Government intervention in the housing market: an empirical test of the externalities rationale

Article Abstract:

Testing for the presence of housing market externalities on an N-chotomous probit model indicates that neighborhood effects have an influence on household utility, that neighborhood retail activity is also influential, and that certain types of multifamily dwellings have an influence on the utility of households living in nearby single-family units. Condition of the neighborhood properties is another determinant of neighborhood utility index. Perceived condition of nearby properties was one of the strongest predictors of the neighborhood utility index. Zoning ordinances seeking to minimize externalities by regulating the location of new retail activity or multifamily housing within central cities is unjustified. The externalities rationale for housing improvement policies is confirmed .

Management, Housing, Housing policy, Central business districts

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Multiple listing service participation in the real estate brokerage industry: cooperation or competition?

Article Abstract:

Sharing information among real estate brokers is often inconsistent with maximizing income. Expected income could be increased by holding back a listing from multiple listing services, thus avoiding the chance of sharing commissions with other brokers. Such withholding should only be avoided if the expected penalty expenses for such opportunistic behavior were to outweigh projected gains. Difficulties of monitoring and enforcing multiple listing service contracts make it likely that such strategic behavior would commonly result in a favorable payoff, especially for large brokerage companies which obtain many of the listings.

Real estate agents and managers, Research, Real estate industry, Industrial cooperation, Multiple listings

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Coalition building in a spatial economy

Article Abstract:

Issues regarding the possibility and consequences of coalition formation among suppliers of retail services are discussed. The role of coalitions of firms is analyzed, showing that such coalitions can overcome the suboptimality of the decentralized spatial allocation.

Germany, Coalition (Social sciences), Coalitions (Social sciences)

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