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1

Tandoh, Francis, and Devi Datt Tewari. "The income and price elasticity of demand for housing in Ghana: Empirical evidence from household level data." South African Journal of Economic and Management Sciences 19, no. 2 (April 11, 2016): 160–74. http://dx.doi.org/10.4102/sajems.v19i2.675.

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Housing is a challenging issue in Ghana, due to the rising demand and sluggish supply which has led to a deficit of more than two million housing units. This study aimed to estimate and analyse the determinants of the demand for housing in Ghana. The estimated elasticities show that owner and rental demand for housing is price and income inelastic. Permanent income elasticities were greater in each case than current income elasticity. The quantile regression showed that permanent income, current income and price were significant for all quantiles of housing units consumed. It is recommended that all these factors be taken into account when addressing the housing supply challenges facing Ghana to help clear the existing deficit and to provide for the anticipated increase in demand due to increasing income, since demand for housing in the country is income inelastic.
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2

Taltavull de la Paz, Paloma. "New housing supply and price reactions: evidence from Spanish markets." Journal of European Real Estate Research 7, no. 1 (April 29, 2014): 4–28. http://dx.doi.org/10.1108/jerer-10-2013-0023.

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Purpose – The paper develops a housing model equation for Spain and selected regions to estimate new supply elasticity. The aim of the paper is to assess the role of housing supply on price evolution and explain the fall in housing starts since the start of the credit crunch. Design/methodology/approach – The paper uses a pooled EGLS specification controlling for the presence of cross-section heteroskedasticity. Fixed effect estimators are calculated to capture regional heterogeneity. The model uses secondary data (quarterly) for 17 Spanish regions over the period 1990-2012. A recursive procedure is applied to estimate model parameters starting with a baseline model (1990-1999) and successively adding one-year time information. Elasticities, as well as explanatory power from models, are reported and jointly analyzed. Elasticity is interpreted as the extent to which market mechanisms drive developer responses. Findings – Elasticities of new supply are shown to be very stable during all periods but characterized by differences in response at a regional level. Elasticity ranges from 0.8 to 1.3 across regions. The model reports a non-market-oriented mechanism that guides building decisions. The credit crunch and debt crisis have had a double negative effect capturing the cumulative effect of exogenous shocks. Research limitations/implications – Elastic responses restrained the effects of over-pricing in the period of strong demand pressures in the early 2000s. Changes in elasticity parameters over time suggest that long-term elasticity in housing supply depends on the specific region analyzed. The results show that the credit crunch shock had varying degrees of severity in Spanish regions, dramatically reducing house-building because of the high sensitivity to changes in prices. Practical implications – Estimated elasticity may be used to forecast responses to changes in housing prices. The results add to the understanding of the equilibrium mechanism in the housing market across regions. Originality/value – This is the first article that analyses housing supply, calculates supply elasticities and measures the impact of the credit crunch on the housing market from the supply side in Spain. The paper adds evidence to the debate concerning the equilibrium mechanism in the housing market.
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3

Rosenthal, Stuart S. "Are Private Markets and Filtering a Viable Source of Low-Income Housing? Estimates from a “Repeat Income” Model." American Economic Review 104, no. 2 (February 1, 2014): 687–706. http://dx.doi.org/10.1257/aer.104.2.687.

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While filtering has long been considered the primary mechanism by which markets supply low-income housing, direct estimates of that process have been absent. This has contributed to doubts about the viability of markets and to misplaced policy. I fill this gap by estimating a “repeat income” model using 1985–2011 panel data. Real annual filtering rates are faster for rental housing (2.5 percent) than owner-occupied (0.5 percent), vary inversely with the income elasticity of demand and house price inflation, and are sensitive to tenure transitions as homes age. For most locations, filtering is robust which lends support for housing voucher programs. (JEL R21, R31, R38)
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4

Taltavull de La Paz, Paloma, and Michael White. "The sources of house price change: identifying liquidity shocks to the housing market." Journal of European Real Estate Research 9, no. 1 (May 3, 2016): 98–120. http://dx.doi.org/10.1108/jerer-11-2015-0041.

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Purpose The purpose of this paper is to examine the role of monetary liquidity in house price evolution through examining the Asset (housing) Inflation channel. It identifies the main channels of transmission affecting house prices from monetary supply channels to house price change, examining how the Asset Price channel transmits changes in M1 to housing prices in Spain and the UK. Design/methodology/approach The paper uses Vector Auto Regression (VAR) and Error Correction models to test the Asset Inflation channel in the UK and Spain from 1991 to 2013 in two steps. In the first step, the supply elasticity is estimated through the long-term relationship between house prices and stock supply. The second step estimates a Vector Error Correction (VEC) to explain house price dynamics conditioned on supply reactions. The latter is defined as a long-term inverse demand model where housing prices are controlled by fundamentals in each market. Models allow forecast testing using Choleski impulse responses methodology. Findings Several results are found. In the supply model, both countries show rapid convergence to equilibrium with a larger elasticity of supply in Spain than in the UK but with a short run effect of new supply on prices in the UK. Regarding the Asset Inflation Channel model, the paper finds evidence of the existence of a housing accelerator effect in Spain, but not in the UK where changes in liquidity fully impact house prices in one direction. Research limitations/implications Implications of findings are mainly to forecast the effects of Monetary Policy measures in different economies. Practical implications The model supports the evaluation of different impacts of monetary policy in territories. It shows that the same policy will have different impacts in different housing markets and therefore highlights the importance of examining each market separately to identify the appropriate policy interventions. Originality/value This is the first paper that estimates the impact of the Asset Inflation Channel on house prices that endogenises housing market conditions and compares effects and interrelationships in two different economies.
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5

