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Sale Price (sale + price)
Selected AbstractsThe Impact of Public School Attributes on Home Sale Prices in CaliforniaGROWTH AND CHANGE, Issue 3 2000David E. Clark The quality of public schools is often cited as an important attribute which distinguishes a community. Indeed, a recent public opinion poll conducted by the California Public Education Partnership indicates that residents rank improvements in public education higher than such high profile issues as environmental quality and crime reduction. In order to explore the role of educational quality in determining residential property values, a hedonic housing price model is used on a large sample of homes which sold within Fresno County in California over the period 1990-1994. After controlling for a wide range of housing characteristics and neighborhood features, the findings indicate that the school district does significantly influence the real sale price. Then the relative importance of inputs into the production of educational services is investigated as compared to output measures of productivity. These findings suggest that both input and output measures are important. However, elasticity estimates of input measures tend to be higher than those of output measures, with the average class size by far the strongest influence. There is some evidence to suggest that the benefits of additional teachers likely outweigh the costs. Finally, the findings suggest that attributes of schools are more highly valued by local residents than either crime or environmental quality measures within the community. [source] The Proposed Privatisation of Queensland MotorwaysECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 1 2010Ross Guest L51; R42; R48 This article evaluates the proposed sale of the tolling rights on Queensland Motorways from an economic welfare perspective. Weighing against the sale are arguments about optimal risk allocation and network externalities. In contrast, there is a productive efficiency case in favour of the sale. Privatisation also raises questions about private monopoly power and the delivery of community service obligations, although these could be handled through contract specifications. The sale price is essentially a distributional issue. The back-of-the-envelope financial analysis here suggests that the mooted sale price of $3 billion would undervalue the asset and therefore transfer net worth from Queensland taxpayers to private investors. [source] The Impact of Public School Attributes on Home Sale Prices in CaliforniaGROWTH AND CHANGE, Issue 3 2000David E. Clark The quality of public schools is often cited as an important attribute which distinguishes a community. Indeed, a recent public opinion poll conducted by the California Public Education Partnership indicates that residents rank improvements in public education higher than such high profile issues as environmental quality and crime reduction. In order to explore the role of educational quality in determining residential property values, a hedonic housing price model is used on a large sample of homes which sold within Fresno County in California over the period 1990-1994. After controlling for a wide range of housing characteristics and neighborhood features, the findings indicate that the school district does significantly influence the real sale price. Then the relative importance of inputs into the production of educational services is investigated as compared to output measures of productivity. These findings suggest that both input and output measures are important. However, elasticity estimates of input measures tend to be higher than those of output measures, with the average class size by far the strongest influence. There is some evidence to suggest that the benefits of additional teachers likely outweigh the costs. Finally, the findings suggest that attributes of schools are more highly valued by local residents than either crime or environmental quality measures within the community. [source] Size Economies of a Pacific Threadfin Polydactylus sexfilis Hatchery in HawaiiJOURNAL OF THE WORLD AQUACULTURE SOCIETY, Issue 4 2002Lotus E. Kam A spreadsheet model has been developed to determine the viable scale for a commercial Pacific threadfin Polydactylus sexfilis hatchery in Hawaii. The production scheme is modeled after current practices performed at the Oceanic Institute in Waimanalo, Hawaii. For a hatchery enterprise producing 1.2 million fry per year, the cost associated with raising one 40-d-old 1.00-g fry is estimated at 22.01ø. The largest variable costs are in labor and supplies, which comprise 49% and 9% of the total production cost. The combined annualized fixed cost for development and equipment is approximately 12% of total production cost. At a sale price of 25ø per fry, the 20-yr internal rate of return (IRR) is 30.63%. In comparison to the 22.01ø unit cost for 1.2 million fry production, analyses of smaller enterprises producing 900,000 and 600,000 fry per year reflected significant size diseconomies with unit costs of 27.41ø and 38.82ø, respectively. Demand to support a large scale Pacific threadfin commercial hatchery is uncertain. Since smaller scale commercial hatcheries may not be economically feasible, facilities may seek to outsource live feed production modules or pursue multiproduct and multiphase approaches to production. An analysis of the production period length, for example, indicates that the cost for producing a day-25 0.05-g