies and Environmental Policy, 14(5), 789-803. doi:10.1007/s10098-012-0454-9García, F., Guijarro, F., & Moya, I. (2010). A goal programming approach to estimating performance weights for ranking firms. Computers & Operations Research, 37(9), 1597-1609. doi:10.1016/j.cor.2009.11.018García, F., Guijarro, F., & Moya, I. (2010). Ranking Spanish savings banks: A multicriteria approach. Mathematical and Computer Modelling, 52(7-8), 1058-1065. doi:10.1016/j.mcm.2010.02.015Juwana, I., Muttil, N., & Perera, B. J. C. (2012). Indicator-based water sustainability assessment — A review. Science of The Total Environment, 438, 357-371. doi:10.1016/j.scitotenv.2012.08.093Wiréhn, L., Danielsson, Å., & Neset, T.-S. S. (2015). Assessment of composite index methods for agricultural vulnerability to climate change. Journal of Environmental Management, 156, 70-80. doi:10.1016/j.jenvman.2015.03.020Charnes, A., Cooper, W. W., & Ferguson, R. O. (1955). Optimal Estimation of Executive Compensation by Linear Programming. Management Science, 1(2), 138-151. doi:10.1287/mnsc.1.2.138Tamiz, M., Jones, D., & Romero, C. (1998). Goal programming for decision making: An overview of the current state-of-the-art. European Journal of Operational Research, 111(3), 569-581. doi:10.1016/s0377-2217(97)00317-2Linares, P. (2002). Aggregation of preferences in an environmental economics context: a goal-programming approach. Omega, 30(2), 89-95. doi:10.1016/s0305-0483(01)00059-7Romero, C. (2001). Extended lexicographic goal programming: a unifying approach. Omega, 29(1), 63-71. doi:10.1016/s0305-0483(00)00026-8Dunlap, R. E., & Mertig, A. G. (1995). Global Concern for the Environment: Is Affluence a Prerequisite? Journal of Social Issues, 51(4), 121-137. doi:10.1111/j.1540-4560.1995.tb01351.

A similarity measure for the cardinality constrained frontier in the mean-variance optimization model

[EN] This paper proposes a new measure to find the cardinality constrained frontier in the meanvariance portfolio optimization problem. In previous research, assets belonging to the cardinality constrained portfolio change according to the desired level of expected return, so that the cardinality constraint can actually be violated if the fund manager wants to satisfy clients with different return requirements. We introduce a perceptual approach in the meanvariance cardinality constrained portfolio optimization problem by considering a novel similarity measure, which compares the cardinality constrained frontier with the unconstrained mean-variance frontier. We assume that the closer the cardinality constrained frontier to the mean-variance frontier, the more appealing it is for the decision maker. This makes the assets included in the portfolio invariant to any specific level of return, through focusing not on the optimal portfolio but on the optimal frontier.Guijarro, F. (2018). A similarity measure for the cardinality constrained frontier in the mean-variance optimization model. Journal of the Operational Research Society. 69(6):928-945. doi:10.1057/s41274-017-0276-6S92894569

What makes trading strategies based on chart pattern recognition profitable?

[EN] Automating chart pattern recognition is a relevant issue addressed by researchers and practitioners when designing a system that considers technical analysis for trading purposes. This article proposes the design of a trading system that takes into account any generic pattern that has been proven to be profitable in the past, without restricting the search to the specific technical patterns reported in the literature, hence the term generic pattern recognition. A fast version of dynamic time warping, the University College Riverside subsequence search suite (called the UCR suite), is employed for the pattern recognition task in an effort to produce trading signals in realistic timescales. This article evaluates the significance of the relation between the system's profitability and (a) the pattern length, (b) the take-profit and stop-loss levels and (c) the performance consensus of past patterns. The trading system is assessed under the mean¿variance perspective by using 560 NYSE stocks. The results obtained by the different parameter configurations are reported, controlling for both data-snooping and transaction costs. On average, the proposed system dominates the market index in the mean¿variance sense. Although transaction costs reduce the profitability of the proposed trading system, 92.5% of the experiments are profitable if the analysis is reduced to the parameter values aligned with the technical analysisTsinaslanidis, P.; Guijarro, F. (2021). What makes trading strategies based on chart pattern recognition profitable?. Expert Systems. 38(5):1-17. https://doi.org/10.1111/exsy.12596S11738

