This paper studies data from the wholesale fruit and vegetables market in Marseille. We have details of counteroffers to the prices that were proposed by the seller even when no transaction took place. With a simple heoretical model we analyse the evolution of prices during the day and in...

[abstract missing - contribution appeared in the programme]

We use Adaptive Weights Smoothing (AWS) of Polzehl and Spokoiny (2000, 2003, 2006) to estimate a map of land values for Berlin, Germany. Our data are prices of undeveloped land that was transacted between 1996-2009. Even though the observed land price is an indicator of the respective land...

Single-family houses are typically the most important component in their owners’ portfolios. Buying a home is a major financial transaction for most households. Yet, unlike assets traded in financial markets, getting a quote for the current market value of a house is not an easy task because...

Market value predictions for residential properties are important for investment decisions and the risk management of households, banks and real estate developers. The increased access to market data has spurred the development and application of Automated Valuation Models (AVMs), which can...

The price for a single-family house depends both on the characteristics of the building and on its location. We propose a novel semiparametric method to extract location values from house prices. After splitting house prices into building and land components, location values are estimated with...

In a world with complete markets, the decision whether to rent or buy a home is not influenced by risks related to human capital. If markets are incomplete and have frictions, however, this may change. Renting should become more likely the more mobile a household has to be and the more income...

This paper studies data from the wholesale fruit and vegetables market in Marseille. The special feature of the data is that we have details of counteroffers to the prices that were proposed by the seller even when no transaction took place. Each offer, counteroffer and refusal conveys...

How risky are investments in residential real estate? To answer this question, information is needed about the behavior of house prices. The hedonic methodology has become a standard approach for modelling the prices of heterogeneous assets. Although intuitively appealing, it is often criticized...