We compare hedonic price models estimated with spatial statistics in order to examine the impacts of four different types of neighborhood spatial association: age, education, income and racial clustering. Using Getis and Ord’s (1995) Z(Gi*) as an indicator of spatial clustering, we estimate...

The purpose of this paper is to determine the impact of real estate agents on the price of houses that are located close to an environmental disamenity. Our main hypothesis is that real estate agents obtain higher prices than those theoretically expected when the houses are located closer to an...

We examine the short-run and long-run price reaction of equity real estate investment trust (REIT) shares following credit rating actions, testing the transparency of the REIT structure. Generally, the economic effect on the stock price is subdued for both upgrades and downgrades compared to...

In this study, we explore the pricing patterns of the U.S. residential real estate market in the context of the recent housing bubble and subsequent deflation. We examine 10 consolidated metropolitan statistical areas and construct excess residential market return per risk measured by standard...

This article addresses a public policy question: Does state government regulation foster or deter economic development? The authors estimate a system of simultaneous equations for income growth, regulation growth, and growth in the number of new enterprises. It is found that regulation does not...

The purpose of the paper is to test the hypothesis that food safety (chemical) standards act as barriers to international seafood imports. We use zero-accounting gravity models to test the hypothesis that food safety (chemical) standards act as barriers to international seafood imports. The...

Green space is an important part of environment around houses. Generally, most research focused on the economic impacts of green space on urban planning and environmental pollution cost, but ignored the impact on single family home values. Limited research was conducted in this area and few...

A unique US database combining survey and housing data is used to obtain household-level stated and market-based willingness-to-pay (WTP) measures to avoid living near landfills. Systematic differences are found between individuals with zero and positive stated WTP, suggesting that a double...