Nanthakumaran, Nanda, Craig Watkins, and Allison Orr. "Understanding Property Market Dynamics: Insights from Modelling the Supply-Side Adjustment Mechanism." Environment and Planning A: Economy and Space 32, no. 4 (April 2000): 655–71. http://dx.doi.org/10.1068/a31176.

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The volatility of commercial property markets in the United Kingdom has stimulated the development of explanatory models of ‘price’ determination. These models have tended to focus on the demand-side as the driver of change. A corollary of this is that, despite the fact that construction lags are known to exacerbate cyclical fluctuations, the supply-side adjustment mechanism has been subject to relatively little research effort. In this paper the authors develop a new model of commercial property markets in the United Kingdom. The model is adapted from Poterba's two-equation asset-market approach to modelling the housing market. The first equation is an arbitrage relationship where the return on property is made up of rent, as determined in the user market for property services, and the capital gain, which is dependent on the return on alternative assets. This can be interpreted as a ‘stock’ demand equation. The second equation explains that ‘flow’ supply is determined by real capital values. The long-run empirical generalisation of the two-equation model allows the authors to estimate two key behavioural parameters required in explaining supply-side adjustment to market change. First, the authors interpret the coefficient on the capital value variable in the supply equation as an estimate of the long-run ‘price’ elasticity of supply. Second, from the demand equation, they estimate the extent to which new supply can act as an ‘automatic stabiliser’ on property values. It is argued that although increases in demand drive up property values, new development is also initiated and will, in turn, dampen down the growth in real capital values. The equations are estimated for the office, industrial, and retail sectors. Although there are no comparable estimates of supply elasticities in the real estate economics literature, the results are generally consistent with prior knowledge. Estimates of the stabiliser effect are also plausible and, taken together, the supply-side parameters help provide insights required in understanding property market dynamics in the last twenty-five years.
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6

Duca, John V. "Making sense of increased synchronization in global house prices." Journal of European Real Estate Research 13, no. 1 (April 13, 2020): 5–16. http://dx.doi.org/10.1108/jerer-11-2019-0044.

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Purpose The purpose of this paper is to provide perspective on whether and why global metro house prices have become more synchronized, and perspective on the limited implications of this for investing in international real estate. Design/methodology/approach This paper reviews main findings from the literature on house price determination, reviews the emerging literature on global synchronization, and provides graphs to illustrate main points and trends. Findings House prices have become somewhat more synchronized likely reflecting greater correlation in long-term interest rates and macroeconomic cycles related to trends in globalization and international portfolio diversification. Nevertheless, this trend has not been continuous, reflecting that house prices depend on other fundamentals, which are not uniform across areas. Theory and evidence indicate that the more common are fundamentals, the more synchronized are house price cycles and the more substitution effects may matter. Also, real estate markets that are open to immigration and foreign investment have become more sensitive to shifts in the international demand for property by migrants or investors. Research limitations/implications Changes in international house price synchronization stem from variation in two categories of key drivers of house prices. The first are traditional supply and demand fundamentals. The second include international capital flows and immigration. Both sets of factors are sensitive to the economic environment and public policy. Increased synchronization of business cycles, the Euro currency union, and more common monetary policy strategies and tactics have fostered greater correlation of real interest rates across countries, which tend to increase house price synchronization. These effects can be amplified by the tendency for property owners to use extrapolative expectations of future house prices. Practical implications Shifts in prospective returns and the synchronization of international property returns not only on arbitrage of general property price differentials but also on underlying factors driving those differentials. Investors need to be mindful of the risks that metro prices sometimes reflect bubble-builder dynamics that can give rise to over-shooting of house prices. Observing simple correlations and changes in those correlations does not do away with the need for careful analysis of property investment, and if anything, warrant analysis of both how and why one may observe changes in the extent to which international house prices is synchronized. Social implications Despite the rise of globalization and of new technologies, the author has seen substantial divergences in house prices emerge across gateway cities and metros in less vibrant areas within countries. These reflect not only the impact of stronger income and population in more tech, educated and global oriented cities but also changes in the demand for amenities toward more culturally appealing cities, often – but not exclusively in – warmer or coastal areas where the supply elasticity of housing is often limited. Further complicating investment decisions are potential shifts in housing or immigration policy that can notably affect the demand for housing. Originality/value The paper provides practical perspective on why different groups of international cities have seen their house prices become more sychronized. Nevertheless, increased synchronization has occurred within an elite set of major cities, but in an environment house prices have diverged across gateway cities and metros in less vibrant areas within countries. The paper helps investors make sense of some recent patterns and recent prospects for investing in international real estate.
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7

Horoshkova, Lidiia, Vladimir Volkov, and Іevhen Khlobystov. "Decentralized pricing management in housing and municipal economy." University Economic Bulletin, no. 43 (November 20, 2019): 59–66. http://dx.doi.org/10.31470/2306-546x-2019-43-59-66.

