This study introduces a dynamic adjustment model, relating the growth rate of the supply of office spaces to the vacancy rate and the gap between actual and expected supply growth rates. A two-equation model of stock adjustments based on adaptive expectations is used to provide empirical tests....

A hedonic equation considers OLS models with independently and identically distributed errors. However, quality of property and location tend to exhibit highly auto-regressive correlation due to spatial dependence and heterogeneity. A modification is made to multiple regression analysis based on...

In a recent study, Peng and Wheaton empirically examine the effect of restrictive land supply on Hong Kong house prices. However, we argue that the impact of the supply of new land by the Hong Kong government is not as important as they maintain in accounting for the volatile house prices in...

The traditional rental adjustment equation is flawed in that the equilibrium paths for the adjustment of rents and vacancy rates cannot hold simultaneously over time. This paper suggests a two-equation model of rental adjustments based on adaptive expectations rather than the single-equation...

Income elasticity of housing expenditure is of considerable interest particularly to applied researchers in housing economics. However, there is a wide variation in the estimation of income elasticity. Such a variation is attributed to different specifications of estimation. This paper applies...

At the height of the recession in the early 1980Õs, a multitude of state and locally sponsored housing finance agency programs were legislatively introduced in response to populist pressure. Many of these controversial programs utilized lower cost municipal bonds to subsidize private sector...

<title>Summary</title> The major contribution of this paper is to recognize the possible presence of nonlinear return dependence in six major real estate markets (the US, UK, Japan, Australia, Hong Kong and Singapore) as well the resulting implications on return predictability and market interdependence. We...

This study reports a content analysis of Land Economics from the first issue in 1925 through 1999, in order to show the evolving research priorities of the discipline as evidenced by the changing emphasis of certain topics over time. An assessment of the thought leaders in the field is shown by...

This study is the first to identify whether specific individual homebuyer characteristics, such as repeat versus first-time, local versus out-of-town, individual versus joint decision-makers, and Web versus non-Web users relate to the rating of a firm’s overall service quality and whether or...