Analysis of Academic Literature on Environmental Valuation

[EN] Environmental valuation refers to a variety of techniques to assign monetary values to environmental impacts, especially non-market impacts. It has experienced a steady growth in the number of publications on the subject in the last 30 years. We performed a search for papers containing the term "environmental valuation" in the title, abstract, or keywords. The search was conducted with an online literature search engine of the Web of Science (WoS) electronic databases. A search of this database revealed that the term "environmental valuation" appeared for the first time in 1987. Since then a large number of studies have been published, including significant breakthroughs in theory and applications. In the present work 661 publications were selected for a review of the literature on environmental valuation over the period 1987-2019. This paper analyzes the evolution of the leading methodologies and authors, highlights the preference for the choice experiment method over the contingent valuation method, and shows that relatively few papers have had a strong impact on the researchers in this areaGuijarro, F.; Tsinaslanidis, P. (2020). Analysis of Academic Literature on Environmental Valuation. International Journal of Environmental research and Public Health (Online). 17(7):1-14. https://doi.org/10.3390/ijerph17072386S114177Nyborg, K. (2000). Project analysis as input to public debate: Environmental valuation versus physical unit indicators. Ecological Economics, 34(3), 393-408. doi:10.1016/s0921-8009(00)00180-4Christie, M., Fazey, I., Cooper, R., Hyde, T., & Kenter, J. O. (2012). An evaluation of monetary and non-monetary techniques for assessing the importance of biodiversity and ecosystem services to people in countries with developing economies. Ecological Economics, 83, 67-78. doi:10.1016/j.ecolecon.2012.08.012Remoundou, K., & Koundouri, P. (2009). Environmental Effects on Public Health: An Economic Perspective. International Journal of Environmental Research and Public Health, 6(8), 2160-2178. doi:10.3390/ijerph6082160Niemeyer, S., & Spash, C. L. (2001). Environmental Valuation Analysis, Public Deliberation, and their Pragmatic Syntheses: A Critical Appraisal. Environment and Planning C: Government and Policy, 19(4), 567-585. doi:10.1068/c9sBaranzini, A., & Ramirez, J. V. (2005). Paying for Quietness: The Impact of Noise on Geneva Rents. Urban Studies, 42(4), 633-646. doi:10.1080/00420980500060186Guijarro, F. (2019). Assessing the Impact of Road Traffic Externalities on Residential Price Values: A Case Study in Madrid, Spain. International Journal of Environmental Research and Public Health, 16(24), 5149. doi:10.3390/ijerph16245149Thorne, R., & Shepherd, D. (2013). Quiet as an Environmental Value: A Contrast between Two Legislative Approaches. International Journal of Environmental Research and Public Health, 10(7), 2741-2759. doi:10.3390/ijerph10072741Hanemann, W. M. (2003). Willingness To Pay and Willingness To Accept: How Much Can They Differ? Reply. American Economic Review, 93(1), 464-464. doi:10.1257/000282803321455449Adamowicz, W. L., Bhardwaj, V., & Macnab, B. (1993). Experiments on the Difference between Willingness to Pay and Willingness to Accept. Land Economics, 69(4), 416. doi:10.2307/3146458Plottu, E., & Plottu, B. (2007). The concept of Total Economic Value of environment: A reconsideration within a hierarchical rationality. Ecological Economics, 61(1), 52-61. doi:10.1016/j.ecolecon.2006.09.027Aznar, J., Guijarro, F., & Moreno-Jiménez, J. M. (2009). Mixed valuation methods: a combined AHP-GP procedure for individual and group multicriteria agricultural valuation. Annals of Operations Research, 190(1), 221-238. doi:10.1007/s10479-009-0527-2Adamowicz, W. L. (2004). What’s