fry is 17.25ø before tax and suggests the financial implications of transferring the responsibility of the nursery stage to grow-out farmers. Evaluation of the benefits gained from changes in nursery length, however, must also consider changes in facility requirements, mortality, and shipping costs associated with transit, and the growout performance of and market demand for different size fry. Sensitivity analyses also indicate the potential cost savings associated with the elimination of rotifer, microalgae, and enriched artemia production. Managerial decisions, however, must also consider the quality and associated production efficiencies of substitutes. [source] Optimal Price and Quantity of Refurbished ProductsPRODUCTION AND OPERATIONS MANAGEMENT, Issue 3 2006Jumpol Vorasayan Many retail product returns can be refurbished and resold, typically at a reduced price. The price set for the refurbished products affects the demands for both new and refurbished products, while the refurbishment and resale activities incur costs. To maximize profit, a manufacturer in a competitive market must carefully choose the proportion of returned products to refurbish and their sale price. We model the sale, return, refurbishment, and resale processes in an open queueing network and formulate a mathematical program to find the optimal price and proportion to refurbish. Examination of the optimality conditions reveals the different situations in which it is optimal to refurbish none, some, or all of the returned products. Refurbishing operations may increase profit or may be required to relieve a manufacturing capacity bottleneck. A numerical study identifies characteristics of the new product market and refurbished products that encourage refurbishing and some situations in which small changes in the refurbishing cost and quality provoke large changes in the optimal policy. [source] Profit Maximizing Warranty Period with Sales Expressed by a Demand FunctionQUALITY AND RELIABILITY ENGINEERING INTERNATIONAL, Issue 3 2007Shaul P. Ladany Abstract The problem of determining the optimal warranty period, assumed to coincide with the manufacturer's lower specification limit for the lifetime of the product, is addressed. It is assumed that the quantity sold depends via a Cobb,Douglas-type demand function on the sale price and on the warranty period, and that both the cost incurred for a non-conforming item and the sale price increase with the warranty period. A general solution is derived using Response Modeling Methodology (RMM) and a new approximation for the standard normal cumulative distribution function. The general solution is compared with the exact optimal solutions derived under various distributional scenarios. Relative to the exact optimal solutions, RMM-based solutions are accurate to at least the first three significant digits. Some exact results are derived for the uniform and the exponential distributions. Copyright © 2006 John Wiley & Sons, Ltd. [source] An Experimental Analysis of the Impact of Intermediaries on the Outcome of Bargaining GamesREAL ESTATE ECONOMICS, Issue 2 2001Abdullah Yavas We conduct an experimental analysis of the bargaining between a buyer and a seller of the exchange of a single good by means of an intermediary or broker. We examine how an intermediary affects the price, the likelihood of a successful negotiation, and the time it takes to complete a negotiation. We first examine the impact of the intermediary as a pure middleman, and then as an information source about the distribution of seller and buyer reservation prices. The results show that an intermediary, whether or not informed, increases the sale price, reduces the likelihood of an agreement, and increases the time to reach an agreement (though the number of bargaining rounds declines). The results suggest that the benefits of brokerage may be predominantly in the matching of buyers and sellers rather than in facilitating bargaining. [source] Fluctuations in land values in a rural municipality in southern Québec, CanadaTHE CANADIAN GEOGRAPHER/LE GEOGRAPHE CANADIEN, Issue 4 2006ÉRIK PROVOST The agro-forested region of the Haut-St-Laurent, in southwestern Québec, in Canada, has served as a laboratory for several years to a multi-disciplinary research team seeking to understand the interplay of stakeholders and processes influencing the rural space of southern Québec. Following directly in the footsteps of previous research, this study was undertaken to analyze the hitherto neglected but important aspect of fluctuations in land values with respect to geomorphology and land use, during the 1958,1997 period. A geo-referenced database was built within an object-oriented geographic information system (GIS) that includes data from the sale of parcels of land within the study area, land registry maps, land use maps, and a geomorphological map. These data were analyzed and sorted through queries addressed to the database. Finally, a statistical analysis was performed to analyze the relationship between sale price, geomorphology and indirectly land use, for the entire study period and for each of its decades. The results show that land value has increased at different times during the past, according to its geomorphological type and land use. These relationships are explained by the important transformation phases that have affected southern Québec during the second half of the twentieth century. La région agroforestière du Haut-St-Laurent, dans le sud-ouest du Québec, au Canada, sert de