There are two similar yet conflicting urban gradient functions: the housing rent gradient function and the population density gradient function. According to the former, housing rent is a decreasing function of distance from central business district, CBD. The decrease is needed to compensate...

This paper investigates the effect of a move by a household to live away from city center. What do you get from living out of town? It is shown that while you get a lower rent, you also get a larger housing space. However, a surprising result is that your utility level is lowered. This refutes...

This paper will distinguish between owner demand for housing, and that of investors. Such differentiation in demand should be viewed as an integral part of the decision to buy. A durable goods approach to homeowner demand for housing is developed, and then the traditional investment...

We investigate the issue of per capita real GDP growth convergence of the Chinese economy. The shrinkage method for panel data models is used to estimate the convergence rates of the individual provinces. The empirical evidence shows that growth convergence exists in China. Our analysis allows...

This paper shows that both the expected utility and non-expected utility theories are contradictory and restrictive. It then develops a two-dimensional stochastic model to explain the risky activities, for both hosts and customers, of both gambling and insurance. Anomalies, paradoxes and biases...

This paper points out some mistakes in Samuelson's overlapping generation (OLG) model. Instead of pursuing life-time maximum utility, this paper assumes people pursue maximum life-time profit in an over-rolling generation (ORG) model. In such model people first borrow to consume, then produce to...