157 research outputs found
The Evidence of Buyer Bargaining Power in The Stockholm Residential Real Estate Market
Get PDFThe objective is to investigate whether uninformed buyers pay higher prices for single-family houses than do other buyers and test whether the bargaining power increases with information. We examine data on real estate prices and attributes, as well as household characteristics and buying process from Stockholm. Our results show that uninformed buyers seem to pay a higher price than informed buyers do. Bargaining power is not weaker for a first-time buyer but is weaker if the household has participated in several biddings and lost. Repeated bidding-and-losing households are more willing to increase their reservation price and pay a higher overall price compared to other households.
Confronting the Future: Coping with Discovery of Electronic Material
Get PDFEarlier research has found that housing and childbearing are linked, difficulties accessinghousing possibly delaying childbearing and negatively effecting education opportunities. Toincrease housing accessibility, some municipalities have earmarked apartments for youngadults. These “youth dwellings” are criticized for being small and not necessarily facilitatingfamily formation and fertility, better suiting students’ needs. We analyze the childbearing andeducation patterns of young adults entering youth housing in 1996. We follow them for 14years to examine the causal effect of youth housing on childbearing and higher educationusing a propensity score matching technique. Results indicates that gaining access to small,low-rent inner-city rental apartments earmarked for young adults promote higher educationbut negatively affect childbearing, unless the rest of the housing market permits these rentersto advance their housing careers.Qc 20150205</p
The value of retail rents with regression models: a case study of Shanghai
Full text linkAbstractPurpose– The purpose of this paper is to estimate the determinants of the retail space rent in Shanghai.Design/methodology/approach – Hedonic model and spatial regression models are used in the paper. The problem of spatial autocorrelation is tested by Moran’s I statistics, and the root mean square error (RMSE) test is performed to find out the best model.Findings – The significant explaining variables are the age, the area of retail space, the distance to the Jing An CBD centre, the type of the retail and the district of the property. A new classification of district in retail research context is suggested in this paper, and it is proved to be better than the districts set up by government to explain the retail rent variation.Originality/value – This paper presents the first empirical study about the retail rental market in Shanghai. The research helps retail property investors and retail tenants deepen their understanding of the retail market in Shanghai. Spatial econometrics techniques are first introduced into the empirical retail rent research to produce a more precise estimation.<br /
Impacts of shopping malls on apartment prices: the case of Stockholm
Get PDFShopping malls, as an important type of commercial facilities, are growing dramatically. They have gradually become one of the most dominant factors that can influence people's daily life as well as a city's economic development. People's willingness to pay for dwellings is also primarily associated with the surrounding commercial layout. Hence, it is of interest to find out more from a quantitative perspective on the relationship between shopping malls and housing prices. This study aims to analyze how the prices of condominiums will be affected by the proximity of shopping malls. Two aspects are considered and examined in the empirical study, namely a proximity to the shopping mall, and the number of shopping malls within 3 kilometers radius. We try to examine if there is any price premium for those apartments near the shopping mall or with more shopping malls in the neighborhood. In this empirical study, 36 shopping malls in different locations in the county of Stockholm, Sweden, is utilized. The sample of transactions consists of 336,914 apartments. By using regression analysis, based on the traditional hedonic model, the results show that there is an inverse relationship between the apartment prices and its distance from the shopping mall while the number of shopping malls is positively correlated with apartment prices. However, the impact has declined over time
