Search results for: housing price inequality

Authors: Sumit Sen, Sohan Khedekar, Umang Shinde, Shivam Bhargava

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This study has been undertaken to investigate whether the deep learning models are able to predict the future stock prices by training the model with the historical stock price data. Since this work required time series analysis, various models are present today to perform time series analysis such as Recurrent Neural Network LSTM, ARIMA and Facebook Prophet. Applying these models the movement of stock price of stocks are predicted and also tried to provide the future prediction of the stock price of a stock. Final product will be a stock price prediction web application that is developed for providing the user the ease of analysis of the stocks and will also provide the predicted stock price for the next seven days.

Keywords: Autoregressive Integrated Moving Average, Deep Learning, Long Short Term Memory, Time-series

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Authors: Tamar Trop, Michal Roffeh

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One of the emerging trends in construction is installing an exterior “green wall” (GW). GW is an overarching and most common term for various techniques of incorporating greenery into buildings’ vertical elements, mainly facades. This green infrastructure yields numerous benefits for the urban environment, the public, and the buildings’ tenants and users, such as enhancing air quality and biodiversity, managing stormwater runoff, mitigating urban heat island and climate change, improving urban aesthetics and mental wellbeing, improving indoor comfort conditions, and saving energy. Yet, the penetration rate of GWs into the construction market, especially into the housing sector, is still very slow. Furthermore, the research regarding prospective homebuyers’ willingness to purchase and pay a price premium for GW apartments is scarce and does not refer to newly built buildings and specific GW types. This research aims to narrow these knowledge gaps by exploring the willingness of prospective homebuyers in Israel to purchase a newly built apartment with a hydroponic living wall, the size of the PP that they would be willing to pay for it, and the various factors ̶ knowledge-related, concern, economic, and personal ̶ that influence these motivations. A nationwide online survey was conducted among a sample of 514 adults using a structured questionnaire. Findings show that despite low familiarity with GWs and strong concerns about various kinds of nuisance, technical issues, and maintenance costs, potential homebuyers express a relatively high willingness to purchase and pay a significant price premium for such an apartment. The main motivations behind this willingness were found to be potential energy savings and governmental incentives. Study findings can contribute to a better understanding of the maturity of the housing market in Israel to adopt GWs and to better tailor intervention tools for increasing GWs’ uptake among potential homebuyers.

Keywords: green façade, green wall, living wall, willingness to pay

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Authors: Timothy Akinwande, Eddie Hui, Karien Dekker

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Housing the urban poor remains a persistent challenge, despite evident research attention over many years. It is, therefore, pertinent to investigate affordable housing provision challenges with novel approaches. For innovative solutions to affordable housing constraints, it is apposite to thoroughly examine housing solutions vis a vis the key elements of the housing supply value chain (HSVC), which are housing finance, housing construction and land acquisition. A pragmatic analysis will examine affordable housing solutions from demand and supply perspectives to arrive at consolidated solutions from bilateral viewpoints. This study thoroughly examined informal housing finance strategies of the urban poor and diligently investigated expert opinion on affordable housing finance solutions. The research questions were: (1) What mutual grounds exist between informal housing finance solutions of the urban poor and housing expert solutions to affordable housing finance constraints in developing economies? (2) What are effective approaches to affordable housing finance in developing economies from an integrated demand - supply perspective? Semi-structured interviews were conducted in the 5 largest slums of Lagos, Nigeria, with 40 informal settlers for demand-oriented solutions, while focus group discussion and in-depth interviews were conducted with 12 housing experts in Nigeria for supply-oriented solutions. Following a rigorous thematic, content and descriptive analyses of data using NVivo and Excel, findings ascertained mutual solutions from both demand and supply standpoints that can be consolidated into more effective affordable housing finance solutions in Nigeria. Deliberate finance models that recognise and include the finance realities of the urban poor was found to be the most significant supply-side housing finance solution, representing 25.4% of total expert responses. Findings also show that 100% of sampled urban poor engage in vocations where they earn little irregular income or zero income, limiting their housing finance capacities and creditworthiness. Survey revealed that the urban poor are involved in community savings and employ microfinance institutions within the informal settlements to tackle their housing finance predicaments. These are informal finance models of the urban poor, revealing common grounds between demand and supply solutions for affordable housing financing. Effective, affordable housing approach will be to modify, institutionalise and incorporate the informal finance strategies of the urban poor into deliberate government policies. This consolidation of solutions from demand and supply perspectives can eliminate the persistent misalliance between affordable housing demand and affordable housing supply. This study provides insights into mutual housing solutions from demand and supply perspectives, and findings are informative for effective, affordable housing provision approaches in developing countries. This study is novel in consolidating affordable housing solutions from demand and supply viewpoints, especially in relation to housing finance as a key component of HSVC. The framework for effective, affordable housing finance in developing economies from a consolidated viewpoint generated in this study is significant for the achievement of sustainable development goals, especially goal 11 for sustainable, resilient and inclusive cities. Findings are vital for future housing studies.

