Housing Demand,Coping Strategy,and Selection Bias

ABSTRACT In conventional modeling of housing demand, consumers choose living arrangement, tenure, and housing on the basis of price, income, wealth, and tastes. However, it is both costly and onerous to alter one's housing conditions. It is argued therefore that consumers employ housing strategies to cope with labor market risks and expectations about their future: strategies that may differ from one demographic group to the next. In conventional modeling of housing demand, it is also well‐known that selection bias can arise: that is, omitted variables that help account for one aspect of housing (say, tenure choice) also subsequently affect the nature of the demand function for other aspects of housing demand (say, the amount spent on housing by a renter household). One such variable is the consumer's wealth, a variable that is typically not available in household survey data. This paper argues that the most important variables that may give rise to selection bias are variables that also reflect the coping strategies employed by consumers. The paper estimates a model of housing choice using Canada‐wide pooled samples from the 1980s and 1990s. In this paper, the prices of housing services and income prospects vary region by region. The paper shows how individuals and families in different housing markets across Canada respond, and how this evidences the use of coping strategies (from doubling up to substandard housing). The paper presents evidence to support the argument that selection bias is important in understanding how consumers cope.     

Potential Homebuyer''s Preference in Chongqing

Manufactured Affordable Housing (MAH) is recommended to address the mismatch between demand and supply in the housing market in Chongqing, which is the fourth metropolis in China and has huge housing demand due to a gigantic population of 30.6 million. A model for massive housing production needs to be developed in order to determine the potential homebuyers' preferences. A questionnaire is designed as a tool to retrieve the factors, which affect the potential home buyers' behaviour, the necessary information about their perception for the housing market, their preferences for housing, and to describe the adoption of suitable housing under the main topic of "MAH in Chongqing". This paper aims to highlight the factors that affect the purchase of housing and the preference of the potential homebuyers in Chongqing. The overall research objectives are to use the concept of MAH to examine the feasibility and viability for its use in Chongqing, and to design a suitable type of MAH for use in Chongqing, by maximizing the use of indigenous resources from the region as one of the major considerations. At this stage, investigation has been carried out to identify the basic characteristics of the construction industry in Chongqing to set the scene for the housing research. This paper is mainly to identify the potential homebuyer's preference and their demand for home purchase in Chongqing.     

Prospect of Chongqing Housing Market

Chongqing is the sole municipality in the west of China directly under the China central government and it is an important site for the movement of west development. This paper analyzes the present situation of Chongqing housing market and puts forward suggestions for the prospect of Chongqing housing market.     

Imbalanced sex ratios and housing prices in the U.S.

This paper investigates whether imbalanced local sex ratios are associated with housing prices in the U.S. at the county level during the period 2000–2017, based on the hypothesis that the importance for men of advertising financial resources by spending more on housing increases in the marriage market where there is a scarcity of women. The results indicate that an increase of 0.1 in sex ratio is associated with approximately a 2% increase in housing prices, suggesting that men may allocate more resources toward mating effort by increasing their spending on housing when there is an abundance of men. There is little evidence that the positive association was greater during the housing bubble.     

A Comparative Study of European and American PublicHousing Policies and Its Findings

I studied the similarities and differences of public housing policy between European countries and the United States using historic and comparative methods. Public housing policy was put in place in postwar European countries and the U.S. Differences in the policies of these countries were that the European policy intervened in the housing market directly and thoroughly but the American policy intervened in the housing market indirectly by financial and revenue means. The key finding is that housing in P. R. China is an important part of the people's livelihood and the government should not completely pass responsibility for providing it to the market. China should set up its own public housing policy and change the mode of land supply and housing manufacturing. China also should adopt multiplicative means, including direct government investment and encouraging the social anticipation and planning adjustment to guarantee the housing rights of middle-and-low-income households.     

Mode of Networked Equipment Remote Management System

Habitation is a basic problem in modern city.Fast developing housing industry is now changing urban form rapidly in contemporary China.This paper explores 5 classical urban communities of western countries during the developing period,and then discusses the community planning based on Transit-oriented and Neighborhood-oriented ones.Finally,through thinking about the 'Habitation Changes Urban Form',this paper reexamines urban planner and architect's social responsibility,with review on a huge changing ecological situation of housing industry in today's China.     

Instruments for Shifting the Risks of China's Housing Finance

In order to shift the risks of housing finance, thus support the development of housing finance in China, this paper puts forward two patterns of instrument for shifting the risks: market transaction and non-market promise on a voluntary basis.     

A Study on Evaluation of Economy of Commodity Housing

The housing industry, as a new economy growth point and hot point of consumption in our national economy, has huge potentials for its development. Because of the underdevelopment of the commodity housing market in our country, there are some unhealthy tendencies, such as low level of development, poor quality of housing, waste of resources, large deviation between housing function and its price, and so on. So there is urgent need to take measures for avoiding these unhealthy phenomena. It is one of the strongest measures to evaluate the economy of the commodity housing. In this paper the meaning, principle and method of the evaluation on economy of the commodity housing were discussed. It will play a positive role to promote spreading this work.     

