This paper investigates the relationship of property price and time-on-market to the use of property photo depictions in a multiple listing service. Empirical testing reveals that price as a function ...of photo depictions is increasing at a decreasing rate for both interior and exterior photos. Testing also reveals that time-on-market as a function of property photos is increasing at a decreasing rate for interior photos, but is not related to exterior photos. Results are sensitive to the number of photos allowed by the Multiple Listing Service. Overall, the results suggest that additional photographs increase price, while simultaneously lengthening property marketing duration, ceteris paribus.
Municipalities sometimes reform property tax schedules in an effort to increase suboptimal residential densities. One such approach is to reduce the tax rate applied to building values and increase ...the tax rate applied to land, known as a two-rate property tax (TPT). This paper evaluates the impact of a TPT on residential density in Nashville-Davidson County, Tennessee where a conventional property tax schedule prevails during 2006–2007. When land taxes are proportionally higher than taxes on structures, 1.07 to 1 and 1.25 to 1 for general and urban service districts, respectively, ex ante simulations suggest that housing density increases by 18% in general services districts and 83% in urban services districts.
Panel data is used to determine the incidence of airport fees on fares in the Spanish leisure market airlines. We also study its structure through an empirical specification of a pricing and demand ...equation system. The results show the existence of market power, strategic behavior and density economics. We also demonstrate that airlines pass all the airport fees onto customers by increasing fares. Furthermore, we find that the behavior of airlines in routes with the presence of low cost carriers do not differ from other routes.
► Panel data is used to determine the incidence of airport fees on fares in the Spanish leisure market airlines. ► The behavior of airlines in routes with the presence of low cost carriers do not differ from other routes. ► It is found that airlines pass all the airport fees onto customers by increasing fares.
Although a large literature exists on finance and economic growth, few studies have empirically examined the relationship between finance and inequality. Using grouped national household sample ...survey data on monthly household consumption expenditure at the sub-national level for the years 1999-2000 to 2006-2007, we examine the relationship between Financial Development (FD) and rural and urban inequality in India. The results indicate that FD is associated with a reduction in inequality, but only in the urban areas. Further, inequality is found to be higher in the richer states compared to less developed and low income states, and as state income increases, inequality also increases both in the rural and urban areas. Finally, our results show that increase in population per bank branch leads to higher inequality in urban areas but decline in rural areas.
This paper compares three selected indicator series that address national, technology-based competitiveness. The 'traditional' Georgia Tech High Tech Indicators (HTI) have been comparing 33 nations ...with respect to current and future prospects at exporting high tech products since the late 1980s. Those indicators blend expert opinion with statistical time series data. Second, we introduce 'statistics only' HTI, a revised formulation that addresses knowledge-based service export capabilities as well as high tech products, biennially. Third, the World Economic Forum annually generates its Global Competitiveness Index (GCI), treating 125 countries. The traditional HTI reported China supplanting the USA as the top-ranking economy as of 2007. That has generated some controversy. In striking contrast, the 2006-2007 GCI reported China as No. 54. This paper explores the bases for these differences. To a substantial degree, they derive from whether one normalises based on a nation's size. We conclude that these indicator series provide multiple perspectives that complement each other. In the case of China, all of these indicators point to continuing dramatic increase in technology-based economic competitiveness. If not yet, then within not too many years, the USA will likely be supplanted by China as the leading technology-based economy.
