The Dynamics of Metropolitan Housing Prices

This article is the winner of the Innovative Thinking ‘‘Thinking Out of the Box’’ manuscript prize (sponsored by the Homer Hoyt Advanced Studies Institute) presented at the 2001 American Real Estate Society Annual Meeting. This study examines the dynamics of real housing price appreciation in 130 metropolitan areas across the United States. The study finds that real housing price appreciation is strongly influenced by the growth of population and real changes in income, construction costs and interest rates. The study also finds that stock market appreciation imparts a strong current and lagged wealth effect on housing prices. Housing appreciation rates also are found to vary across areas because of location-specific fixed-effects; these fixed effects represent the residuals of housing price appreciation attributable to location. The magnitudes of the fixed-effects in particular cities are positively correlated with restrictive growth management policies and limitations on land availability.

Characterizing partition functions of the edge-coloring model by rank growth

We characterize which graph invariants are partition functions of an edge-coloring model over the complex numbers, in terms of the rank growth of associated `connection matrices'

Finding k partially disjoint paths in a directed planar graph

The {\it partially disjoint paths problem} is: {\it given:} a directed graph, vertices $r_1,s_1,\ldots,r_k,s_k$, and a set $F$ of pairs $\{i,j\}$ from $\{1,\ldots,k\}$, {\it find:} for each $i=1,\ldots,k$ a directed $r_i-s_i$ path $P_i$ such that if $\{i,j\}\in F$ then $P_i$ and $P_j$ are disjoint. We show that for fixed $k$, this problem is solvable in polynomial time if the directed graph is planar. More generally, the problem is solvable in polynomial time for directed graphs embedded on a fixed compact surface. Moreover, one may specify for each edge a subset of $\{1,\ldots,k\}$ prescribing which of the $r_i-s_i$ paths are allowed to traverse this edge

On traces of tensor representations of diagrams

Let $T$ be a set, of {\em types}, and let \iota,o:T\to\oZ_+. A {\em $T$-diagram} is a locally ordered directed graph $G$ equipped with a function $\tau:V(G)\to T$ such that each vertex $v$ of $G$ has indegree $\iota(\tau(v))$ and outdegree $o(\tau(v))$. (A directed graph is {\em locally ordered} if at each vertex $v$, linear orders of the edges entering $v$ and of the edges leaving $v$ are specified.) Let $V$ be a finite-dimensional \oF-linear space, where \oF is an algebraically closed field of characteristic 0. A function $R$ on $T$ assigning to each $t\in T$ a tensor $R(t)\in V^{*\otimes \iota(t)}\otimes V^{\otimes o(t)}$ is called a {\em tensor representation} of $T$. The {\em trace} (or {\em partition function}) of $R$ is the \oF-valued function $p_R$ on the collection of $T$-diagrams obtained by `decorating' each vertex $v$ of a $T$-diagram $G$ with the tensor $R(\tau(v))$, and contracting tensors along each edge of $G$, while respecting the order of the edges entering $v$ and leaving $v$. In this way we obtain a {\em tensor network}. We characterize which functions on $T$-diagrams are traces, and show that each trace comes from a unique `strongly nondegenerate' tensor representation. The theorem applies to virtual knot diagrams, chord diagrams, and group representations