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Actuality of research theme. The process of Ukraine's integration into the European Community actualizes the issue of the compliance of the administrative and territorial structure with European principles of regional and local development organization, and the formation of local self-government. Nowadays the problem of developing an effective system of management of the infrastructure united territorial communities (UTCs) formation in the context of administrative and territorial reform implementation based on the principles of decentralization becomes especially acute. Problem statement. Nowadays conditions, the reform of the administrative-territorial structure and the decentralization of power in Ukraine require special attention to the problem of housing and communal services management, since its maintenance is ensured by local authorities and created in the process of reforming the united territorial communities (OTСs). Analysis of the last researches and publications. The modern aspects of decision of problems of development of territorial communities and local self-government such scientists engage in, as Pavliuk A. P., Oliinyk D. I., Batalov O. A., Datsko O. I., Murkovych L. L., Molodozhen Yu. B.and other [1-4]. The results of own researches of problem are in to [5-13]. Selection of unexplored parts of general issue. The new administrative and territorial system should become the basis for constructing a new model of territorial administration, based on the principles of decentralization, subsidiarity, balance of national interests with regional and territorial communities` interests representation, local self-governance widespread, territorial communities` power and autonomy, coherence with natural geographical capacity. That is why the problem of mechanism for managing regional housing and communal services programs and to determine the optimal pricing models taking into account world experience. Task statement, research aim. To search for new mechanisms of efficient pricing management in housing and utilities using world experience and peculiarities of domestic business practices. Method or methodology of realization of research. In the process of realization researches drawn on scientific (analysis and synthesis, induction and deduction, analytical grouping) and special (abstracting, economical-mathematical design, etc.) methods of study of the economic phenomena and processes. Exposition of basic material (job performances). In the world practice certain methods of pricing under natural monopoly were formed. The analysis of the essence and peculiarities of these methods to adopt the best practices: а) Rate of return regulation. This is the most traditional approach to set price of goods (services) of natural monopolies. It is based on cost-plus pricing calculation. It is used in Ukraine. b) Price cap regulation (price restrictions). The method`s essence is to set fixed maximum price limitations by the regulatory institution. The institution has the right to set the price, which is lower or equals the limit, and to profit. As the profit does not correlate to costs, there is the stimulating mechanism to cut them. The model assumes quite a long period between tariff revisions – 4-5 years. c) Profit-sharing plan with sliding scale. Unlike the previous method, in which natural monopoly gains significant profits, this method assumes to use the sliding scale of profit distribution between a producer and a consumer. d) Price discrimination. Price discrimination is a pricing strategy that charges customers or their groups’ different prices for the same product or service. Price difference does not depend on production costs or supply costs. Price discrimination is possible if consumers` direct price elasticity of demand is different. Conclusions. The analysis of the natural monopoly`s world pricing practice, including national housing and utilities sector has been carried out. It has been stated that the main methods of monopolistic pricing are: rate of return regulation; price cap regulation (price restrictions); profit-sharing plan with sliding scale; price discrimination; multi-rate tariffs; pricing for different competition forms, compatible with natural monopoly.The obtained findings prove the necessity of modification to the housing and utilities sector’s monopoly market by implementation of competition elements.
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8

Fingleton, Bernard. "Housing Supply, Housing Demand, and Affordability." Urban Studies 45, no. 8 (July 2008): 1545–63. http://dx.doi.org/10.1177/0042098008091490.

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9

Gitelman, Emily, and Glenn Otto. "Supply Elasticity Estimates for the Sydney Housing Market." Australian Economic Review 45, no. 2 (June 2012): 176–90. http://dx.doi.org/10.1111/j.1467-8462.2012.00679.x.

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10

Arimah, B. C. "The Income Elasticity of Demand in a Sub-Saharan African Housing Market: Evidence from Ibadan, Nigeria." Environment and Planning A: Economy and Space 26, no. 1 (January 1994): 107–19. http://dx.doi.org/10.1068/a260107.

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Very little is known about the behaviour of housing demand in sub-Saharan housing markets. This ostensibly is due to the dearth of such studies in this region. In this paper the author estimates the parameters of the demand for housing, using data drawn from the city of Ibadan in Nigeria. The empirical analysis, in which housing is viewed as a composite product, reveals that the demand for housing is income inelastic. Specifically, income-elasticity estimates for renters and owners are 0.88 and 0.56, respectively. Furthermore, these income-elasticity estimates were found to be higher than those reported for other African cities.
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11

Ihlanfeldt, K., and T. Mayock. "Housing Bubbles and Busts: The Role of Supply Elasticity." Land Economics 90, no. 1 (December 23, 2013): 79–99. http://dx.doi.org/10.3368/le.90.1.79.

