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Regional Price Differences in Urban China 1986-2001 : Estimation and Implication

Gong, Cathy Honge; Meng, Xin - 2021

Despite the intensive efforts made by economists to examine regional income inequality in China, limited attention has been paid to disentangle the contribution of regional price differentials. This paper examines regional price differential in urban China over the period 1986 to 2001. Spatial...

Persistent link: https://www.econbiz.de/10013325065

League-Table Incentives and Price Bubbles in Experimental Asset Markets

Cheung, Stephen L. - 2011

We study experimental markets in which participants face incentives modeled upon those prevailing in markets for managed funds. Each participant's portfolio is periodically evaluated at market value and ranked in a league table according to short-term paper returns. Those who rank highly attract...

Persistent link: https://www.econbiz.de/10013124787

Produce or Speculate? Asset Bubbles, Occupational Choice and Efficiency

Cahuc, Pierre - 2009

We study the macroeconomic effects of rational asset bubbles in an overlapping-generations economy where asset trading … are large, the private gains associated with trading asset bubbles may lead too many workers to become speculators …, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …

Persistent link: https://www.econbiz.de/10013153172

Two Heads are Less Bubbly than One : Team Decision-Making in an Experimental Asset Market

Cheung, Stephen L. - 2009

We study the effect of team decision-making on bubbles and crashes in experimental asset markets of the kind introduced …

Persistent link: https://www.econbiz.de/10013155154

Bubble Economics and Structural Change : The Cases of Spain and France Compared

Agnese, Pablo - 2015

This paper delves into the recent events that led to the formation of the housing bubble in Spain and the resulting structural change that is arguably needed to put the economy back into the right track. For this purpose we calibrate a model with different equilibria descriptive of the labor...

Persistent link: https://www.econbiz.de/10013024917

Mind, Body, Bubble! Psychological and Biophysical Dimensions of Behavior in Experimental Asset Markets

Butler, David - 2018

Asset market bubbles and crashes are a major source of economic instability and inefficiency. Sometimes ascribed to …

Persistent link: https://www.econbiz.de/10012917090

Frictional Unemployment with Stochastic Bubbles

Vuillemey, Guillaume - 2016

Bubbles are recurrent events, which contribute to both macroeconomic and employment volatility. We introduce stochastic … bubbles in the standard search-and matching model of the labor market. The economy alternates between latent and bubbly states …, each being associated with a distinct solution for the market value of firms (respectively, stable or explosive). Bubbles …

Persistent link: https://www.econbiz.de/10012981503

Neighborhood Diversity and the Appreciation of Native- and Immigrant-Owned Homes

Cobb-Clark, Deborah A. - 2011

This paper examines the effect of neighborhood diversity on the nativity gap in home-value appreciation in Australia. Specifically, immigrant homeowners experienced a 41.7 percent increase in median home values between 2001 and 2006, while the median value of housing owned by the native-born...

Persistent link: https://www.econbiz.de/10013134291

Maximum Likelihood Estimation and Lagrange Multiplier Tests for Panel Seemingly Unrelated Regressions with Spatial Lag and Spatial Errors : An Application to Hedonic Housing Prices...

Baltagi, Badi H. - 2010

estimators and tests are examined using Monte Carlo experiments. An empirical application to hedonic housing prices in Paris … within 80 districts of Paris over the period 1990-2003. We test for spatial effects and heterogeneity and find reasonable …

Persistent link: https://www.econbiz.de/10013137243

Housing Mobility and Downsizing at Older Ages in Britain and the United States

Banks, James W. - 2010

This paper investigates the effects of housing price risk on housing choices over the life-cycle. Housing price risk can be substantial but, unlike other risky assets which people can avoid, the fact that most people will eventually own their home creates an insurance demand for housing assets...

Persistent link: https://www.econbiz.de/10013138268