On testing the convexity of Hedonic price functions

Article Abstract:

Research on Hedonic price functions within the urban housing market is briefly reviewed and evaluated. The work of Goodman, Linneman and Quigley, as well as the research conducted by Rosen, is shown to emphasize the choice of an optimal functional form, causing misspecification bias. Equations using housing prices and rents as dependent variables are developed that determine optimal functional form of the Hedonic function. The conclusion is that estimated Hedonic price functions can be identified as convex or nonconvex easily, by using the equation and testing methodology developed.

Economic aspects, Finance, Housing, Economic research, Housing research, Valuation, Real property, Metropolitan areas, Real estate appraisal, Property acquisition

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Use-value assessment tax expenditures in urban areas

Article Abstract:

This article examines use-value assessment in valuing land in its current use for property tax purposes, in order to reduce property tax on agricultural land near urban centers and slow development. The difference between market value and use value are evaluated, providing a basis for estimates in tax expenditures.

Property taxes, Property tax, Tax assessment, Tax expenditures, Agricultural resources

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Political economy of city sizes and formation

Article Abstract:

This article examines the effects of urban classes, local politics and restrictions in national land markets on urban planning. Issues include growth situations, land developers intiation of new settlements and whether existing cities are self-organized or locally governed.

Economics, Research and Development in the Social Sciences and Humanities, Planning, Political aspects, Urban policy

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