This paper appeals to novel survey information on over 30 000 individuals in 21 European countries to address an important and controversial question with respect to well-being: Do cognitive, hedonic ...and eudaimonic measures of well-being reflect very different aspects of individual quality of life? Or, more precisely, do the subjective appreciation of these dimensions by individuals exhibit different patterns? Our empirical results first reveal a very significant correlation between happiness and life satis-faction. Second, someone with high standard "hedonic" well-being (happiness or life satisfaction) is likely to have high eudaimonic well-being as well (flourishing, vitality, resilience and functioning). In addition, the factors that are correlated with the different measures of well-being seem to be very similar at the individual level. For example, marriage, higher income and greater education are associated with greater satisfaction, but also with higher levels of flourishing, vitality, resilience and functioning. This fit is not perfect, however, and men notably report lower levels of standard well-being measures, but higher eudaimonic well-being. Il a souvent été reproché aux mesures subjectives du bonheur de privilégier une approche hédonique de l'existence, au détriment d'autres aspects essentiels de la vie humaine tels que l'épanouissement personnel, la signification de la vie, l'espace de choix et les opportunités ouvertes aux individus. Cet article compare différentes mesures de bien-être subjectif contenues dans une enquête auprès de 30 000 individus résidents dans 21 pays européens (European Social Survey) afin de vérifier la congruence entre les aspects hédoniques, eudaimoniques, cognitifs et émotionnels du bien-être. De fait, les mesures de bonheur, de satisfaction, de vitalité, de resilience, d'épanouissement et de capacité à fonctionner sont très fortement corrélées au niveau individuel. De plus, les mêmes facteurs expliquent ces différents aspects du bien-être. Cependant, la congruence n'est pas parfaite : ainsi les hommes se déclarent-ils en moyenne moins heureux mais plus satisfaits de leur vie et font-ils preuve d'un niveau d'épanouissement plus élevé que les femmes.
Sales practitioners continue to come to terms with the selling conditions of mature consumer and business markets. Mature markets display signs such as cost-focused competition, similarity in the ...perceived functionality of offerings, and multiple suppliers vying for highly knowledgeable and powerful customers. While researchers have noted that in mature industrial markets the relationship to sales personnel can be an important differentiator for buyers, sales research has not specifically examined the consequences of market maturity on the conditions and modes of selling in these markets. In addressing this gap in research, this paper examines the effects of market maturity on the relationships between selling personnel and their customers by presenting case study research from a mature industrial market for chemistry products: the North Sea oil industry.
In recent years China has faced an increasing trilemma—how to pursue an independent domestic monetary policy and limit exchange rate flexibility, while at the same time facing large and growing ...international capital flows. This paper analyzes the impact of the trilemma on China's monetary policy as the country liberalizes its good and financial markets and integrates with the world economy. It shows how China has sought to insulate its reserve money from the effects of balance of payments inflows by sterilizing through the issuance of central bank liabilities. However, we report empirical results indicating that sterilization dropped precipitously in 2006 in the face of the ongoing massive buildup of international reserves, leading to a surge in reserve money growth.
We also estimate a vector error correction model linking the surge in China's reserve money to broad money, real GDP, and the price level. We use this model to explore the inflationary implications of different policy scenarios. Under a scenario of continued rapid reserve money growth (consistent with limited sterilization of foreign exchange reserve accumulation) and strong economic growth, the model predicts a rapid increase in inflation. A model simulation using an extension of the framework that incorporates recent increases in bank reserve requirements also implies a rapid rise in inflation. By contrast, model simulations incorporating a sharp slowdown in economic growth such as that seen in late 2008 and 2009 lead to less inflation pressure even with a substantial buildup in international reserves.
Most findings on the triple helix system derive from studies based on high-tech sectors, and seldom so on traditional industries. A foresight exercise aimed at renewal of the mature food industry in ...the Skåne region in southern Sweden was conducted in 2006-2007. The findings suggest that a multilevel triple helix policy ought to be used in a systemic way from a bottom up perspective, including companies as well as other triple helix actors throughout the value chain. Further, the findings underscore the importance of the role intermediaries play enhancing the integrative abilities of actors in the regional food system. Cultural analysis is used to elicit a deeper understanding of the different regimes that influence the actors. This is consistent with the observation highlighted in this article that the actors in the food system bear values arising from a time when the Swedish food system catered for national self-sufficiency under a regime of limited market competition.
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