A model for analyzing influence of timber production on lichens for reindeer grazing
Get PDFA model for long-term analysis of the influence of timber production on lichens for reindeer grazing (Cladina, Alectoria, Bryoria spp and others) in Sweden is presented. The annual production of and demand for lichens are estimated and compared. Production of these lichens is presumed to set the upper limit for the reindeer population. Reindeer graze on both ground and tree lichens, which both must be accessible in sufficient amounts and at the right times of the year if reindeer husbandry is to succeed without supplementary feeding. The model is based mainly on existing data, and uses are estimations from the National Forest Survey and the Hugin system for calculation of longterm potential cut (Bengtsson, 1981). Geographically the study is limited to Vasterbotten and Norrbotten, the northernmost counties in Sweden, where most reindeer husbandry in Sweden is located, and where reindeer grazing takes place over almost the whole area. The calculations cover a period of one hundred years from 1980, and are based on a timber production programme which relies more on «multiple use» than the current Swedish forest policy (Bengtsson, 1986). The annual production of ground lichens is calculated by multiplying the area covered with ground lichens by their increment as estimated from their rate of biomass increase, which in turn depends on site factors and age of the stand. The estimation of the area is based on data from the National Forest Survey. Sample plots with ground lichens are assumed to maintain lichens during the whole hundred year period. Areas with stands that have been thinned within ten years and stands younger than 20 years are excluded due to logging residues from thinnings and packed snow. Some of the remaining area cannot practically be utilized for reindeer grazing. Representatives of three communities of reindeer herders classified 212 plots from the National Forest Survey with ground lichens and assessed that 3/4 of the plots can be utilized. The reduction was because of location (near buildings, roads, railroads, and recreation facilities), or because the area with lichens was too small and isolatéd. Demand for ground lichens is calculated as the daily demand for ground lichens by the reindeer multiplied by the number of days every year that reindeer depend on this forage. Figures used are based upon estimations from persons with great experience of reindeer farming. The annual production of tree lichens consists of two parts, i.e., tree lichens within reach of the reindeer, and tree lichens which become accessible after falling down from the trees onto the snow. Forest stands dominated by conifers and older than one hundred years are assumed to bear tree lichens. This area is also reduced to 75 per cent for reasons of practical accessibility. Annual production of lichens in reach of the reindeer is then estimated as the area multiplied by the increment rate of the biomass. One quarter of the annually fallen tree lichens is assumed to be available as fodder during late winter/early spring. The demand for tree lichens is principally estimated in the same way as for ground lichens, but the number of days per years is lower because tree lichens are mainly considered to be fodder in distress periods. Two sources of uncertainty are present in the results, namely the influence of factors not included in the models, and the influence of uncertainty in factors included in the models. The models used to estimate production and demand obviously imply simplifactions of true relations. These simplifications are mainly due to a basic lack of knowledge, one example being that variation, i.e. in volume per hectare, might very well influence the production of lichens, but is not taken into consideration in the models. One example of uncertainty in data used is the increment rate of lichen fodder. Another example is the