Keywords: affordable housing, affordable housing finance, developing economies, effective affordable housing, housing policy, urban poor, sustainable development goal, sustainable affordable housing

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Authors: Edmund M. Muthigani

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Innovation in the construction industry has been characterized by new products and processes especially in slum upgrading. The need for low cost housing has motivated stakeholders to think outside the box in coming up with solutions. This paper explored innovative construction technologies that have been used in slum upgrading. The main objectives of the paper was to examine innovations in the construction housing sector and to show how incremental derived demand for decent housing has led to adoption of innovative technologies and materials. Systematic literature review was used to review studies on innovative construction technologies in slum upgrading. The review revealed slow process of innovations in the construction industry due to risk aversion by firms and the hesitance to adopt by firms and individuals. Low profit margins in low cost housing and lack of sufficient political support remain the major hurdles to innovative techniques adoption that can actualize right to decent housing. Conventional construction materials have remained unaffordable to many people and this has negated them decent housing. This has necessitated exploration of innovative materials to realize low cost housing. Stabilized soil blocks and sisal-cement roofing blocks are some of the innovative construction materials that have been utilized in slum upgrading. These innovative materials have not only lowered the cost of production of building elements but also eased costs of transport as the raw materials to produce them are readily available in or within the slum sites. Despite their shortcomings in durability and compressive strength, they have proved worthwhile in slum upgrading. Production of innovative construction materials and use of innovative techniques in slum upgrading also provided employment to the locals.

Keywords: construction, housing, innovation, slum, technology

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Authors: So-Young Lee, Myoung-Won Oh, Soon-Cheol Eom, Yeon-Won Suh

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Buildings produce more than one thirds of the total energy consumption and CO₂ emissions. Korean government agency pronounced and initiated Zero Energy Buildings policy for construction as of 2025. The net zero energy design features include passive (daylight, layout, materials, insulation, finishes, etc.) and active (renewable energy sources) elements. The Zero Energy House recently built in Nowon-gu, Korea is provided for 121 households as a public rental housing complex. However most of public rental housing did not include sustainable features which can reduce housing maintaining cost significantly including energy cost. It is necessary to implement net zero design features to the obsolete public rental housing during the remodeling procedure since it can reduce housing cost in long term. The purpose of this study is to investigate sustainable design elements implemented in Net Zero Energy House in Korea and passive and active housing design features in order to apply the sustainable features to the case public rental apartment for remodeling. Housing complex cases in this study are Nowan zero Energy house, Gangnam Bogemjari House, and public rental housings built in more than 20 years in Seoul areas. As results, energy consumption in public rental housing built in 5-years can be improved by exterior surfaces. Energy optimizing in case housing built in more than 20 years can be enhanced by renovated materials, insulation, replacement of windows, exterior finishes, lightings, gardening, water, renewable energy installation, Green IT except for sunlight and layout of buildings. Further life costing analysis is needed for energy optimizing for case housing alternatives.

Keywords: affordable housing, remodeling, sustainable design, zero-energy house

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Authors: George Hadjinicola, Andreas Soteriou

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This paper examines the relationship between the number of price promotions that a firm should conduct per year and the level of safety stocks that the firm should maintain. Price promotions result in temporary sales increases, which affect the operations function through (1) an increase in the quantities demanded and (2) an increase in safety stocks required to maintain the desired service level. We propose a modeling framework where both price promotions and improved service levels, operationalized through higher safety stocks, can affect sales. We treat the annual number of promotions as a decision variable. We identify market conditions where the operations function, through improved safety stocks, can complement price promotions or even play the leading role in sales increases.