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12

Davidoff, Thomas. "Supply Elasticity and the Housing Cycle of the 2000s." Real Estate Economics 41, no. 4 (October 31, 2013): 793–813. http://dx.doi.org/10.1111/1540-6229.12019.

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13

Liu, Xiangling, and Glenn Otto. "Housing supply elasticity in local government areas of Sydney." Applied Economics 49, no. 53 (March 29, 2017): 5441–61. http://dx.doi.org/10.1080/00036846.2017.1307936.

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14

Polidi, Tatyana D. "Multifamily housing construction in Russia: supply elasticity and competition." Area Development and Policy 1, no. 2 (June 2, 2016): 238–65. http://dx.doi.org/10.1080/23792949.2016.1161492.

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15

Morris, Adele C., Helen R. Neill, and N. Edward Coulson. "Housing supply elasticity, gasoline prices, and residential property values." Journal of Housing Economics 48 (June 2020): 101669. http://dx.doi.org/10.1016/j.jhe.2020.101669.

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16

Gu, Guowei, Lynne Michael, and Yapeng Cheng. "Housing supply and its relationships with land supply." International Journal of Housing Markets and Analysis 8, no. 3 (August 3, 2015): 375–95. http://dx.doi.org/10.1108/ijhma-11-2014-0045.

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Purpose – This paper aims to explore the determinants of housing supply and the relationships between land supply and housing supply in terms of quantity and time in Shanghai, China. Design/methodology/approach – Official statistical and property registration data[] from Shanghai are used to carry out multiple linear regression analysis. Findings – The authors find that land supply affects housing supply with a three-year time lag. Both construction cost and housing price impact supply with a one-year time delay. The construction cost elasticities range from 0.74 to 1.51, while housing price elasticity is 2. The authors also find that plot ratio may play more important role in the developer’s first housing sale than either plot area or sales price. An average time period from obtaining the land for residential development until marketing the product is established at 36.8 months. Research limitations/implications – Only ordinary least squares method is applied in this analysis and the property portal on which this research relies is still at an early stage. Originality/value – This research contributes to a wider understanding of issues surrounding housing supply in the local markets within China and provides the foundation for local government to better manage supply.
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Yang, Jian Ping, and Fan Ming Meng. "Research about the Disequilibrium Degree of Supplying and Demanding Market for Newly-Built Commodity-Housing from 1998 to 2011 in Xian." Advanced Materials Research 838-841 (November 2013): 3115–18. http://dx.doi.org/10.4028/www.scientific.net/amr.838-841.3115.

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Basing on the disequilibrium theory, taking use of SPSS software, taking advantaging of multiple linear regression methodology, this article analyzed the state of supply and demand of newly built commodity-housing market from1998 to 2011 in Xian, constructed the equation about land supply, housing price, load rate and housing-supply, and constructed the equation about per capita disposable income, and housing-demand. Basing on the supply-equation and demand-equation, this article obtained the state of supply and demand of new-built commodity- housing in Xian, at last, calculated the non-equilibrium degree and drew a conclusion.
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18

Murphy, Alvin. "A Dynamic Model of Housing Supply." American Economic Journal: Economic Policy 10, no. 4 (November 1, 2018): 243–67. http://dx.doi.org/10.1257/pol.20150297.

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This paper estimates a dynamic microeconometric model of housing supply. The model features forward-looking landowners who optimally choose both the timing and the nature of construction while taking into account expectations about future prices and costs. The model is estimated using a unique dataset describing individual landowners in the San Francisco Bay Area. Results indicate that geographic and time-series variation in costs are key to understanding where and when construction occurs. Pro-cyclical costs provide an incentive for some landowners to build before price peaks. Results also indicate that landowners actively “time” the market, which reduces the elasticity of supply. (JEL C51, D12, E32, R21, R23, R31)
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19

Marzouk, Mohamed, and Ismail Hosny. "Modeling housing supply and demand using system dynamics." Housing, Care and Support 19, no. 2 (June 6, 2016): 64–80. http://dx.doi.org/10.1108/hcs-06-2016-0004.

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Purpose The housing sector in Egypt represents a considerable share of the gross domestic product (GDP) and accordingly the economy. Further, it is considered vital for any population around the world, because it provides the shelter needed by people. Egyptian housing market is facing many problems which need to be solved. The paper aims to discuss these issues. Design/methodology/approach This research reviews and analyzes the Egyptian public and private housing market’s key variables. As such, it highlights the importance of informed decision making through detailed analysis and study of the market, especially when planning for the future by any housing market stakeholder. The research proposes the use of system dynamics (SD) modeling to analyze the market by creating a stock and flow model using STELLA modeling and simulation software. Findings The results reveal that the expected newly established families will be nearly 800,000 families in year 2015/2016. Out of these numbers, 600,000 families require economic housing units, while the expected supply is nearly 300,000 units. Originality/value A study is made for the economic housing market, which is a very big housing market and population segment that has been suffering from negligence for years.
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He, Ge. "Equilibrium-oriented housing supply: A case study of Chengdu City, China." Panoeconomicus 60, no. 4 (2013): 557–68. http://dx.doi.org/10.2298/pan1304557h.