estimation of biomass of lichens, here based upon investigations (Eriksson, unpubl.) with other purposes than to provide data about grazing availability in the large geographic regions used in this study. The possibilities for drawing reliable conclusions will increase when better estimations of input data and relationship are available. The geographic division into four regions is a result of the design of the National Forest Survey. However, great differences may be present within these geographic areas, each containing a number of communities of reindeer herders. Thus, results are not applicable to single communities of reindeer herders. The study illustrates a method of revealing how lichen fodder for reindeer will develop in relation to timber production. The results of the calculations, however, are too uncertain to allow reliable conclusions to be drawn. Nonetheless, the results indicate that in some areas there is already a shortage of lichen fodder for the number of reindeer assumed in this study. The calculations hint that production will decrease in the future. These indications should motivate more research in this topic. If the results of this study are accurate and if forestry develops according to the assumptions, the owners of the reindeer will have to continue or increase the supplementary feeding and/or reduce the number of reindeer significantly. They will also have to utilize all of the areas that are possible to graze, even if some of them today are considered to be of marginal value for reindeer grazing. Another way to improve the balance of production and demand is to adjust forest management on areas with lichens to a greater extent than has been done in the timber production alternative analysed in this study.Virkesproduktionens inverkan på renskotselns lavbete - En metodstudie.Abstract in Swedish / Sammanfattning: En modell for långsiktig analys av virkesproduktionens inverkan på renskotselns lavbete(Cladina, Alectoria, Bryoria spp mfl) i Sverige presenteras. Modellen beråknar årlig produktion och behov av lavbete, ef^ersom tillgången på dessa lavar bedoms begrånsa renpopulationen. Både tråd- och marklavar betas av renarn£| och måste finnas tillgångliga i tillråcklig mångd och vid rått tidpunkt under året om renskotseln skall klara sig utan stodutfordring. Modellen bygger huvudsakligen på redan existerande data. Skattningarna av areal gors med data från riksskogstaxeringen och från beråkningar med Hugin-systemet for långsiktiga analyser av avverkningsmojlighe-terna (Bengtsson, 1981). Studien begrånsas geografiskt till Norr- och Våsterbottens lån. Beråkningarna gors for en hun^raårsperiod med start 1980, och bygger på ett virkesproduktionsprogram i A VB-85 som syftar till mera mångbruk an dagens skogspolitik (Bengtsson, 1986). Den årliga produktionen av marklav skattas som produkten av mångden marklav per hektar, dess till-våxtprocerit och arealen med marklav. Mångden marklav per hektar beror av ståndortsforhållanden och bes-tåndsåldern. Skattningen av arealen baseras på uppgifter från riksskogstaxeringen. Provytor med marklav antas vara laybårande under hela prognosperioden. Provytor dår beståndsåldern år lågre ån 20 år, samt provytor som i awerkningsberåkningen rojts eller gallrats under senaste tioårsperiod råknas dock bort. Orsaken år att snopacknirig och kvarlåmnade stammar och ris forsvårar eller omojliggor for renen att komma åt laven. Hela den återstående arealen kan dock inte nytt jas for planerad renskotsel. Representanter for tre samebyar bedomd)e 212 av riksskogstaxeringens provytor med marklav med avseende på om de kan nytt jas for planerad renskotsel. Resultatet blev att 3/4 av provytorna ansågs kunna utnyttjas. Provytor råknades bort på grund av belågenlhet nåra byggnader, vågar, jårnvågar och friluftsanlåggningar, eller pga att arealen med marklav var for liten och isolerad for att kunna utnyttjas. Behovet av marklav beråknas som produkten av det genomsnittliga dygnsbehovet for en ren, antalet renar samt det ailital dagar per år som renarna bedoms ha behov av detta foder. De två senare uppgifterna grundas på uppskattningar av personer med stor erfarenhet av renskotsel. Den årliga produktionen av trådlavar består dels av lavtillvåxten