Keywords: price promotions, safety stocks, marketing/operations interface, mathematical model

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Authors: Salako Rotimi, Oshungade Stephen, Ojewoye Opeyemi

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The maintenance of price stability is one of the macroeconomic challenges facing Nigeria as a nation. This paper attempts to build a co-integration multivariate time series model for inflation movement in Nigeria using data extracted from the abstract of statistics of the Central Bank of Nigeria (CBN) from 2008 to 2017. The Johansen cointegration test suggests at least one co-integration vector describing the long run relationship between Consumer Price Index (CPI), Food Price Index (FPI) and Non-Food Price Index (NFPI). All three series show increasing pattern, which indicates a sign of non-stationary in each of the series. Furthermore, model predictability was established with root-mean-square-error, mean absolute error, mean average percentage error, and Theil’s unbiased statistics for n-step forecasting. The result depicts that the long run coefficient of a consumer price index (CPI) has a positive long-run relationship with the food price index (FPI) and non-food price index (NFPI).

Keywords: economic, inflation, model, series

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Authors: Robertson Freeman

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The prime objective of this research is to examine income inequality and its effects on household livelihoods in Parker Paint. Many researchers failed to address the potential threat of income inequality on diverse household livelihood indicators, including health, food, housing, transport and many others. They examine and generalize the effects of income differentials on household livelihoods by addressing one indicator of livelihood security. This research fills the loopholes of previous research by examining the effects of income inequality and how it affects the livelihoods of households, taking into consideration livelihood indicators including health, food security, and transport. The researcher employed the mixed research method to analyze the distribution of income and solicit opinions of household heads on the effects of their monthly income on their livelihoods. Age and sex structure, household composition, type of employment and educational status influence income inequality. The level of income, Lorenz curve and the Gini coefficient was mutually employed to calculate and determine the level of income inequality. One hundred eighty-two representing 96% of household heads are employed while 8, representing 4%, are unemployed. However, out of a total number of 182 employed, representing 96%, 27 people representing 14%, are employed in the formal private sector, while 110, representing 58%, are employed in the private informal sector. Monthly average income, savings, investments and unexpected circumstances affect the livelihood of households. Infrastructural development and wellbeing should be pursued by reducing expenditure earmarked in other sectors and channeling the funds towards the provision of household needs. One of the potent tools for consolidating household livelihoods is to initiate livelihood empowerment programs. Government and private sector agencies should establish more health insurance schemes, providing mosquito nets, immunization services, public transport, as well as embarking on feeding programs, especially in the remote areas of Parker paint. To climax the research findings, self-employment, entrepreneurship and the general private sector employment is a transparent double-edged sword. If employed in the private sector, there is the likelihood to increase one’s income. However, this also induces the income gap between the rich and poor since many people are exploited by affluence, thereby relegating the poor from the wealth hierarchy. Age and sex structure, as well as type of employment, should not be overlooked since they all play fundamental roles in influencing income inequality. Savings and investments seem to play a positive role in reducing income inequality. However, savings and investment in this research affect livelihoods negatively. It behooves mankind to strive and work hard to the best of ability in earning sufficient income and embracing measures to retain his financial strength. In so doing, people will be able to provide basic household needs, celebrate the reduction in unemployment and dependence and finally ensure sustainable livelihoods.

Keywords: income, inequality, livelihood, pakerpaint

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Authors: Julia Yi

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Using the Household Pulse Survey conducted by the U.S Census Bureau, this study finds that the pandemic increased the prevalence and inequality of food insecurity among US households. About 28% of households were food secure, which doubled the 2019 level. Hispanic and black, low-income households, households lost income, and households with children were impacted most. Food banks provided most free groceries and meals. This study recommends mobilizing emergency food organizations, improving food assistance programs and supply chains, and creating innovative community support.

