Geographic information systems (GIS) technology provides users with the ability to improve real estate analysis. First, we describe GIS in general and then discuss some GIS real estate applications. Next, we illustrate how GIS can be used to calculate a shortest-path algorithm that produces a...

En este artículo se introducen los salarios de eficiencia como microfundamento para explicar la existencia de desempleo involuntario permanente y la rigidez de los salarios a la baja. Los salarios de efciencia se incorporanen un modelo de crecimiento económico de generaciones traslapadas, en...

Over the recent decade there was a wave of REITs going private, from an average of about three per year to 40 between 2005 and 2007. Standard corporate finance theory posits that firms go private when there is no longer a positive tradeoff between the expected benefits and the costs of being...

This research reports results from a competition on modeling spatial and temporal components of house prices. A large, well-documented database was prepared and made available to anyone wishing to join the competition. To prevent data snooping, out-of-sample observations were withheld; they were...

We present an Overlapping Generations Model with two final goods: tradable goods are produced with a standard Cobb-Douglas production function and non-tradable goods are produced with linear production function where the only factor is labor. We maintain the fundamental assumption of factor...

The land-value surface in suburban Washington, D.C., changed dramatically over the decade of the 1980s. This article explains these changes in terms of the decentralization of jobs versus socioeconomic trends. Contemporaneous correlation among selected variables needs to be controlled with...

Location decisions should consider all related impacts upon a firm’s shareholder wealth. Overall, firm cost savings available at alternative locations need to be carefully examined in addition to a location’s impact on corporate sales revenues. This article reviews relevant...

Recently, there has been much interest in outsourcing corporate real estate management functions. We explain why firms should consider outsourcing and identify both positive benefits and possible negative consequences of outsourcing. Further, we utilize concepts from the neoclassical theory of...