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There is a growing concern regarding housing supply management because of soaring housing prices consequent to recent market failure in China. This study is aimed at presenting an equilibrium-oriented housing supply management model that integrates housing supply and demand with time lag and reasonable vacancy area. For validity test of the model, Chengdu City was selected as a sample. The study establishes the feasibility of this model by demonstrating that optimized housing supply can narrow the gap between housing supply and demand. The implication of this finding is that planning of housing supply is an important management tool and that in applying this tool, local government should intervene in housing market to ensure scientific consideration of city's development position, economic growth and housing demand.
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Koebel, C. Theodore. "Estimating Housing Demand and Supply for Local Areas." Journal of Planning Education and Research 7, no. 1 (October 1987): 5–14. http://dx.doi.org/10.1177/0739456x8700700101.

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22

Oliner, Stephen D. "Housing Conundrum: A Shortage of Demand or Supply?" Business Economics 51, no. 3 (July 2016): 161–65. http://dx.doi.org/10.1057/s11369-016-0003-3.

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Naoi, Michio, Piyush Tiwari, Yoko Moriizumi, Norifumi Yukutake, Norman Hutchison, Alla Koblyakova, and Jyoti Rao. "Household mortgage demand: a study of the UK, Australia and Japan." International Journal of Housing Markets and Analysis 12, no. 1 (February 4, 2019): 110–30. http://dx.doi.org/10.1108/ijhma-03-2017-0029.

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PurposeHomeownership has been the main focus of housing policies in most countries. Typical means that households use to achieve homeownership is to take out a loan and supplement this with accumulated wealth for a downpayment. This paper aims to analyze the mortgage demand behavior of households in the UK, Australia and Japan.Design/methodology/approachUsing three panel data sets, HILDA for Australia, KHPS for Japan and USS for the UK, the paper estimates three equations using ordinary least squares: mortgage demand function, housing demand function and initial loan to value ratio function.FindingsThough homeownership is a preferred tenure and the mortgages are “recourse” loans, housing markets in these three countries operate in different mortgage market institutional structures. Results indicate that income elasticity of mortgage demand differ despite income elasticity of housing demand being similar. Different mortgage institutions in countries that pose constraints for borrowers also determine mortgage demand. Other factors such as demography and economic conditions have also played an important role in determining mortgage and housing demand.Originality/valueThe paper is first, to the authors’ knowledge, that explores the role of institutions in mortgage demand in a comparative framework for the UK, Japan and Australia.
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Kwoun, Min-Ji, Sang-Hyo Lee, Ju-Hyung Kim, and Jae-Jun Kim. "Dynamic cycles of unsold new housing stocks, investment in housing, and housing supply–demand." Mathematical and Computer Modelling 57, no. 9-10 (May 2013): 2094–105. http://dx.doi.org/10.1016/j.mcm.2011.08.005.

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Favara, Giovanni, and Jean Imbs. "Credit Supply and the Price of Housing." American Economic Review 105, no. 3 (March 1, 2015): 958–92. http://dx.doi.org/10.1257/aer.20121416.

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An exogenous expansion in mortgage credit has significant effects on house prices. This finding is established using US branching deregulations between 1994 and 2005 as instruments for credit. Credit increases for deregulated banks, but not in placebo samples. Such differential responses rule out demand-based explanations, and identify an exogenous credit supply shock. Because of geographic diver-sification, treated banks expand credit: housing demand increases, house prices rise, but to a lesser extent in areas with elastic housing supply, where the housing stock increases instead. In an instrumental variable sense, house prices are well explained by the credit expansion induced by deregulation. (JEL G21, G28, R21, R31)
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Gallent, Nick, Dan Durrant, and Neil May. "Housing supply, investment demand and money creation: A comment on the drivers of London’s housing crisis." Urban Studies 54, no. 10 (May 9, 2017): 2204–16. http://dx.doi.org/10.1177/0042098017705828.

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This commentary examines the current emphasis on supply-side solutions to the housing crisis in England – building more homes to increase accessibility – against a backdrop of intensifying demand-side pressures, the financialisation of housing, and the impact of credit liberalisation and money creation on housing demand and prices. It reflects on the need to balance additional housing supply, where needed, with gradual ‘demand management’ responses that at last acknowledge the centrality of spatially unbounded investment demand and the flow of money created by deregulated banks into housing as fundamental to the current crisis of housing affordability and access.
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Roy, Debarpita. "Housing demand in Indian metros: a hedonic approach." International Journal of Housing Markets and Analysis 13, no. 1 (May 10, 2018): 19–55. http://dx.doi.org/10.1108/ijhma-04-2017-0041.