it worth? An examination of historical trends and future directions in environmental valuation*. The Australian Journal of Agricultural and Resource Economics, 48(3), 419-443. doi:10.1111/j.1467-8489.2004.00258.xHoyos, D. (2010). The state of the art of environmental valuation with discrete choice experiments. Ecological Economics, 69(8), 1595-1603. doi:10.1016/j.ecolecon.2010.04.011Aria, M., & Cuccurullo, C. (2017). bibliometrix : An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959-975. doi:10.1016/j.joi.2017.08.007Is Choice Experiment Becoming More Popular Than Contingent Valuation? A Systematic Review in Agriculture, Environment and Healthhttps://econpapers.repec.org/paper/faewpaper/2014.12.htmBoxall, P. C., & Adamowicz, W. L. (2002). Environmental and Resource Economics, 23(4), 421-446. doi:10.1023/a:1021351721619Lancsar, E., & Louviere, J. (2008). Conducting Discrete Choice Experiments to Inform Healthcare Decision Making. PharmacoEconomics, 26(8), 661-677. doi:10.2165/00019053-200826080-00004Hanley, N., Mourato, S., & Wright, R. E. (2002). Choice Modelling Approaches: A Superior Alternative for Environmental Valuatioin? Journal of Economic Surveys, 15(3), 435-462. doi:10.1111/1467-6419.00145Hanley, N., Wright, R. E., & Adamowicz, V. (1998). Environmental and Resource Economics, 11(3/4), 413-428. doi:10.1023/a:1008287310583Turner, R. K., Paavola, J., Cooper, P., Farber, S., Jessamy, V., & Georgiou, S. (2003). Valuing nature: lessons learned and future research directions. Ecological Economics, 46(3), 493-510. doi:10.1016/s0921-8009(03)00189-7Martinez-Alier, J., Munda, G., & O’Neill, J. (1998). Weak comparability of values as a foundation for ecological economics. Ecological Economics, 26(3), 277-286. doi:10.1016/s0921-8009(97)00120-1Boxall, P. C., Adamowicz, W. L., Swait, J., Williams, M., & Louviere, J. (1996). A comparison of stated preference methods for environmental valuation. Ecological Economics, 18(3), 243-253. doi:10.1016/0921-8009(96)00039-0Ferrini, S., & Scarpa, R. (2007). Designs with a priori information for nonmarket valuation with choice experiments: A Monte Carlo study. Journal of Environmental Economics and Management, 53(3), 342-363. doi:10.1016/j.jeem.2006.10.007Adamowicz, W., Swait, J., Boxall, P., Louviere, J., & Williams, M. (1997). Perceptions versus Objective Measures of Environmental Quality in Combined Revealed and Stated Preference Models of Environmental Valuation. Journal of Environmental Economics and Management, 32(1), 65-84. doi:10.1006/jeem.1996.0957Kahneman, D., & Knetsch, J. L. (1992). Valuing public goods: The purchase of moral satisfaction. Journal of Environmental Economics and Management, 22(1), 57-70. doi:10.1016/0095-0696(92)90019-sAdamowicz, W., Boxall, P., Williams, M., & Louviere, J. (1998). Stated Preference Approaches for Measuring Passive Use Values: Choice Experiments and Contingent Valuation. American Journal of Agricultural Economics, 80(1), 64-75. doi:10.2307/3180269Adamowicz, W., Louviere, J., & Williams, M. (1994). Combining Revealed and Stated Preference Methods for Valuing Environmental Amenities. Journal of Environmental Economics and Management, 26(3), 271-292. doi:10.1006/jeem.1994.1017Lancaster, K. J. (1966). A New Approach to Consumer Theory. Journal of Political Economy, 74(2), 132-157. doi:10.1086/259131Ščasný, M., Zvěřinová, I., Czajkowski, M., Kyselá, E., & Zagórska, K. (2016). Public acceptability of climate change mitigation policies: a discrete choice experiment. Climate Policy, 17(sup1), S111-S130. doi:10.1080/14693062.2016.1248888Streimikiene, Balezentis, Alisauskaite-Seskiene, Stankuniene, & Simanaviciene. (2019). A Review of Willingness to Pay Studies for Climate Change Mitigation in the Energy Sector. Energies, 12(8), 1481. doi:10.3390/en1208148

