This paper examines whether the housing wealth effect – the consumption change induced by house price appreciation – is dependent upon households' attitudes toward risk. A simple theoretical model is introduced to highlight a negative relationship between the wealth effect and risk aversion....

Global warming changes societal values and political climate. The movement toward environmental sustainability and initiatives of green-building certification have created an implicit mark for sustainable buildings. Whether the economic return adequately incentivizes developers is an important...

Despite its long history, hedonic pricing for housing valuation remains an active research area, and applications of new estimation methods continually push research frontiers. However, housing studies regarding Chinese cities are limited due to the short history of China's free housing market....

A good transport network connects places better, but research traditionally contextualizes transportation as a line. Assessing transport connectivity's impact, we construct network indices derivable from Donaldson and Hornbeck's (2016) micro-foundations but propose better identification using a...

Disasters could damage the economy and market. Many studies inquire how a calamitous event changes household risk perception and home value to understand the hazard’s influence on expected utility. A remaining challenge is identifying equalizing difference, a necessary spatial equilibrium...

The advent of information technology facilitates geographic separation of production tasks, which is referred to as offshoring in international contexts and inshoring in domestic contexts. Although the literature on offshoring has flourished, the research on inshoring is limited. This paper...

Examining China’s manufacturing and transportation, we analyze how rapid expressway-network expansion fostered market access and industrial development. A domestic-trade model generates the market-access formula, estimatable equations, and economics for empirical findings. An estimation of...

This research unveils a “network-mediated spillover effect” of transport connectivity. The quasi-experiment was a 4.3-km rail line, servicing a small nonresidential area of Singapore but stimulating a city-wide spillover effect on housing prices for better connecting existing routes. By...

Examining China’s manufacturing and transportation, we analyze how rapid expressway-network expansion fostered market access and industrial development. A domestic-trade model generates the market-access formula, estimatable equations, and economics for empirical findings. An estimation of...

Housing affordability is often concerning in superstar cities. Like the Taipei metropolis, housing is too expensive in the fully built-up central city, but jobs are there. How can the government incentivize developers to create new housing in areas where households need not be stretch commuters?...