This article examines how price risk affects housing demand. It identifies two relevant channels: a financial risk effect that reduces demand, and a hedging effect that increases demand since current homes may hedge future housing costs. The latter dominates when hedging incentives are strong,...

Nonlinear state space models with mixed-effect (NLMESSM) are proposed to model HIV clinical longitudinal data. With NLMESSM, filtering algorithms are proposed to estimate the individual/population states. Maximum likelihood via iterated filtering and variance components model are proposed to...

We examine various determinants of property and violent crimes by using police force area level (PFA) data on England and Wales over the period of 1992--2008. Our list of potential determinants includes two law enforcement variables namely crime-specific detection rate and prison population, and...

type="main" <p>This article analyzes the time series and cross-sectional patterns of bidding wars for houses. Bidding wars were once rare, a fairly constant 3–4% of transactions. This led to treating list price as a ceiling in empirical and theoretical research on housing. The bidding war share...</p>

Housing markets clear partly through the time buyers and sellers spend on the market, and the readiness with which they transact with each other. Applying a random matching model to unique multi-year, multi-market survey data on both buyers and sellers, we examine how demand affects housing...

We assess the impact of the English version of prospective payment, termed Payment by Results (PbR), on hospital quality, as measured by in-hospital mortality and 28-day emergency readmission. To do this, we exploit the phased introduction of PbR across hospitals and across three treatments (hip...

This article provides an empirical framework for studying entry and cost inefficiency in the real estate brokerage industry. We present a structural entry model that exploits individual level data on entry and earnings to estimate potential real estate agents' revenues and reservation wages,...