Market trends, momentum effect and efficient market hypothesis

[ES] El objetivo principal de este trabajo de investigación es analizar si existen posibilidades de diseñar estrategias intradía beneficiosas en el índice alemán DAX. Dependiendo de la tendencia observada en la sesión anterior, cinco diferentes estrategias han sido desarrolladas. Una vez conocido si el índice DAX sigue algún patrón, la eficiencia del mercado ha sido analizada para determinar si existen ineficiencias que pueden ser aprovechadas para obtener beneficios. Por otro lado, también se han aplicado los mecanismos de Stop-Loss y Stop-Profit para medir su impacto en el riesgo y rentabilidad. Las conclusiones principales son que el mercado de acciones alemán no es completamente eficiente y que la estrategia de reversión a la media es la que mejor se ajusta en el periodo de muestra. Además, el uso de Stop-Loss es muy recomendable, mientras que la aplicación de Stop-Profits dependerá del perfil de riesgo del inversor.[EN] The main purpose of this research project has been to analyse if any profitable intra-­ day strategy can be designed in the German DAX index, taking into account the previous day¿s trend. Regarding the pattern followed by this index, five different strategies have been ranked, including the trend strategy and mean reversion strategy. Once knowing that the DAX follows a determined pattern, the market efficiency has been tested to know how can an investor make profits from it. On the other side, the impact of Stop-­Loss and Stop-­Profit mechanisms has been analysed as well in terms of risk and return. The main conclusions are that the German stock market is not completely efficient because the mean reversion strategy performs better than the other ones in almost all the sample period. Moreover, the use of Stop-­Losses is extremely advisable, while the application of Stop-­Profits depends on the investors risk profile.Eguiguren Balerdi, J.; Guijarro, F. (2017). Market trends, momentum effect and efficient market hypothesis. Finance, Markets and Valuation. 3(2):57-69. http://hdl.handle.net/10251/102324S57693

Assessing the Impact of Road Traffic Externalities on Residential Price Values: a Case Study in Madrid, Spain

