This paper investigates whether and how gentrification spreads along intercity transport connections. We consider a model with heterogeneous individuals populating a primary and a secondary city, with commuting within and between cities. By reducing the cost of intercity commuting, the HSR...

To alleviate air pollution and traffic congestion, cities around the world are beginning to implement automobile policies to restrict car use or car ownership. However, there is little empirical evidence on possible indirect impacts of these policies in connected markets. This paper investigates...

This paper specifies and estimates a structural model of home seller behavior. The model is an application of search theory to housing and is estimated using method of moments. The estimation method uncovers an analytical closed-form relationship between reduced-form coefficients of hedonic and...

House-purchasing regulations have frequently been adopted by the Chinese government to cool the overheated housing market. Under-reporting of transaction prices has also been widely employed by home buyers to reduce transaction taxes. This paper suggests that by under-reporting to a greater...

The unprecedented damage caused by the Great East Japan Earthquake and nuclear disaster greatly altered people's awareness of risk not only in directly affected areas but also in unaffected areas as well. This study focuses on the relationship between earthquake risk and real estate prices in...

As regions across the United States are experiencing high and rising house prices, inclusionary zoning is increasing in popularity as a tool to increase the availability of affordable housing for households making less than their region's median income. However, when inclusionary zoning requires...

There is evidence that asymmetric information in the housing market between sellers and buyers is an important source of mispricing, especially when involving out-of-town buyers (Chinco and Mayer 2016, Kurlat and Stroebel 2015). In this paper we show that a specific cognitive bias, the...

Selling homes is not easy. Home sellers usually need to apply a price discount to swiftly close a deal, and more so when housing market activity is low. Using detailed data on home listings and transactions in Spain, we provide unique estimates of the price discount across regional submarkets...