Keywords: covid-19 pandemic, food insecurity, US, inequality

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Authors: Lim Poh Im

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This paper examines the current strategic and planning issues in the provision of affordable housing in urban centres in Malaysia from the perspective of sustainability. Sustainability here refers to social sustainability such as the need to address urban poverty and ensure better quality of life; economic sustainability in ensuring that the financial mechanisms are healthy and stable in the long-run, and to a lesser extent, environmental sustainability in reducing pollution related problems and building footprint. The Malaysian affordable housing sector has undergone tremendous transformations since the sixties, transcending from the earlier social housing catering to the poorer strata of the society, to the current state of housing woes plaguing the young urban middle class. The increase in urban land prices and construction costs, coupled with rampant property speculative and manipulative activities have resulted in situations of housing that are largely unaffordable even to the middle income sector of the urban populations. To overcome such scenario, the public as well as private sectors in the recent years, have came up with various intermediate, as well as medium-term policies aimed to curb the burning housing needs of the urban populations. Key strategies include financial intervention in regulating the interests rates, imposing property gain taxes; loosening the requirement for density and other planning requirements, faster approval of projects, compulsory contribution from developers, etc. Some of the policies are commendable, while others are ad-hoc by nature, and are not able to resolve the long-term socio-economic challenges. This paper discusses and examines the issues from the ‘sustainability’ perspective, focusing on key fiscal, land use and planning policies, as well as the more subtle (but important) political and institutional factors shaping the provision of mass housing for the urban populations in Malaysia.

Keywords: affordable housing, urban housing, sustainable housing, planning for urban housing

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Authors: Steve Apell

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Transit-oriented development (TOD) is a popular intervention for local governments endeavoring to reduce auto-dependency and the adverse effects of sprawl. At the same time, American households such as the millennial generation, are shifting their residential preferences from the suburbs to the central city. These changes have intensified demand for TOD housing which generates high rents. This leads to displacement of low-income, transit-dependent households by more affluent middle class families. Critics argue that, the effectiveness of TOD might be compromised as newer affluent residents drive more and use transit less. However, there has not been a comprehensive study to test this hypothesis. Using census data ( 1990 – 2012) from six metropolitans areas, this research investigated if block groups within one-mile radius of TOD are gentrifying. Our findings reveal that the price of housing and number of college graduates, increased more in TODs compared to the metropolitan area. Similarly, the percentage of immigrants increased in TOD, while those of blacks and whites declined. Most importantly, TOD residents generally commuted less by car, while transit use increased in some metropolitan areas. TOD in the south of the United States registered higher cost of housing and less transit use. These findings have significant implications for the future of equitable and sustainable transportation policy.

Keywords: commuting, equity, gentrification, mode choice, transit oriented development

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Authors: Sayedramin Hashemianesfehani, Seyed Hossein Hosseinilargani

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In this study, we attempt to realize that to what extent the increase in selected commodities in Iran Market is originated from the implementation of the targeted subsidies law. Hence, an econometric model based on existing theories of increasing and transferring prices in order to transferring inflation is developed. In other words, world price index and virtual variables defined for targeted subsidies has significant and positive impact on the producer price index. The obtained results indicated that the targeted subsidies act in Iran has influential long and short-term impacts on producer price indexes. Finally, world prices of dairy products and dairy price with respect to major parameters is carried out to obtain some managerial ‎results.

Keywords: econometric models, targeted subsidies, consumer price index (CPI), producer price index (PPI)

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Authors: Rene Valdiviezo-Issa

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In this paper, we use Mexico’s Households Income and Expenditures (ENIGH) survey to explain the behaviour that the urban-rural expenditure gap has had since Mexico’s incorporation to the North American Free Trade Agreement (NAFTA) in 1994 and we compare it with the latest available survey, which took place in 2014. We use real trimestral expenditure per capita (RTEPC) as the measure of welfare. We use quantile regressions and a quantile regression decomposition to describe the gap between urban and rural distributions of log RTEPC. We discover that the decrease in the difference between the urban and rural distributions of log RTEPC, or inequality, is motivated because of a deprivation of the urban areas, in very specific characteristics, rather than an improvement of the urban areas. When using the decomposition we observe that the gap is primarily brought about because differences in returns to covariates between the urban and rural areas.

