A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the...

The town of Wolfville, Nova Scotia is a small historic community, economically dominated by Acadia University. It is located on the north slope of a ridge, affording views of the Minas Basin, at the eastern end of the Bay of Fundy. The upper boundary of the town is a major provincial highway. A...

The Freedom House democracy index is often used in regression analysis to estimate the relationship between democratic freedoms and growth. The index is comprised of two broad categories for political rights and civil liberties. However, the relationship between the underlying types of rights...

This paper explores the extent to which goods follow systematic pricing patterns over their life cycle. The theoretical literature, and anecdotal evidence, often suggests that new products are often introduced at high prices which decline as the good ages while, older goods exit the market at a...

We approach the question of the costs of everyday residential noise pollution by examining a series of ‘happiness regressions.’ Following standard approaches, we use a range of socio-economic data to explain respondents’ declared level of life satisfaction, and then add perceived noise...

Trends in residential house values can be expressed by changes in House Price Indexes (HPIs). Since the recent housing crash, distressed sales have increased in numbers and have led to concerns about how they affect HPIs. This paper has three parts. First, FHFA’s standard HPIs are compared to...