i det betningsbara hojdintervallet, dels av trådlav som faller ner på snon. Barrdominerade bestånd aldre ån hundra år antas vara trådlavbårande, men åven denna areal reduceras med hånsyn till praktisk tillgånglighet. Årlig produktion av trådlav inom råckhåll for renen skattas som produkt av mångden trådlav, dess tillvåxtprocent och arealen. Av den trådlav som årli-gen faller n)er på marken antas en fjårdedel vara tillgånglig under vårvintern. Efterfrågan på trådlav beråknas på i princip samma sått som efterfrågan på marklav, men antal betningsda-gar per år åk lågre eftersom trådlav huvudsakligen år ett visserligen hogkvalitativt och låttillgångligt, men dock nodfoder. Resultaten år osåkra av två huvudorsaker. Dels pga inverkan av faktorer som inte ingår i modellen, dels osåkerhetejn i de faktorer som ingår i modellen. Modellen innehåller uppenbart forenklingar av verkliga samband. Dessa forenklingar beror huvudsakligen på viss brist på grunddata. Mojligheterna att dra såkre slutsatser kommer att oka i takt med båttre kunskap om utnyttjade samband och uppgifter. Den geografiska indelningen i lånsdelar beror på utformningen av riksskogstaxeringen. Forhållandena kan givetvis variera inom dessa lånsdelar, som var och en består av ett flertal samebyar. Resultaten får således inte tillåmpas på enskilda samebyar. Studien visar på en metod for att belysa hur renskotselns lavbete kommer att utvecklas i relation till virkes-produktionen. Resultaten år dock allt for osåkra for att man skall kunna dra några såkra slutsatser. Resultaten antyder emellertid att for vissa områden finns redan i dag en brist på lavbete for den renpopulation som kalkylerats med i denna studie. Beråkningarna antyder att produktionen av lavbete kommer att minska i framtiden, vilket bor motivera mer forskning inom området. Om resultaten i denna studie år riktiga och om det virkesproducerande skogsbruket utvecklas enligt exemplet, måste renågarna fortsåtta med eller utoka stodutfodringen och/eller minska antalet renar betydligt. De tvingas också utnyttja alla betningsbara områden, åven sådana som for nårvarande anses vara marginella. Ett annat sått att forbåttra balansen år att modifiera det virkesproducerande skogsbruket på arealer med lavbete i storre utstråckning ån vad som gors i det alternativ som analyseras hår.Puuntuotannon vaikutus jäkälälaitumiin.Abstract in Finnish / Yhteenveto: Artikkelissa esitetåån pitkånaikavålin analyysimalli puuntuotannon vaikutuksista ruotsin jåkålå-laitumille (Cladina, Alectoria, Bryoria spp. ym.). Koska jåkålien saantia pidetåån porojenlukumååråå rajoittava, laskee malli jåkålålaidunten vuotuisen tuoton ja tarpeen. Porot laiduntavat sekå puussa ettå maassa kasvavia jåkåliå, ja nitå molempia on oltava saatavilla, sekå tarvittava måårå, ettå oikeaan aikaan vuodesta, jos poronhoito aikoo selviytyå ilman tukiruokintaa. Malli rakentuu pååsiassa jo aikaisemmin hankittuihin tietoihin. Pinta-ala arviot tehdåån valtakunnanmetsånarvioinnin tietojen, ja hakkuumahdollisuuksien pitkånaikavålin analysoimiseksi perustetun Hugin-systeemin laskelmien avulla (Bengtsson, 1981). Maantieteellisesti tutkielma rajoittuu Norrbotte-nin ja Våsterbottenin lååneihin. Laskelmat tehdåån sadanvuoden aikavålille alkaen 1980, perustuen yhteen AVB-85:en puuntuotantoohjelmaan, joka tåhtåå tåmånpåivåistå laajempaan metsien moninaiskåyttoon (Bengtsson, 1986). Vuotuinen maassa kasvavien jåkålien tuotanto arvioidaan jåkålien hehtaarimåårien, sen kasvuprosentin ja pinta-alan tulona. Jåkålien måårå hehtaaria kohti on riippuvainen kasvupaikan ja metsikon iåstå. Pinta-ala arviot perustuvat valtakunnanmetsånarvioinnin tietoihin. Jåkålåå kasvavien koealojen odotetaan pitåvån jåkå-låkasvustonsa koko prognoosiajan. Koealat, joissa metsikon ikå on alle 20 vuotta, sekå koealat, jotka hak-kuulaskelmissa on perattu tai harvennettu viimeisen kymmenen vuoden aikana, on jåtetty huomioimatta. Syynå tåhån on lumenpakkaantuminen, sekå jåljelle jåtetyt rungot ja oksat, jotka vaikeuttavat tai tekevåt po-rojen jåkålån saannin mahdottomaksi. Vuotuinen puussa kasvavien jåkålien tuotanto koostuu, osittain poron ulottuvilla olevasta, ja osittain lu¬melle putoavasta jakålåstå. Yli sata vuotta vanhojen havupuuvaltaisten metsikkojen