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Local economic conditions and the nature of new housing supply

Hilber, Christian A. L.; Rouwendal, Jan; Vermeulen, Wouter - London School of Economics (LSE) - 2014

We present a modified open monocentric city model that assumes that land is available for conversion into new housing … throughout the city. The model predicts that positive local income shocks (i) increase the city’s share of multi-family housing … Housing Survey from 1984 to 2004 and find support for both predictions. We confirm that the adjustment process is driven by …

Persistent link: https://www.econbiz.de/10011277213

Capitalization of central government grants into local house prices: panel data evidence from England

Hilber, Christian A. L.; Lyytikainen, Teemu; Vermeulen, … - London School of Economics (LSE) - 2010

We explore the impact of central government grants on local house prices in England using a panel data set of local authorities (LAs) from 2001 to 2008. Electoral targeting of grants to LAs by the incumbent national government provides an exogenous source of variation in grants that we exploit...

Persistent link: https://www.econbiz.de/10010745191

External benefits of brownfield redevelopment: an applied urban general equilbirum analysis

Vermeer, Niels; Vermeulen, Wouter - London School of Economics (LSE) - 2012

equilibrium framework. Preferences are modelled such that demand for housing units in the city is downward sloping, which yields a … redeveloped land that accrues to its owner. However, depending on the price elasticity of urban housing demand and the strength of …

Persistent link: https://www.econbiz.de/10011126586

James Tobin : an appreciation of his contribution to economics

Buiter, Willem H. - London School of Economics (LSE) - 2003

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

Persistent link: https://www.econbiz.de/10011071326

Efficiency rents of storage plants in peak-load pricing, ii: hydroelectricity

Horsley, Anthony; Wrobel, Andrew J. - London School of Economics (LSE) - 1999

Duality methods of linear and convex programming are applied to impute definite marginal values to the fixed inputs of a hydroelectric plant from the operating profit. Our earlier analysis of pumped storage (of energy and other cyclically priced goods) is thus extended to valuation of an...

Persistent link: https://www.econbiz.de/10010928665

Efficiency rents of pumped-storage plants and their uses for operation and investment decisions

Horsley, Anthony; Wrobel, Andrew J. - London School of Economics (LSE) - 2000

We apply duality methods of linear and convex programming to the problems of operation and rental valuation of facilities for conversion and storage of cyclically priced goods, e.g. , energy. Both problems are approached by shadow-pricing the stock (which is a purely intermediate commodity); and...

Persistent link: https://www.econbiz.de/10010744852

The Wong-Viner envelope theorem for subdifferentiable functions

Horsley, Anthony; Wrobel, Andrew J. - London School of Economics (LSE) - 2005

The Wong-Viner Envelope Theorem on the equality of long-run and short-run marginal costs (LRMC and SRMC) is reformulated for convex but generally nondifferentiable cost functions. The marginal cost can be formalized as the multi-valued subdifferential a.k.a. the subgradient set but, in itself,...

Persistent link: https://www.econbiz.de/10010745163

Berge's maximum theorem with two topologies on the action set

Horsley, Anthony; Wrobel, Andrew J.; Van Zandt, Timothy - London School of Economics (LSE) - 1998

We give variants on Berge's Maximum Theorem in which the lower and the upper semicontinuities of the preference relation are assumed for two different topologies on the action set, i.e., the set of actions availabe a priori to the decision-maker (e.g. a household with its consumption set). Two...

Persistent link: https://www.econbiz.de/10010746553

Characterizations of long-run producer optima and the short-run approach to long-run market equilibrium: a general theory with applications to peak-load pricing

Horsley, Anthony; Wrobel, Andrew J. - London School of Economics (LSE) - 2005

This is a new formal framework for the theory of competitive equilibrium and its applications. Our “short-run approach” means the calculation of long-run producer optima and general equilibria from the short-run solutions to the producer’s profit maximization programme and its dual. The...

Persistent link: https://www.econbiz.de/10011071376