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Purpose This paper aims to understand housing demand of urban Indian households in terms of housing and household-level characteristics. Because a house is a bundle of certain characteristics which vary across houses, each characteristic has an implicit price. Finding this implicit price for certain important characteristics is the first objective of this study. The second objective of the paper is to compute the income elasticity and price elasticity of housing demand for these cities. Design/methodology/approach To achieve comparable estimates, household-level data from India’s National Sample Survey Organisation housing surveys for the years 2002 and 2008-2009 have been used. A hedonic price function is estimated using ordinary least squares (OLS) and Box-Cox functional forms to estimate the implicit prices of housing characteristics. This exercise is attempted for owned and rented houses separately. Demand function required for computing the elasticities, uses the hedonic price index derived from the implicit prices and household characteristics. Findings The study finds housing demand to be income elastic and price inelastic for the six cities across both the time periods. Originality/value Firstly, this study includes housing characteristics such as individual access to drinking water, modern sanitation facility, separate kitchen, condition of the structure, existence of a road with street light and whether the house is in a slum or non-slum area in the hedonic price function. These variables were not used in any of the earlier studies pertaining to India. Secondly, it uses the Box-Cox non-linear form to derive the hedonic price function, a specification not used earlier. Thirdly, this is the first study analysing housing demand across the six largest Indian cities.
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Ho, Tien Her, and Chia Nung Li. "Rethinking of Supply and Demand of Residential Land in Taiwan's Most Popular Housing Markets." Applied Mechanics and Materials 368-370 (August 2013): 1954–61. http://dx.doi.org/10.4028/www.scientific.net/amm.368-370.1954.

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In Taiwan, the strongest demand for housing is located in New Taipei City and Taoyuan County. It needs to use policies and systems to adjust the housing market timely and relieve the situation of supply and demand in the urban area. Therefore, the purpose of this paper is to investigate the trends of the population growth in Taiwan, understand the current status of land use in the metropolitan area, study the possible schedules and issues about the release and use of all kinds of residential lands and public lands, consult some foreign cases and laws and domestic land policies, examine the supply and demand of residential land as well as the relevant supporting systems, assess the feasibility of the introduction of land reservation system, propose a strategy of adjustment of the supply and demand of residential land as well as the re-use of public lands, build the system framework of the supply and demand of housing market, in order to reduce the risk of an imbalance of the supply and demand of housing market in the future.
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Liu, Xiangling. "The income elasticity of housing demand in New South Wales, Australia." Regional Science and Urban Economics 75 (March 2019): 70–84. http://dx.doi.org/10.1016/j.regsciurbeco.2019.01.007.

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30

Hansen, Julia L., John P. Formby, and W. James Smith. "The Income Elasticity of Demand for Housing: Evidence from Concentration Curves." Journal of Urban Economics 39, no. 2 (March 1996): 173–92. http://dx.doi.org/10.1006/juec.1996.0009.

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31

Harrington, David E. "An intertemporal model of housing demand: Implications for the price elasticity." Journal of Urban Economics 25, no. 2 (March 1989): 230–46. http://dx.doi.org/10.1016/0094-1190(89)90037-5.

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32

Barot, Bharat. "AN ECONOMETRIC DEMAND–SUPPLY MODEL FOR SWEDISH PRIVATE HOUSING." European Journal of Housing Policy 1, no. 3 (January 2001): 417–44. http://dx.doi.org/10.1080/14616710110091570.

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33

Houck, James P. "An All-Elasticity Approach to Factor Demand and Output Supply." North Central Journal of Agricultural Economics 11, no. 1 (January 1989): 75. http://dx.doi.org/10.2307/1349284.

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34

Kaplan, Uğur, Metin Türkay, Bülent Karasözen, and Lorenz T. Biegler. "Optimization of Supply Chain Systems with Price Elasticity of Demand." INFORMS Journal on Computing 23, no. 4 (November 2011): 557–68. http://dx.doi.org/10.1287/ijoc.1100.0421.

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35

Zupan, Mark A. "THE RELATIVE SIZE OF SUPPLY/DEMAND ELASTICITY AND TAX INCIDENCE." Economic Inquiry 26, no. 2 (April 1988): 361–63. http://dx.doi.org/10.1111/j.1465-7295.1988.tb01500.x.

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36

Houck, James P. "An All‐Elasticity Approach to Factor Demand and Output Supply." Applied Economic Perspectives and Policy 11, no. 1 (January 1989): 75–81. http://dx.doi.org/10.1093/aepp/11.1.75.

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37

Liu, Yishen. "Estimating the elasticity of supply of housing space rather than units." Regional Science and Urban Economics 68 (January 2018): 1–10. http://dx.doi.org/10.1016/j.regsciurbeco.2017.10.013.

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38

Diamond, Rebecca. "Housing Supply Elasticity and Rent Extraction by State and Local Governments." American Economic Journal: Economic Policy 9, no. 1 (February 1, 2017): 74–111. http://dx.doi.org/10.1257/pol.20150320.

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Governments may extract rent from private citizens by inflating taxes and spending on projects benefiting special interests. Using a spatial equilibrium model, I show that less elastic housing supplies increase governments’ abilities to extract rents. Inelastic housing supply, driven by exogenous variation in local topography, raises local governments’ tax revenues and causes citizens to combat rent seeking by enacting laws limiting the power of elected officials. I find that public sector workers, one of the largest government special interests, capture a share of these rents through increased compensation when collective bargaining is legal or through corruption when collective bargaining is outlawed. (JEL H71, H72, J45, J52, R31, R51)
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39

McLaughlin, Ralph B. "New housing supply elasticity in Australia: a comparison of dwelling types." Annals of Regional Science 48, no. 2 (December 28, 2011): 595–618. http://dx.doi.org/10.1007/s00168-011-0491-z.