Keywords: quantile regression, urban-rural inequality, inequality in Mexico, income decompositon

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Authors: Jin Liang, Guanghua Shi

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In this paper, we are concerned with the further refinements of the Heinz operator inequalities in Hilbert spaces. Our purpose is to derive several new Heinz-type operator inequalities. First, with the help of the Taylor series of some hyperbolic functions, we obtain some refinements of the ordering relations among Heinz means defined by Bhatia with different parameters, which would be more suitable in obtaining the corresponding operator inequalities. Second, we present some generalizations of Heinz operator inequalities. Finally, we give a matrix version of the Heinz inequality for the Hilbert-Schmidt norm.

Keywords: Hilbert space, means inequality, norm inequality, positive linear operator

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Authors: Zareen Shahid

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Rapid increase in population has resulted in uncontrolled and unplanned growth of metropolitan cities in Pakistan. Pakistan is facing unprecedented challenges of acute housing shortages, unhealthy living conditions and a non-existent or dilapidated infrastructure across the country. The government of Pakistan has also failed to devise a comprehensive and long-term strategy to cope with the problem of housing and better infrastructure development and management that has resulted in congestion, overcrowding and deterioration of environment in cities. On the other hand public has developed intense faith upon Defence Housing Authority (DHA) Lahore. This research paper is about to observe the difference in residential estate development and services provided by DHA Lahore. This paper attempts to identify the factors which are contributing towards the success of DHA and recommend measures for improvement in public sector for betterment.

Keywords: residential estate, development and management, defence housing authority

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Authors: Silvija Šiljeg, Ante Šiljeg, Branko Cavrić

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Housing is considered as a basic human need and important component of the quality of life (QoL) in urban areas worldwide. In contemporary housing studies, the concept of the quality of housing (QoH) is considered as a multi-dimensional and multi-disciplinary field. It emphasizes connection between various aspects of the QoL which could be measured by quantitative and qualitative indicators at different spatial levels (e.g. local, city, metropolitan, regional). The main goal of this paper is to examine the QoH and compare results of quantitative analysis with the clutter land use categories derived for selected local communities in Croatian Coastal City of Zadar. The qualitative housing analysis based on the four housing indicators (out of total 24 QoL indicators) has provided identification of the three Zadar’s local communities with the highest estimated QoH ranking. Furthermore, by using GIS overlay techniques, the QoH was merged with the urban environment analysis and introduction of spatial metrics based on the three categories: the element, class and environment as a whole. In terms of semantic-content analysis, the research has also generated a set of indexes suitable for evaluation of “housing state of affairs” and future decision making aiming at improvement of the QoH in selected local communities.

Keywords: housing, quality, indicators, indexes, urban environment, GIS, element, class

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Authors: Dibya Jivan Pati, Kazuhisa Iki, Riken Homma

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Unlike other metro cities of India, Bhubaneswar–the capital city of Odisha, is expected to reach 1-million-mark population by now. The demands of dwelling unit requirement mostly among urban poor belonging to Economically Weaker section (EWS) and Low Income groups (LIG) is becoming a challenge due to high housing cost and rents. As a matter of fact, it’s also noted that, with increase in population, the solid waste generation also increases subsequently affecting the environment due to inefficiency in collection of waste by local government bodies. Methods of utilizing Solid Waste - especially in form of Plastic bottles, Glass bottles and Metal cans (PGM) are now widely used as an alternative material for construction of low-cost building by Non-Government Organizations (NGOs) in developing countries like India to help the urban poor afford a shelter. The application of disposed plastic bottle used in construction of single dwelling significantly reduces the overall cost of construction to as much as 14% compared to traditional construction material. Therefore, considering its cost-benefit result, it’s possible to provide housing to EWS and LIGs at an affordable price. In this paper, we estimated the quantity of plastic bottles generated in Bhubaneswar which further helped to estimate the possible number of single dwelling unit that can be constructed on yearly basis so as to refrain from further housing shortage. The estimation results will be practically used for planning and managing low-cost housing business by local government and NGOs.

