What are the conclusions that we have to draw from the foregoing discussion? We must conclude that the prevailing practice of evaluating benefits and costs in terms of present costs and prices is not only likely to lead to an under-statement of actual costs, but also may lead to gross...

This study investigates why externally advised real estate investment trusts (REITs) underperform their internally managed counterparts. Consistent with previous studies, we find that REITs managed by external advisors underperform internally managed ones by over 7 percent per year....

In this article we test the urban asset pricing model of Capozza and Sick (1988) and focus on the empirical dimensions of the effects of risk on urban land prices. The effects of systematic and unsystematic risk are distinguished in the model which incorporates the value of the option to convert...

By using a broker, the owner of a house can speed up his search for buyers but must pay a percentage of the sale price as a commission. Nonstationarities inherent in the housing market may make it optimal to market a house “by-owner” at the outset and to retain a broker only if the house...

Long-term leases on property are popular in many jurisdictions, both with private vendors and with local governments who want to retain future control over land use. A puzzling issue for vendors and purchasers has been how to value these leased properties relative to fee-simple properties....

Transportation and land use research of the past decade has focused in large part on the question of whether manipulating land uses in the direction of “smart growth” alternatives can reduce vehicle miles traveled (VMT) or otherwise improve travel behavior. Yet the notion of...

Artículo de revista ; This article presents an estimation of changes in provincial GDP over the course of 2020. The pandemic’s impact on activity has been highly uneven across Spain’s provinces, with the island provinces and those on the Mediterranean coast being the most affected. The...

En los países donde existe un elevado grado de descentralización administrativa, la dimensión regional cobra especial relevancia, dada la existencia de interacciones entre la actividad de las regiones o de posibles impactos asimétricos de las perturbaciones macroeconómicas que afectan al...

As networks improve and new services emerge, questions arise that affect service deployments and network choices. The Internet is arguably a successful example of a network shared by many services. However, combining heterogeneous services on the same network need not always be the right answer,...