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40

Samad, Diwa, Nurshuhada Zainon, Faizul Azli Mohd Rahim, and Eric Lou. "Malaysian Affordability Housing Policies Revisited." Open House International 42, no. 1 (March 1, 2017): 44–51. http://dx.doi.org/10.1108/ohi-01-2017-b0007.

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Housing has always been a significant aspiration of family expression and distinctly priciest investment by household. It plays a momentous role in the country's economy and so central to the societal well-being that is emplaced in the United Nation Universal declaration of Human rights. Yet in developed and developing world alike, cities struggle to provide decent housing for lower and middle income population. The provision of affordable housing is a major policy concern around the world with Malaysia being no exception; rising income hardly keep pace with price hike of housing unit and housing interventions has majorly concentrated on demand side leading to a non-responsive supply sector. Therefore, this paper highlights affordable housing issues pertaining Malaysia. It formulates Malaysian Map of affordability and conducts an evaluation of global housing schemes to better identify policy priorities for Malaysia. It's significant to harmonize supply and demand side factors in the housing market to ensure that housing supply fits the needs of citizens based on the location, price and target group. In case of Malaysia supply oriented initiative are of urgency in short and medium run. This must be supported by long term demand side schemes in parallel. Convergence of these two factors is essential for a balanced equilibrium and obtaining affordability.
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Zainal, Rozlin, Fazilah Ramli, Norpadzlihatun Manap, Maimunah Ali, Narimah Kasim, Hamidun Mohd Noh, and Sharifah Meryam Shareh Musa. "Price Prediction Model of Demand and Supply in the Housing Market." MATEC Web of Conferences 266 (2019): 06015. http://dx.doi.org/10.1051/matecconf/201926606015.

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Over recent years, the imbalance between housing demand and supply, particularly in the high-cost housing segment, led to the rapid increase in the house prices. This paper has applied the standard theory of consumer demand and supply supplemented using content analysis method to explain the trend of housing demand and supply of housing market in Malaysia. Sampling in the quantitative content analysis is carried out to achieve the objective. Property Market Status Report in the NAPIC website provide a series data for total housing demand and supply for any house type of terrace, detached, cluster and townhouse in the price range between RM50,000 to RM300,000. All data provided cover from the first quarter until the fourth quarter across the year 2006 to 2015 specifically in Peninsular Malaysia only. Each level of the house price has a different equilibrium price so that developers can use it as an indicator based on the housing type. This research will promote ways to achieve the sustainabiliy in construction output overall so that the scholars can improve the equilibrium price model proposed in order to make the Malaysian housing become an affordable.
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42

Jang, Sewoong, Sanghyo Lee, Juhyung Kim, and Jaejun Kim. "Relationship Between Demand-supply in the Housing Market and Unsold New Housing Stocks." Journal of Asian Architecture and Building Engineering 9, no. 2 (November 2010): 387–94. http://dx.doi.org/10.3130/jaabe.9.387.

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43

Li, Lingyan, Jiangying An, Yan Li, and Xiaotong Guo. "Multiattribute Supply and Demand Matching Decision Model for Online-Listed Rental Housing: An Empirical Study Based on Shanghai." Discrete Dynamics in Nature and Society 2020 (August 1, 2020): 1–21. http://dx.doi.org/10.1155/2020/4827503.

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The mismatch between the supply and demand of online-listed rental housing (ORH) is an important factor restricting the operational efficiency of online rental service platforms. However, extant literature pays little attention to this problem. This study proposes an ORH multiattribute supply and demand matching decision model based on the perceived utility of matching both sides of this market. The model considers the multiattribute information of ORH, such as area, transportation, rent, room, and interior decoration, and quantifies their perceived utility values based on the theory of disappointment. Thereafter, we construct the matching decision model and verify it for feasibility by applying it to Shanghai’s ORH supply and demand information—our empirical case. The results show that this method can be applied to online rental housing platforms and meet the supply and demand matching requirements to the greatest extent. The constructed model takes into account the perceptions of both supply and demand parties, may promote the effective matching of ORH supply and demand, and bears theoretical implications for the improvement of rental housing matching in ORH platforms.
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44

Ma, Le, Richard Reed, and Jian Liang. "Separating owner-occupier and investor demands for housing in the Australian states." Journal of Property Investment & Finance 37, no. 2 (March 4, 2019): 215–32. http://dx.doi.org/10.1108/jpif-07-2018-0045.

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PurposeThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.Design/methodology/approachThe econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.FindingsThe results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.Practical implicationsThe findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.Originality/valueThere has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.
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45

Owusu-Ansah, Anthony. "Modelling the supply of new residential construction in Aberdeen, UK." International Journal of Housing Markets and Analysis 7, no. 3 (July 29, 2014): 346–62. http://dx.doi.org/10.1108/ijhma-07-2013-0043.