laboratoire depuis plusieurs années à une équipe de recherche multidisciplinaire afin de comprendre le jeu des acteurs et des processus affectant l'espace rural du Sud du Québec. S'inscrivant dans la lignée de ces travaux, cette étude a été entreprise afin d'analyser un aspect important mais négligé jusqu'à maintenant, celui de la fluctuation de la valeur des terres en relation avec la géomorphologie et l'utilisation du sol, durant la période 1958,1997. Une base de données géo-référencées a été créée dans un système d'information géographique (SIG) orienté-objet composée des données provenant des ventes associées aux parcelles composant la région d'étude, des cartes cadastrales, de cartes d'utilisation du sol et d'une carte géomorphologique. Ces données ont été analysées et triées par le biais de requêtes formulées à la base de données. Une analyse statistique multivariée a été réalisée pour analyser la relation entre le prix de vente, la géomorphologie et indirectement l'utilisation du sol pour l'ensemble de la période d'étude et pour chaque décennie. Les résultats montrent que les terres ont connu une hausse de leur valeur à différents moments dans le temps, selon leur type géomorphologique. Cette relation peut être expliquée par les phases importantes de transformation qui ont affecté le Sud du Québec durant la deuxième moitié du XXième siècle. [source] Flood prone risk and amenity values: a spatial hedonic analysisAUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 4 2010Oshadhi Samarasinghe This study examines the impact of flood-hazard zone location on residential property prices. The study utilises data from over 2000 private residential property sales occurred during 2006 in North Shore City, New Zealand. A spatial autoregressive hedonic model is developed to provide efficient estimates of the marginal effect of flood prone risks on property prices. Results suggest that the sale price of a residential property within a flood prone area is lower than an equivalent property outside the flood prone area. The flood plain location discount is reduced by the release of public information regarding flood risk. [source] Telematics: Decision Time for DetroitBUSINESS STRATEGY REVIEW, Issue 2 2001Anjan Chatterjee With implications for navigation, safety, entertainment and vehicle maintenance as well as regulation and infrastructure investment in roads, telematics has the potential to transform driving more than any other innovation for decades. In the already well-established Asian telematics industry, revenue tends to come from extra charges at the time of vehicle-sale, with most subsequent services provided free. The US model has evolved differently, with much of the cost of telematics hardware and software subsidized in the initial vehicle sale price and revenue coming from services used. The decision to invest in telematics is therefore riskier in the US. This article first briefly summarizes the potential of telematics. It then analyzes the investment risks, particularly for automakers. It concludes with recommendations on how the US auto industry can minimize risk and make the most of the opportunities. [source] ECONOMIC VALUATION OF RIPARIAN BUFFER AND OPEN SPACE IN A SUBURBAN WATERSHED1JOURNAL OF THE AMERICAN WATER RESOURCES ASSOCIATION, Issue 6 2006Zeyuan Qiu Abstract: This study evaluates the economic value of riparian buffers and open space in a suburban watershed through two nonmarket valuation methods. A contingent valuation survey was implemented in the Dardenne Creek watershed, a suburban watershed of the St. Louis metropolitan area in Missouri, to evaluate the residents' perceptions of and willingness to pay (WTP) for adopting riparian buffers and preserving farmland in a hypothetical real estate market. A hedonic pricing model based on actual sale prices of homes in the watershed was applied to estimate the market value of open space and other environmental conditions such as flood zone and stream proximity in the study area. The results showed that residents' WTP was consistent with the economic values of open space and proximity to streams embedded in existing home prices. Through a better understanding of residents' perceptions and values, riparian buffer and open space programs can be designed and promoted to achieve greater implementation success and environmental benefit. [source] Estimating the Lagging Error in Real Estate Price IndicesREAL ESTATE ECONOMICS, Issue 1 2003Yuming Fu Real estate indices based on appraisals or sale prices of properties are known for their slow response to market news. These indices can therefore be represented (in logarithm) as the sum of a latent "true" price index and a lagging error. We show that the latent appreciation return and the lagging error can be jointly estimated in a state,space model, which has two key features. First, it employs exogenous variables known to predict asset returns to predict the latent appreciation return. Second, it incorporates known sources of the lagging error, such as the partial adjustment in observed index to the latent appreciation return and the seasonality in reappraisal quality. We find that, after the estimated lagging errors are removed, the appraisal,based National Council of Real Estate Investment Fiduciaries returns become more informative and hence exhibit (i) greater variance, (ii) weaker auto correlation, (iii) higher correlation with the returns of the securitized real estate and (iv) more timely response to market news. [source] | ||||||||||||||||