This paper presents a life-cycle model of housing demand with uncertain house prices and lumpy transaction costs. The paper extends the (S,s) methodology to a non-stationary discrete time framework with multivariate stochastic price processes. This allows the characterization of a self-hedging...

On the basis of introducing the theory of Target Zones and Exchange Rate, this paper tests for the significant to reform Chinese currency Renmingbi (RMB) exchange regime, and the possibility to build a target zone. It is pointed out that, under the tendency of economic globalization and entered...

This article provides an empirical framework for studying entry and cost inefficiency in the real estate brokerage industry. We present a structural entry model that exploits individual level data on entry and earnings to estimate potential real estate agents' revenues and reservation wages,...

We examine various determinants of property and violent crimes by using police force area level (PFA) data on England and Wales over the period of 1992--2008. Our list of potential determinants includes two law enforcement variables namely crime-specific detection rate and prison population, and...

type="main" <p>This article analyzes the time series and cross-sectional patterns of bidding wars for houses. Bidding wars were once rare, a fairly constant 3–4% of transactions. This led to treating list price as a ceiling in empirical and theoretical research on housing. The bidding war share...</p>

Housing markets clear partly through the time buyers and sellers spend on the market, and the readiness with which they transact with each other. Applying a random matching model to unique multi-year, multi-market survey data on both buyers and sellers, we examine how demand affects housing...

We assess the impact of the English version of prospective payment, termed Payment by Results (PbR), on hospital quality, as measured by in-hospital mortality and 28-day emergency readmission. To do this, we exploit the phased introduction of PbR across hospitals and across three treatments (hip...

We examine various determinants of property and violent crimes by using police force area level (PFA) data on England and Wales over the period 1992-2008. Our list of potential determinants includes two law enforcement variables namely crime-specific detection rate and prison population, and...