Prices, incentives and choice of management form

Article Abstract:

The incentives theory was used to analyze the real property owner's choice of management scheme, which includes owner managed (OM) and third party managed (TPM). Results indicated that management structure influences performance and that the OM-TPM choice is caused by the trade-off between TPM incentives inefficiencies and gains from superior management skills. The impact of the choice of management regime on net income flows and asset values at the individual asset level was also studied.

Methods, Management, Real property, Landowners

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A random walk down main street?

Article Abstract:

A statistical model for constructing house price indices was developed to test whether house prices have a random walk component. The model is based on repeat sales data that considers houses that have only been sold twice and was applied to data from several cities. Results show that house prices do not follow a random walk, implying that a model for estimating house price indices should use a combination of single and repeat sales data.

Models, Analysis, Random walks (Mathematics), Random walk theory, Price indexes

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The effect of demographics on the Japanese housing market

Article Abstract:

The effects of Japanese housing price determination mechanisms are examined by applying the housing demand index of demographic factors developed by Mankiw and Weil (1989). Short-term and long-term effects are compared using an error correction model and the cointegration concept. Regression estimates show that short-run adjustment processes in the housing market allow demographics to significantly affect prices.

Japan, Demographic aspects, Housing development

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