[EN] This paper describes a study of the relationship between undesired road traffic externalities and residential price values in the Spanish city of Madrid. A large database was gathered, including the price and characteristics of 21,634 flats and road traffic intensity at 3904 different points across the city. The results obtained by a hedonic model suggest that both distance from the traffic measurement point and average daily traffic are significantly related to the price of residential properties, even after controlling for structural and neighbourhood variables. Distance to traffic areas has a positive impact on dwelling prices, whilst these are negatively related to traffic intensity.Guijarro, F. (2019). Assessing the Impact of Road Traffic Externalities on Residential Price Values: a Case Study in Madrid, Spain. International Journal of Environmental research and Public Health. 16(24):1-13. https://doi.org/10.3390/ijerph16245149S1131624Kim, M., Chang, S. I., Seong, J. C., Holt, J. B., Park, T. H., Ko, J. H., & Croft, J. B. (2012). Road Traffic Noise. American Journal of Preventive Medicine, 43(4), 353-360. doi:10.1016/j.amepre.2012.06.014Sorensen, M., Hvidberg, M., Andersen, Z. J., Nordsborg, R. B., Lillelund, K. G., Jakobsen, J., … Raaschou-Nielsen, O. (2011). Road traffic noise and stroke: a prospective cohort study. European Heart Journal, 32(6), 737-744. doi:10.1093/eurheartj/ehq466Munzel, T., Gori, T., Babisch, W., & Basner, M. (2014). Cardiovascular effects of environmental noise exposure. European Heart Journal, 35(13), 829-836. doi:10.1093/eurheartj/ehu030Bodin, T., Albin, M., Ardö, J., Stroh, E., Östergren, P.-O., & Björk, J. (2009). Road traffic noise and hypertension: results from a cross-sectional public health survey in southern Sweden. Environmental Health, 8(1). doi:10.1186/1476-069x-8-38Lercher, P., Widmann, U., & Thudium, J. (2014). Hypotension and Environmental Noise: A Replication Study. International Journal of Environmental Research and Public Health, 11(9), 8661-8688. doi:10.3390/ijerph110908661Dzhambov, A. M., & Lercher, P. (2019). Road Traffic Noise Exposure and Depression/Anxiety: An Updated Systematic Review and Meta-Analysis. International Journal of Environmental Research and Public Health, 16(21), 4134. doi:10.3390/ijerph16214134De Kluizenaar, Y., Janssen, S., Vos, H., Salomons, E., Zhou, H., & van den Berg, F. (2013). Road Traffic Noise and Annoyance: A Quantification of the Effect of Quiet Side Exposure at Dwellings. International Journal of Environmental Research and Public Health, 10(6), 2258-2270. doi:10.3390/ijerph10062258Urban, J., & Máca, V. (2013). Linking Traffic Noise, Noise Annoyance and Life Satisfaction: A Case Study. International Journal of Environmental Research and Public Health, 10(5), 1895-1915. doi:10.3390/ijerph10051895Shepherd, D., Welch, D., Dirks, K., & McBride, D. (2013). Do Quiet Areas Afford Greater Health-Related Quality of Life than Noisy Areas? International Journal of Environmental Research and Public Health, 10(4), 1284-1303. doi:10.3390/ijerph10041284Del Giudice, V., De Paola, P., Manganelli, B., & Forte, F. (2017). The Monetary Valuation of Environmental Externalities through the Analysis of Real Estate Prices. Sustainability, 9(2), 229. doi:10.3390/su9020229Wilhelmsson, M. (2000). The Impact of Traffic Noise on the Values of Single-family Houses. Journal of Environmental Planning and Management, 43(6), 799-815. doi:10.1080/09640560020001692Baranzini, A., & Ramirez, J. V. (2005). Paying for Quietness: The Impact of Noise on Geneva Rents. Urban Studies, 42(4), 633-646. doi:10.1080/00420980500060186Kim, K. S., Park, S. J., & Kweon, Y.