Rent-seeking is defined as exercising privileges or expending resources in order to obtain uncompensated gain by redistributing the wealth of others without reciprocating any benefits back to society through wealth creation. This paper pioneers in analyzing the agglomeration of rent-seeking...

In this paper we explore spatial effects in a hedonic price function framework for a large sample of apartments in Moscow. We find strong evidence of both spatial lag and spatial autocorrelation. Our results are robust across both the spatial model specifications and the choice of the spatial...

The location of a residential property in a city directly affects its market price. Each location represents different values in variables such as accessibility, neighbourhood, traffic, socio-economic level and proximity to green areas, among others. In addition, that location has an influence...

House prices have inertia, which may be because housing-market participants need time to recognize long booms and recessions. Within a dynamic stochastic general-equilibrium model with markets for housing and defaultable mortgages, I consider the case of imperfect knowledge and learning about...

Empirical evidence shows that house prices are highly volatile and closely correlated with the business cycle, and the fact is at odds with the evidence that rental prices are relatively stable and almost uncorrelated with the business cycle. To explain the fact, we introduce information...