oletetaan tuottavan puussa kasvavia jåkåliå, mutta myos tåmå pinta-ala pienenee kåytånnon syistå. Vuotuinen poronulottuvilla puussa kasvavien jåkåliå tuotanto arvioidaan jåkålån måårån, sen kasvuprosentin ja pinta-alan tulona. Yksi neljånnesosa siitå vuosittain lumelle tippuvasta jåkålåmååråstå oletetaan olevan saatavilla kevåttalvella. Puussa kasvavien jåkålien kysyntå lasketaan periaatteessa samalla tavoin kuin maassa kasvavien jåkålien ky-syntå, paitsi ettå vuorokausien måårå vuodessa on pienempi, koska puussa kasvavavien jåkålien katsotaan på-åasiassa olevan håtåravintoa. Tulokset ovat epåvarmoja kahdesta pååsyystå. Osittain niiden tekijoiden vuoksi, jotka eivåt sisålly malliin, osittain niiden tekijoiden epåtarkkuudesta, jotka sisåltyvåt malliin. Malli sisåltåå selviå todellisten yhteyksien yksinkertaistamisia. Nåmå yksinkertaistamiset johtuvat pååasiassa perustietojen puutteesta. Esimerkkinå voidaan mainita, ettå metsån tila muuttuu paljolti prognoosikauden aikana. Tåtå vaihtelua esimerkiksi puus-tossa ei kuitenkaan mallissa huomioida. Esimerkki niiden tekijoiden epåtarkkuudesta, jotka sisåltyvåt malliin, on jåkålålaidunten kasvuprosentti. Toinen esimerkki on jåkålåmåårien arviot, jotka tåsså perustuvat tutkielmiin (Eriksson, julkaisematon), joilla on ollut toinen tarkoitusperå kuin tåsså tutkimuksessa kåsiteltåvien lååninosien laiduntamahdollisuuksien arvioiminen. Mahdollisuudet varmojen johtopååtosten tekoon lisååntyvåt yhdesså parempien perustietojen myotå kåytetyistå yhteyksistå ja tiedoista. Maantieteellinen jako lååninosiin johtuu valtakunnanmetsånarvioinin rakenteesta. Olosuhteet voivat tie-tysti vaihdella nåiden lååninosien sisållå, joista jokainen sisåltåå useamman paliskunnan. Tuloksia ei siis saa tulkita paliskunta kohtaisesti. Tutkielma esittåå tavan valoittaa kuinka porohoidon jåkålålaitumet kehittyvåt suhteessa puuntuotantoon. Tulokset ovat kuitenkin liian epåvarmoja, jotta niistå voitaisiin vetåå varmoja loppupååtelmiå. Tulokset viittaavat kuitenkin, ettå tietyillå alueilla on jo talla hetkellå pula jåkålålaitumista niillå poromåårillå, joilla tassa tutkielmassa on laskettu. Laskelmat viittaavat, ettå tuotanto våhenee tulevaisuudessa, minkå pitåisi motivoida laajempaa tutkimukseen tållå alueella. Jos tulokset tåsså tutkimuksessa ovat oikeat ja jos puuntuotannollinen metsåtalous kehittyy esimerkin mu-kaisesti, pitåå poronomistajien jatkaa tai lisåtå tukiruokintaa ja/tai våhentåå porojen lukumååråå huomatta-vasti. He joutuvat my os hyodyntåmåån kaikki laiduntamiskelpoiset alueet, my os sellaiset jotka tållå hetkellå ovat våhemmån tårkeitå. Toinen tapa par ant aa tasapainoa on sopeuttaa jåkålåalueiden puuntuotannollinen metsåtalous suuremmassa måårin kuin tåsså analysoitavassa vaihtoehdossa tehdåån
Does the increase in house prices influence the creation of business startups?: the case of Sweden
Get PDFEntrepreneurs are at the core of economic development in that they start new businesses or make existing firms grow. To fulfill this important role, entrepreneurs need access to finance. Owing to information asymmetry and the relatively high risk associated with business start-ups, many financiers shy away from engaging in relationships with firms during the early stages of their development. Based on the existing body of knowledge on the financing of entrepreneurship, we know that insider finance is of paramount importance in the early stages of firms’ development. We expand this knowledge base by analyzing the influence of house prices on business start-ups across municipalities in Sweden. In our analysis, we include data from all municipalities in Sweden. Our data on house prices and control variables are collected in period one, and our data on the frequency of start-ups are collected in period two. We find that rising house prices in a municipality lead to a higher frequency of start-ups. In our regression analysis, we find that a 1% increase in house prices leads to a 0.14% increase in start-ups. Our findings are in line with the limited international research that has been previously conducted, and for this reason, they could be seen as a vital addition to the existing body of knowledge within the area of entrepreneurship and regional development.
