In this paper, we build a simple present value model in order to give the basis for an income capitalization appraisal method considering inter-neighborhood dependency of net operating incomes. We also show the Maximum Likelihood estimation method for the model in a cross-sectional situation and...

Arme Slumbewohner in Stadtgebieten haben keinen Zugang zum formalen Kreditmarkt. Hier tritt der informelle Kreditgeber in Funktion mit den Vorteilen leichten Zugangs, geringen Verwaltungskosten, guter Liquidität und fast keinen Sicherheitserfordernissen. Insbesondere im Hinblick auf den...

In the literature of new trade theory, most studies have dealt with industrial location by imposing an assumption of free transportation in the agricultural sector. We explicitly incorporate arbitrary transport costs in both the manufacturing and agricultural sectors into the...

This paper revisits the home market effect (HME) without any homogeneous good by reconstructing the footloose capital model. This simple model analytically reproduces some typical results scattered in the existing literature, and also provides new insights. Firstly, we derive both spatial...

In this paper, we explore who are the winners and losers of the emission control policy via credit trading and the carbon-offset program. To focus on the long-term effects of firm relocation, we employ a two-region model of monopolistic competition and assume that the rural area has an advantage...