We provide an analysis that might help distinguish rationally justified movements in house prices from potentially non-rational movements, using a two-sector business cycle model, in which investment in housing is subject to collateral constraints. A large portion of the evolution of U.S. house prices during the past 20 years can be reproduced when expectations of future income growth as publis...

Modifying the proof of a theorem of Wilkie, it is shown that if a one dimnsional set S is definable in an O minimal expansion of the ordered field of the reals, and if it is regularly exponentially near to many integral points, then there is an unbounded set, which is R definable without parameters, and which is exponentially near to S.

In this article we will describe some of the main developments in interest-rate modelling since Black & Scholes’ (1973) and Merton’s (1973) original articles on the pricing of equity derivatives. In particular, we will focus on continuoustime, arbitrage-free models for the full term structure of interest rates. Other models which model a limited number of key interest rates or which operate in ...

[naeini1]  housing is the third top factor in human life, after food and clothing in all communities. many variables are involved in determining housing prices and it is impossible to ignore housing feedback. one of the powerful tools to determine the impact of policies in this field is using system dynamics approach. according to this approach, the cause-and- effect diagram of factors affectin...

Conventional cage housing for laying hens evolved as a cost-effective egg production system. Complying with mandated hen housing alternatives would raise marginal production costs and require sizable capital investment. California data indicate that shifts from conventional cages to barn housing would likely cause farm-level cost increases of about 40% per dozen. The US data on production costs...

there is a consensus among housing experts and policy makers that there are not enough resources for government alone to address growing urban housing challenges in many developing countries. consequently, a paradigm shift from government provision to partnerships between the public and private sectors is advocated. this study examined the prospects and challenges of public-private partnerships...

The paper in the study of poverty in Pakistan is aimed at the analysis of macroeconomic determinants of poverty. It reviews the empirical literature on poverty in Pakistan over the last thirty years. The literature varies from published research papers to the different reports produced by the national and the international institutions. It also estimates the impact of different causes of povert...

p olicy makers in housing sector seeks to use instruments by which they can control volatility of housing price and prevent high disturbances of the bubble and price shocks, or at least, reduce them. in the portfolio and speculation theories, it is emphasized that speculative demand for housing is the main cause of shocks and price volatilities in the sector. the theory of housing price bubble ...

For most homeowners, the house is the single most important consumption good appearing as an argument of the utility function, and, at the same time, the dominant asset in the portfolio. This paper uses a mean-variance efŽ ciency framework to examine the household’s optimal portfolio problem when owner-occupied housing is included in the list of available assets. Housing differs from stocks and...

t Wilkie's stochastic investment model and its variants have been increasingly applied by actuaries around the world to actuarial modeling and simulation. This paper performs time series outlier analysis on retail price inflation, which is the driving force of Wilkie's composite model. The data come from four developed countries: the United Kingdom, the United States, Canada, and Australia. The...