Buyer’s willingness to pay for dwellings with different orientations
Get PDFThis paper applies spatial hedonic econometric models to estimate the willingness of buyers to pay for dwellings with different orientations based on a data set comprising 63 306 transactions of secondhand apartment sales in 10 districts in Beijing from October 2011 to September 2014. Our results indicate that apartments with South orientation are sold at a 7.8% premium compared with those with West orientation, and that apartments in ancient city areas are more sensitive to orientation. The obtained results can help architects and developers to maximize the value of development projects by optimizing the layout of apartment units on each floor
Analysing location attributes with a hedonic model for apartment prices in Donetsk, Ukraine
Get PDFA hedonic model is specified for asking prices for apartments in Donetsk (Ukraine). This model is used to determine statistically significant location attributes. These attributes can be used for land assessment in a city where data on the land market are lacking. Distance gradients for CBD accessibility are investigated in different geographical directions. Separate models are created for sub‐samples located inside and outside the city centre. A spatial weight matrix is used to detect spatial autocorrelation. The regression results are compared with the valuation of experts.
Vietos atributų analizė su hedonistiniu modeliu siekiant nustatyti butų kainas Donceke (Ukraina)
Santrauka
Apibrėžtas hedonistinis modelis, leidžiantis nustatyti butu kainas Donecke (Ukraina). Pagal ši modeli nustatomi statistiškai reikšmingi vietos atributai. Šiuos atributus galima naudoti vertinant sklypus mieste, kur trūksta duomenų apie žemes rinka. Nagrinėjami atstumo gradientai siekiant įvertinti prieiga prie centriniu verslo rajonu įvairiomis geografinėmis kryptimis. Sukurti modeliai bandomiesiems objektams, esantiems miesto centre ir už jo. Remiantis erdves svorine matrica, nustatoma erdves autokoreliacija. Regresijos rezultatai lyginami su ekspertu vertinimais.
First published online: 18 Oct 201
Regional house price index construction – the case of Sweden
Get PDFThe academic literature on the construction of regional house price indexes usually uses geographic areas whose boundaries are administratively drawn. However such administrative regions might not be optimal for the construction of regional price indexes. When producing housing price indexes, we often encounter problems with insufficient number of observations. One way to remedy this problem is to estimate a quarterly index instead of a monthly index. Another possible way to mitigate the thin markets problem is to construct indexes for geographically aggregated regions. However, the literature that discusses methods of dealing with the problem of thin markets and especially geographical aggregation is very rare. The goal of this paper is to construct a housing price index for a major part of Sweden, and to construct price index series for a number of regions. The number of regions, and how their boundaries should be created in order to construct reliable regional price indexes, is however an open question. We apply traditional hedonic methodology in order to estimate house price indexes for both predefined regions whose boundaries are based on a division of labor markets in Sweden, as well as a division of regions based on statistical cluster analysis. The results from this study suggest that regions should be clustered together based on regional price levels and/or price development as clustering variables. If only geographical proximity is used as clustering variable, our computations show that there is a high risk that we end up with some clusters having large standard errors, which in turn might result in inaccurate indexes
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