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Purpose – The purpose of this paper is to use local-level time series data to examine the determinants of housing starts and the price elasticity of supply for the Aberdeen local housing market. Design/methodology/approach – Seven time series models are used in the analysis. The basic model treats housing starts as a function of the changes of current and lagged house prices, interest rate and construction cost. The other six models which are extensions of the basic model include other variables like time on the market, planning constraints and future expectations. Findings – It is found that the local variables – changes in house prices, time on the market, planning regulation, lagged stock and lagged and future housing starts – are the main factors that influence new residential construction in Aberdeen. None of the national variables is significant, confirming the importance of limiting housing market analysis to the local level. The price elasticity of supply estimated is in the range of 2.0 to 3.2 for housing starts and 0.01 to 0.02 for housing stock. These estimates are higher than most of the elasticities for the other UK local markets. Originality/value – There is the need to better understand the supply of housing at the various local housing markets. Unfortunately, however, most housing supply studies use national data. Because national data are aggregation of local data, using national studies results for local markets may be uninformative. Also, the few existing local studies use typically cross-section data or at least time series over relatively short time spans. This paper makes an effort to use quarterly time series data over a 25-year period for a local market and also include a planning variable which is different from local markets and often ignored in national or regional studies.
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46

Lin, Sheng-Hau, Jia-Hsun Li, Jing-Chzi Hsieh, Xianjin Huang, and Jia-Tsong Chen. "Impact of Property Tax on Housing-Market Disequilibrium in Different Regions: Evidence from Taiwan for the period 1982–2016." Sustainability 10, no. 11 (November 21, 2018): 4318. http://dx.doi.org/10.3390/su10114318.

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Although Taiwan has had a unique property tax system for a long time, oversupply and increasing prices have persisted in the regional market during recent decades. In order to shed light on this problem, this study investigated the impact of property taxation on housing markets in different regions from a disequilibrium viewpoint based on the stock-flow model. The panel data of 20 counties or cities in Taiwan for the period from 1982 to 2016 was examined. The empirical findings verified that housing price was the most important factor for influencing the long-run housing supply and demand in regions both with and without oversupply. The low interest rate policy was an important factor driving the long-run housing demand, but only in over-supply regions. The current property tax system cannot impact the long-run housing demand, only the short-run demand in both regions. Moreover, the property tax cannot effectively disturb the supply behavior in the long-run in both regions. This study also confirmed that housing-market disequilibrium existed in regions both with and without oversupply, making up the gap. The property tax’s impact on the adjustment speed to long-run equilibrium in over-supply regions was weaker than under-supply regions.
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47

Purswell, Joseph L., John E. Linhoss, Carson M. Edge, Jeremiah D. Davis, and Jesse C. Campbell. "Water Supply Rates for Recirculating Evaporative Cooling Systems." Applied Engineering in Agriculture 34, no. 3 (2018): 581–90. http://dx.doi.org/10.13031/aea.12652.

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Abstract. Evaporative cooling (EC) is an important tool to reduce heat stress in animal housing systems. Expansion of ventilation capacity in tunnel ventilated poultry facilities has resulted in increased water demand for EC systems. As water resources become more limited and costly, proper planning and design of water supply systems is critical to ensure demand is met during periods of heat stress which increase EC use and bird water consumption. Few estimates of EC water use in animal housing applications are available in the literature and available estimates are geographically limited or rely on extreme weather events. The goal of this analysis was to provide guidance for EC water supply design to accommodate estimates of peak demand, rather than average consumption rates. Keywords: Ventilation, Broiler house, Water conservation, Housing design.
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48

Styrman, Mattias, and Sören Wibe. "Wood resources and availability as determinants of the supply of timber." Canadian Journal of Forest Research 16, no. 2 (April 1, 1986): 256–59. http://dx.doi.org/10.1139/x86-045.

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This paper presents a supply and demand model for the production of timber. Factors affecting supply for each country are (i) product price, (ii) wood density, and (iii) amount of forest resources. Demand (for each country) is modelled from per capita consumption and explaining variables are (i) product price and (ii) per capita income. The system is estimated in its reduced form with data from 35 countries. The study produced three main conclusions. (i) Production of timber is roughly proportional to each country's forest resource, (ii) The overall demand elasticity with respect to per capita income is negative, which implies that total demand for wood declines as income increase. This is explained by the fact that the demand for fuelwood declines faster than the demand for industrial roundwood increase when per capita income increase. (iii) The supply elasticity with respect to cost is around 2, which implies that an increase in cost by 1% might be expected to lead to decline in the supply of timber by 2%.
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49

Chen, Jie, and Minzhou Jin. "Income Elasticity of Housing Demand in China: micro-data evidence from Shanghai." Journal of Contemporary China 23, no. 85 (July 23, 2013): 68–84. http://dx.doi.org/10.1080/10670564.2013.809979.

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50

Ermisch, J. F., J. Findlay, and K. Gibb. "The Price Elasticity of Housing Demand in Britain: Issues of Sample Selection." Journal of Housing Economics 5, no. 1 (March 1996): 64–86. http://dx.doi.org/10.1006/jhec.1996.0004.

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