Land and real estate are intrinsically related but generally traded in two different markets. Vacant land, being a major "raw material" for development of real estate, is traded by developers who actively manage development risk for profit. Real estate, being a long lived final product, is...

This paper draws on six waves of Japanese household longitudinal data (Keio Household Panel Survey, KHPS) and estimates a conditional fixed effects logit model to investigate the effects of housing equity constraints and income shocks on own-to-own residential moves in Japan. By looking at...

The significant economic development of China in recent years has seen a major contribution by both the direct and indirect real estate markets in China to this enhanced international economic status, with potential investment opportunities for international real estate investors in both of...

We estimate the market value of clean air by examining the impact of air pollution on property prices. We use a three-dimensional Reynolds-stress turbulence model to simulate the air pollution level of each housing unit in high-rise buildings located in a small, densely populated area of Hong...

Spatial dependence is often seen as a problem in econometrics rather than in economics. This study seeks to find an economic explanation for spatially correlated real estate prices. We posit spatial dependence as a process to discover price information from neighboring property transactions....

George Akerlof's asymmetric information theory explains why lemons are rarely, if at all, transacted. We extend his theory to explain liquidity in the second-hand real estate market. The idea is to decompose real estate asset into two components: Land and the building structure. While sellers...

This is an empirical study on the vertical dimension of multi-story buildings – floor level and building height. The idea of price gradients in a monocentric city was borrowed to investigate floor-level premiums, which are the price paid for the vertical location (i.e., a higher floor level)...

Noise trading has been intensively studied in finance, but rarely in real estate. Theories of price dispersion have also been well established in retailing research, but rarely in real estate. This paper is probably the first attempt to study the effect of noise trading on the price dispersions...

The positive volume-price (return) relationship has been intensively studied and confirmed in both financial and real estate markets, yet Stein's (1995) downpayment model and Berkovec and Goodman's (1996) search theoretic model offered no direct empirical support. This paper puts forward a...