How risky are investments in residential real estate? To answer this question, information is needed about the behavior of house prices. The hedonic methodology has become a standard approach for modelling the prices of heterogeneous assets. Although intuitively appealing, it is often criticized...

This paper investigates the effect of economic integration on the ability of firms to maintain a collusive understanding about staying out of each other's markets. The paper distinguishes among different types of trade costs: ad valorem, unit, fixed. It is shown that for a sufficient reduction...

Appraisals are needed for decision-making and for performance evaluation. Knowledge on the accuracy of valuation methods is of general interest for banks and investors. We assess the accuracy of the German Regulation on Valuation with monthly data on appraisals and prices for commercial...

Bewertungen von Immobilien sollen den Marktwert einschätzen und sind notwendig für Kauf-, Verkaufs- und Bauentscheidungen, für die Kreditvergabe und für die Besteuerung. Trotz dieser eindeutigen Aufgabenstellung existierten unterschiedliche Verfahren, mit welchen Marktwerte ermittelt werden...