-J. (2007). Highway traffic noise effects on land price in an urban area. Transportation Research Part D: Transport and Environment, 12(4), 275-280. doi:10.1016/j.trd.2007.03.002Blanco, J. C., & Flindell, I. (2011). Property prices in urban areas affected by road traffic noise. Applied Acoustics, 72(4), 133-141. doi:10.1016/j.apacoust.2010.11.004Łowicki, D., & Piotrowska, S. (2015). Monetary valuation of road noise. Residential property prices as an indicator of the acoustic climate quality. Ecological Indicators, 52, 472-479. doi:10.1016/j.ecolind.2015.01.002Szczepańska, A., Senetra, A., & Wasilewicz-Pszczółkowska, M. (2015). The effect of road traffic noise on the prices of residential property – A case study of the polish city of Olsztyn. Transportation Research Part D: Transport and Environment, 36, 167-177. doi:10.1016/j.trd.2015.02.011Levkovich, O., Rouwendal, J., & van Marwijk, R. (2015). The effects of highway development on housing prices. Transportation, 43(2), 379-405. doi:10.1007/s11116-015-9580-7Li, W., & Saphores, J.-D. (2012). Assessing Impacts of Freeway Truck Traffic on Residential Property Values. Transportation Research Record: Journal of the Transportation Research Board, 2288(1), 48-56. doi:10.3141/2288-06Brandt, S., & Maennig, W. (2011). Road noise exposure and residential property prices: Evidence from Hamburg. Transportation Research Part D: Transport and Environment, 16(1), 23-30. doi:10.1016/j.trd.2010.07.008Kawamura, K., & Mahajan, S. (2005). Hedonic Analysis of Impacts of Traffic Volumes on Property Values. Transportation Research Record: Journal of the Transportation Research Board, 1924(1), 69-75. doi:10.1177/0361198105192400109Day, B., Bateman, I., & Lake, I. (2007). Beyond implicit prices: recovering theoretically consistent and transferable values for noise avoidance from a hedonic property price model. Environmental and Resource Economics, 37(1), 211-232. doi:10.1007/s10640-007-9121-8Andersson, H., Jonsson, L., & Ögren, M. (2009). Property Prices and Exposure to Multiple Noise Sources: Hedonic Regression with Road and Railway Noise. Environmental and Resource Economics, 45(1), 73-89. doi:10.1007/s10640-009-9306-4Larsen, J. E. (2012). Surface street traffic volume and single-family house price. Transportation Research Part D: Transport and Environment, 17(4), 317-320. doi:10.1016/j.trd.2012.01.004Del Giudice, V., & de Paola, P. (2014). The Effects of Noise Pollution Produced by Road Traffic of Naples Beltway on Residential Real Estate Values. Applied Mechanics and Materials, 587-589, 2176-2182. doi:10.4028/www.scientific.net/amm.587-589.2176Swoboda, A., Nega, T., & Timm, M. (2015). HEDONIC ANALYSIS OVER TIME AND SPACE: THE CASE OF HOUSE PRICES AND TRAFFIC NOISE. Journal of Regional Science, 55(4), 644-670. doi:10.1111/jors.12187Le Boennec, R., & Salladarré, F. (2017). The impact of air pollution and noise on the real estate market. The case of the 2013 European Green Capital: Nantes, France. Ecological Economics, 138, 82-89. doi:10.1016/j.ecolecon.2017.03.030Gallo, M. (2018). The Impact of Urban Transit Systems on Property Values: A Model and Some Evidences from the City of Naples. Journal of Advanced Transportation, 2018, 1-22. doi:10.1155/2018/1767149Del Giudice, V., De Paola, P., & Cantisani, G. (2017). Rough Set Theory for Real Estate Appraisals: An Application to Directional District of Naples. Buildings, 7(4), 12. doi:10.3390/buildings7010012Dubin, R. A. (1992). Spatial autocorrelation and neighborhood quality. Regional Science and Urban Economics, 22(3), 433-452. doi:10.1016/0166-0462(92)90038-3Chica Olmo, J. (1995). Spatial Estimation of Housing Prices and Locational Rents. Urban Studies, 32(8), 1331-1344. doi:10.1080/00420989550012492Hiller, N. (2014). The relative importance of structural and locational effects on apartment price variations in a medium-sized German city. Review of Regional Research, 35(1), 73-102. doi:10.1007/s10037-014-0086-0Inuiguchi, M., & Kume, Y. (1991). Goal programming problems with interval coefficients and target intervals. European Journal of Operational Research, 52(3), 345-360. doi:10.1016/0377-2217(91)90169-