农宅合作社发展模式及对策研究

盘活农村闲置农宅流转经营是赋予农民更多财产权利,激活农村各类生产要素潜能,建立符合市场经济要求的农村集体经济运营新机制的一种重要途径。本文界定了农宅合作社的定义与内涵,分析了农宅合作社的价值与意义,归纳了农宅合作社的“村集体 农户”、“企业＋村集体＋农户”两种经营类型,提炼出三种开发模式： “自然风光型”、“文化产业型”、“历史教育型”,指出目前农宅合作社在发展过程中存在着文化特色表现力不够、低端同质化等问题,以及对存在的问题提出培育农民意识、规范利益共享机制等建议。     

Potential for the Adaptation and the Strategic Implementation of Local and PRC Resources for Industrialised Housing in Chongqing

The provision of quality industrialized housing in Chongqing to meet demand is perceived by the Chongqing Construction Commission to be a key feature of the local construction industry's future development. The growing strategic importance of Chongqing as a developing municipality, at the junction of the Yangtze and Jialing rivers, will ensure continuing economic development in the region. To facilitate such development the local construction industry will need to react accordingly to provide new infrastructure, commercial development, and housing and recreation facilities. Clearly, this must be achieved in accordance with a robust Master Plan, which addresses all issues associated with the built environment and other environmental considerations relating to pollution, conservation and sustainability. Throughout the World it is becoming increasingly recognized that traditional forms of construction are not sustainable in the long term and that new concepts and methods of construction must be developed. Construction must more effectively utilize and re-cycle resources that would otherwise become depleted or exhausted. Further, all aspects of the in-use performance of buildings, especially housing, must be significantly improved. The situation in Chongqing is no exception to this perception and hence the purpose of this paper is to evaluate locally available resources and relevant resources elsewhere in China to assess the potential for adaptation for effective use in industrialized housing. A broad approach will be taken covering all forms of human and non-human resources, especially those resources which can be re-cycled rather than being consigned to waste. By-products from other industries will be considered, such as those from agriculture and manufacturing. A key aspect of this paper is the articulation of a framework to facilitate the realization and development of an industrialized housing system by the creation of an integrated supply chain capable of delivering the necessary design and performance features geared to affordability, conservation and sustainability. The paper will be concludes by presentation of recommendations regarding the introduction of a development strategy geared to an incremental timetable for implementation.     

Empirical Analysis on Stock Market and Real Estate Market Wealth Effect in China

Based on the Modigliani's Life-Cycle Hypothesis of consumption,and relevant data,the paper empirically studies stock market and real estate market wealth effect in China by using the method of unit root test and cointegrating regression.The results show that,regardless of short-run effect and long-run effect,the stock market wealth has significantly negative effect on civil' consumption level,but real estate market wealth or housing market wealth has significantly positive effect on civil' consumption level.     

农村土地房屋资产管理研究进展

随着城镇化进程的推进,农村土地房屋流转在现实生活中日趋频繁,农村土地房屋资产管理问题进一步凸显。笔者综合运用文献资料法、对比分析法,围绕加强农村土地房屋资产管理的必要性、农村土地房屋资产管理面临的突出问题以及开展农村土地房屋资产管理创新探索3个命题,对学术界的研究成果进行梳理汇总,揭示了相关学术研究取得的成果、存在的主要问题,并展望了国内农村土地房屋资产管理研究的方向与重点。研究提出加强农村土地房屋资产管理,应当强化农村土地房屋资产管理主体、开展农村土地房屋资产清产核资、建立农村土地房屋资产收益分配机制、建立农村土地房屋资产评估服务体系、培育农村土地房屋资产市场。     

Discussion on Establishment and Developmentof Policy Housing Financial System in China's Cities

China has a large population of 1.2 billion.To solve the housing problem of middle_low income families and realize a condition,under which people can live in peace and work contentedly,a policy housing financial system(PHFS)with Chinese characteristics must be established.PHFS is a special financial area.The combination of financial relationships,forms and methods related to the purchase,construction or rehabilitation of housing for middle_low income families,is the core of policy housing financial system.It has real meaning for studying theory and practice of PHFS,its role in development of housing industry,and promoting economic growth of the country,civilization and progress of the society.     

Study on Institutional Defect of Mortgage-Backed Securitization and Countermeasures in China

Mortgage-backed securities(MBS),originated in the U.S.and introduced into China in 2005,is a vehicle for real estate finance.This paper describes their history,mechanism,development,theory and experiences in the USA and other countries.In China,the real estate finance is partitioned into four stages: first,non-finance stage(1949-1977);second,sprouting stage(1978-1997);third,inceptive stage(1998-2004) and the fourth,developing stage(2005-),and it is distinguished from the finance of Real Estate Development firm.The differences between them are in following aspects: object,objective,mode and risk.This paper analyzes the institutional defects in view of the policy environment,the primary market of MBS,the secondary market of MBS,and offers countermeasures: first,setting up National Housing Mortgage Management Institution,second,enlarging the service scope of housing mortgage-backed loan,third,differential loaning,fourth,regularly issuing the pricing of housing construction;fifth,normalizing the institutional investors.     

