Studies of the “stated preferences” of households generally report public and political opposition by urban commuters to congestion pricing. It is thought that this opposition inhibits or precludes tolls and pricing systems that would enhance efficiency in the use of scarce...

"Worries about ""irrational exuberance"" in stock prices have renewed interest in the linkage between measures of wealth and consumer spending. In particular, unrealized capital gains in the stock market and also in the housing market may have substantially affected consumer spending, amplifying...

ERES:conference

"There is now considerable research devoted to testing the dividend pricing model as a predictor of the actual prices of shares traded in financial markets. A general finding is that present value models are not good predictors of asset prices. This lack of fit is interpreted as excess...

We examine the link between increases in housing wealth, financial wealth, and consumer spending. We rely upon a panel of 14 countries observed annually for various periods during the past 25 years and a panel of U.S. states observed quarterly during the 1980s and 1990s. We impute the aggregate...

In this paper we build an index of value for venture capital. Our approach overcomes the problems of intermittent, infrequent pricing of private company deals by using a repeat valuation model to build the index, and it corrects for selection bias in the reporting of values. We use a unique data...

Santa Clara County in California was the world capital of the dot-com economy before the bubble burst. Yet since the dot-com bubble burst housing prices have continued to rise. John Quigley asks: What's going on?

John Quigley, a Berkeley economics professor and an expert on housing markets, argues that poor incentive contracts in the mortgage industry helped cause the present mess and suggests simple steps to align industry incentives with the public interest.