Proposal of a new methodology to define the areas to apply the different rates of the location coefficient of the economic activities tax

[EN] This paper makes a methodological proposal to determine the different zones or areas where the different location coefficients of the economic activities tax should be applied. In the first part of the paper, the most widely employed methodology in present is analyzed and some weaknesses are identified based on its foundation and on its daily implementation, so the need for an alternative methodology. In the second part, a new methodology is introduced, which advocates for dividing the territory of the city into different zones and apply on all the companies undertaking the same activity located in the same zone the same location coefficient. The zoning is made taking into account the attraction power of the different zones. In order to measure the attraction capability, an analysis of the spatial distribution of the companies is performed for each type of economic activity.[ES] El presente artículo realiza una propuesta para el establecimiento de zonas en las que aplicar los diferentes tipos del coeficiente de situación a efectos del Impuesto de Actividades Económicas (IAE). En primer lugar, se analiza la metodología utilizada más frecuentemente en la actualidad y se indican diversos puntos débiles, tanto en relación a su fundamentación como a su aplicación en la gestión cotidiana del impuesto, lo que evidencia la necesidad de una metodología alternativa. Seguidamente se propone una nueva metodología que propugna dividir el territorio municipal en zonas y aplicar a todas las empresas con una actividad concreta dentro de cada zona el mismo coeficiente de situación. Esta zonificación se realiza a partir de la capacidad de atracción de las diferentes zonas. Para detectar ese grado de atracción, se lleva a cabo un análisis de la distribución espacial de las empresas en el municipio en cuestión, teniendo en cuenta las distintas clases de actividades económicas.Guijarro, F. (2017). Propuesta de una nueva metodología para el establecimiento de zonas en las que aplicar los diferentes tipos del coeficiente de situación a efectos del impuesto de actividades económicas. Finance, Markets and Valuation. 3(1):133-150. http://hdl.handle.net/10251/102318S1331503

Housing Ranking: a model of equilibrium between buyers and sellers expectations

The equilibrium set of housing units (alternatives) can be characterized from the standpoint of both the demander and the supplier. The current work describes an application of the multicriteria single price model to the ranking of alternatives. By a generalization of the single price model and from both viewpoints an efficiency index can be calculated. We demonstrate how, in equilibrium, the two viewpoints result inevitably in inverse orders of ranking. The model is illustrated by a sample of housing units in the city of Valencia, Spain.

Characteristics of unemployed people, training attendance and job searching success in the Valencian region (Spain)

[EN] The current economical recovery is driven by expansions in many countries, with a global economic growth of 3.6% in 2017. However, some countries are still struggling with vulnerable forms of employment and high unemployment rates. Official statistics in Spain reveal that women and older people constitutes the core of structural unemployment, and are persistently being excluded from employment recovery. This paper contributes with a database that includes jobseekers' characteristics, enrollment on training initiatives for unemployed and employment contracts for the Valencian region in Spain. Analysing the relation between the involved variables can help researchers to shed light on which characteristics are positively related to employment and then encourage political decision makers to promote initiatives to support vulnerable groups.Guijarro, F. (2018). Characteristics of unemployed people, training attendance and job searching success in the Valencian region (Spain). Data. 3(4). https://doi.org/10.3390/data3040047S3

Economic recovery and effectiveness of active labour market initiatives for the unemployed in Spain: a gender perspective of the Valencian region

[EN] Macroeconomic indicators regarding employment have been gradually improved by southern European countries during recent years. However, the labour market still seems to be highly polarized across regions and some groups are persistently excluded from jobs recovery. This paper analyses the effectiveness of active labour market initiatives in the Valencian region, one of the worst-affected areas regarding unemployment in Spain. By using a large official database from the Valencian government, results of the probit model show that participating on active labour market initiatives have a positive impact on the probability of exiting unemployment, even after controlling for age, level of education and gender of candidates. The research also reveals that people aged 55 and older and females constitute the most vulnerable groups. Regarding women, only those with higher education increase their probability of finding a job.Guijarro, F. (2018). Economic recovery and effectiveness of active labour market initiatives for the unemployed in Spain: a gender perspective of the Valencian region. Sustainability. 10(10). https://doi.org/10.3390/su10103623S101