Keywords: construction, dwelling unit, plastic bottle, solid waste generation, groups

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Authors: Temitope Faloye

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The absence of equity and transparency in Nigeria's economic system has resulted in unemployment. Women’s unemployment rate remains higher because women's range of jobs is often narrower due to discriminatory attitudes of employers and gender segregation in the labor market. Gender inequality is one of the strong factors of unemployment, especially in developing countries like Nigeria, where the female gender is marginalized in the labor force market. However, gender equality in terms of labor market access and employment condition has not yet been attained. Feminist theory is considered as an appropriate theory for this study. The study will use a mixed-method design, collecting qualitative and quantitative data to provide answers to the research questions. Therefore, the research study aims to investigate the present situation of gender inequality in the Nigerian labor market.

Keywords: unemployment, gender inequality, gender equality, labor market, female graduate

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Authors: Olayinka Ariba, Abe Oudshoorn, Steve Rolfe, Carrie Anne Marshall, Deanna Befus, Jason Gilliland, Miranda Crockett, Susana Caxaj, Sarah McLean, Amy Van Berkum, Natasha Thuemler

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Background: Secure housing is a platform for health and well-being. Those who struggle with housing stability have complex life and health histories and often require some support services such as the provision of permanent supportive housing. Poor access to supportive resources creates an exacerbation of chronic homelessness, particularly affecting individuals who need immediate access to mental health and addiction supports. This paper presents the first phase of a three-part study examining how on-site support impacts housing stability for recently-re-housed persons. Method: This study utilized a community-based participatory research methodology. Twenty in-depth interviews were conducted with permanent supportive housing residents from a single-site dwelling. Interpretative description analysis was used to draw common themes and understand the experiences and challenges of housing support. Results: Three interconnected themes were identified: 1) Available and timely supports; 2) Affordability; and 3) Community, but with independence as desired. These interconnected components are helping residents transition from homelessness or long-term mental health inpatient care to live in the community. Despite some participant concerns about resident conflicts, staff availability, and affordability, this has been a welcome and successful move for most. Conclusion: Supportive housing is essential for successful tenancies as a platform for health and well-being among Canada’s most vulnerable and, from the perspective of persons recently re-housed, permanent supportive housing is a worthwhile investment.

Keywords: homelessness, supportive housing, rehoused, housing stability

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Authors: Janet Kaningen, Richard N. Kaningen, Jonas Kaningen

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This paper aims to discover the best ways to improve production efficiency, cost efficiency, community cohesion, and long-term sustainability in Ghana's housing delivery. Advanced Construction Technologies (ACTs) are set to become the sustainable mainstay of the construction industry due to the demand for innovative housing solutions. Advances in material science, building component production, and assembly technologies are leading to the development of next-generation materials such as polymeric-fiber-based products, light-metal alloys, and eco-materials. Modular housing construction has become more efficient and cost-effective than traditional building methods and is becoming increasingly popular for commercial, industrial, and residential projects. Effective project management and logistics will be imperative in the future speed and cost of modular construction housing.

Keywords: technology blending, sustainability, housing, Ghana

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Authors: Gina Cynthia Raphita Hasibuan

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The housing sector in Indonesia is in critical condition where majority of low-income citizens live in substandard dwellings, and the number housing backlog is increasing every year. The housing problem becomes more urgent when the term 'sustainability' is considered, and sustainable affordable housing is yet to gain its successful implementation. Global urbanization develops fastest in developing countries like Indonesia where informal settlements are rapidly escalating, hence, making sustainable affordable housing strategies very critical in this context. The problem in developing countries like Indonesia lies on the institutional capacity of newly-established local governments having greater power to determine a development policy but apparently still lacking institutional capability and coordination with the central government and collaborative governance are still not established yet. The concept of upgrading informal settlements are seen changed over time and inconsistent. Despite much research on theme such as sustainable housing concept within Indonesian context, there has been a dearth of research examining the role of collaborative governance, as the current approach still shows fragmented approach between the stakeholders and the lack of community participation as the end user, and thus this research attempts to fill the gap on the aforementioned problems. By using case study with multi-methods conducted in Jakarta, this research has an overall aim to critically assess the role of collaborative governance in addressing sustainable affordable housing in Indonesia and to understand informal settlements and interventions in Indonesia rather than imposing a framework from western perspectives.