Spatio-temporal dynamics of technical efficiency in China’s specialized markets: A stochastic frontier analysis approach

China’s specialized markets as a special form of bottom-up capital agglomeration have played a key role in fostering regional development. It once exhibited positive externalities with high efficiencies. However, given the rapid proliferation of specialized markets and the penetration of E-commerce, their advantages may have shifted and the understanding of this shift is limited. The paper explores the spatio-temporal dynamics of China’s specialized markets in terms of technical efficiency. Based on turnover data from Statistical Yearbooks of China Commodity Exchange Market from 2000 to 2016, technical efficiencies in specialized markets are measured by a Stochastic Frontier Analysis (SFA) approach using panel data. The results show that (a) the technical efficiencies in China’s specialized markets are significantly divergent in space over time; (b) labor input has notable effect on efficiency increase, while capital input has no significant effect; (c) informatization level, cluster size, and degree of market openness are identified to have a positive effect on specialized market’s technical efficiency. This paper argues that specialized markets should be taken seriously in the cluster evolution research. The role of proximity and the bounded links between specialized markets and their local clusters is the key to understanding their changing forms, performances, and trajectories.     

农村宅基地闲置时空变化特征研究-以文登为例

本文在实地调研基础上，运用历史回顾方法探讨了文登市农村宅基地闲置的变化特征，结果发现:(1)1990－1996年间文登市农村宅基地闲置面积的扩展以点状扩展为主；(2)1996－2006期间文登市农村宅基地闲置面积以面状扩展为主；（3）在1990－1996－2006时段内，文登农村宅基地闲置扩展贡献率和增长率变化最大的是环山办、汪疃镇和龙山办地区；（4）人口减少、经济发展以及宅基地管理政策不完善，是文登农村宅基地闲置扩展的主因；最后认为加强农村宅基地管理、实现宅基地流转，是农村建设用地集约利用的必然。     

Application of Containers to Low-Income Housing in Context of New Urbanization

This paper explores how to use container buildings to resolve the housing problem of migrant workers in the context of urbanization, and ascertains the characteristics of the container housing and public space through the analysis of excellent examples of the container recycling project at home and abroad. In terms of the material, economic benefits, environmental protection and industrialization, those characteristics are summarized as follows.(1) Being sturdy, corrosion-resisting, waterproof and insulated, building materials are able to resist bad weather.(2) Their economic results lie in the short constructive cycle so that the cost of reinforced concrete per unit area reduces 20% on year-on-year basis.(3) Their environmental protection rests with the recyclability of materials, less construction waste and less noise in the construction process.(4) Their industrialization is embedded in their modular design and standardized specifications as well as the flexibility and replaceability.     

Theory On Internal Control In The Real Estate Enterprise

Whether the international economic and financial environment pressure or domestic economy grows dynamical inadequacy suggests that the economy may enter a downward cycle in 2012. Policy is still the most important factor which will determine the trend of the real estate market. In the face of tighter monetary environment, limiting the purchase, credit limit, limit and strict regulation of real estate and the rapid growth of the low-income housing supply, housing price quantity fall into a downward trend, market situation is complex and severe. Strengthening the construction of internal control in the real estate enterprise is effective means to manage enterprise strictly, innovate in management, improve management efficiency ,prevent various risks, achieve business objectives and goals .Through the internal control principle in the real estate and the necessity of analysis , the paper presents the main control measures in the real estate development process.     

Independent and linked migrants: determinants of African American interstate migration

Through kinship and other links to destinations, many African American interstate migrants in the United States join other people in destination households. These “linked” migrants contrast to “independent migrants” who move as individuals or intact groups and set up their own households at the destination. Using U.S. Census Public Use Micro Sample data, this paper first shows that, in the 1985-90 period, about 45 percent of all Black interstate migrants were independent, compared to 38 percent who were linked to housing at the destination and 17 percent who moved into group quarters. Second, a multinomial logit model, incorporating individual and state-level variables, is specified that contrasts the determinants of independent and linked migration. Tests show that independent migration can be modeled with classic migration determinants, including individual educational and occupational resources, labor market conditions at the destination, and public goods at the destination including the level of welfare payments. Linked migration, on the other hand, is much less responsive to these factors, and not at all responsive to destination unemployment and welfare levels. Separate tests of male and female models suggest a great contrast between independent and linked migration for females. It is concluded that the understanding of Black migration must take into account a variety of factors beyond traditional labor market conditions, including links to the destination and individual housing circumstances.     

The working and living space of the ‘floating population’ in China

A large floating population is moving around in China. This is a challenging demographic, social and economic issue for the country. But the knowledge about this particular population group remains incomplete and fragmentary. This paper uses a recent set of statistical data covering a registered temporary population of 37 million to assess the status of the floating population in China. It is found that the majority of the registered floating population is employed or self–employed in one way or another. But the housing conditions of the rural migrants are generally poor. Institutional and market forces are playing an important role in shaping the working and living space of China.