Keywords: affordable housing, collaborative governance, sustainability, urban planning

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Authors: Raj Kumari Bahl, Sotirios Sabanis

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In this paper, we are concerned with the valuation of the first Catastrophic Mortality Bond that was launched in the market namely the Swiss Re Mortality Bond 2003. This bond encapsulates the behavior of a well-defined mortality index to generate payoffs for the bondholders. Pricing this bond is a challenging task. We adapt the payoff of the terminal principal of the bond in terms of the payoff of an Asian put option and present an approach to derive model-independent bounds exploiting comonotonic theory. We invoke Jensen’s inequality for the computation of lower bounds and employ Lagrange optimization technique to achieve the upper bound. The success of these bounds is based on the availability of compatible European mortality options in the market. We carry out Monte Carlo simulations to estimate the bond price and illustrate the strength of these bounds across a variety of models. The fact that our bounds are model-independent is a crucial breakthrough in the pricing of catastrophic mortality bonds.

Keywords: mortality bond, Swiss Re Bond, mortality index, comonotonicity

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Authors: Farida Naceur

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Algerian cities experienced after the independence of the country a rapid urbanisation process fostered by population growth. In order to deal with the severe housing shortage resulted, large social public housing programs totally financed by the government were launched across the country during the eighty. Unfortunately, the standardized multistory buildings produced underwent intense deterioration and turned very quickly after their occupancy into sources of nuisance and distress. The government adopted a new housing policy in 2000, which aims to diversify housing types according to household incomes and encourage access to housing property. The model of participatory social housing emerged; it was designed for the intermediate groups, allowing them to benefit from direct financial aid and to borrow credit from banks in order to purchase their dwellings. Twenty years afterward, no assessment to date has been established to evaluate the real impact of such a strategy. The aim of this paper is to examine whether this type of housing helped to stimulate a participative dynamism among its occupants to strengthen their commitment, their involvement in the maintenance and keeping of their surroundings. For the purpose of the study, we focus our attention on various participatory social housing settlements in Batna and Biskra, two medium-sized cities in eastern Algeria. The investigation is structured in various types of analysis: a spatial analysis, observations, interviews with public authorities representatives, chief planners, and experts. In addition to this, informal interviews with occupants of various participatory social housing settlements were arranged to collect qualitative data. Occupants were asked open questions focusing on their daily life and practices in order to examine their degree of involvement in their neighbourhood’s life.

Keywords: participatory social housing, rental social housing, involvement, maintenance, social interactions, community life

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Authors: Charles-Olivier Amédée-Manesme, Benoit Faye, Eric Le Fur

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In this paper, the heterogeneity of the Bordeaux Legends 50 wine market price segment is addressed. For this purpose, quantile regression is applied – with market segmentation based on wine bottle price quantile – and the hedonic price of wine attributes is computed for various price segments of the market. The approach is applied to a major privately held data set which consists of approximately 30,000 transactions over the 2003–2014 period. The findings suggest that the relative hedonic prices of several wine attributes differ significantly among deciles. In particular, the elasticity coefficient of the expert ratings shows strong variation among prices. If - as suggested in the literature - expert ratings have a positive influence on wine price on average, they have a clearly decreasing impact over the quantiles. Finally, the lower the wine price, the higher the potential for price appreciation over time. Other variables such as chateaux or vintage are also shown to vary across the distribution of wine prices. While enhancing our understanding of the complex market dynamics that underlie Bordeaux wines’ price, this research provides empirical evidence that the QR approach adequately captures heterogeneity among wine price ranges, which simultaneously applies to wine stock, vintage and auctions’ house.

Keywords: hedonics, market segmentation, quantile regression, heterogeneity, wine economics

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Authors: Bel Abed Ines Mariem

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Different stock markets keep changing their exchange structure for the only purpose of improving the functioning of their markets. This paper investigates the effects of the transfer from one trading category to another in the Tunisian Stock Exchange on market price and liquidity. The sample consists of 40 securities transferred from call auction to continuous auction and conversely during the period between 2004 and 2013. The methodology used is the event study. Empirical results show an interesting phenomenon observed; stocks transferred to the call system have experienced an improvement on their price and liquidity especially for less liquid ones. However, price and liquidity for stocks transferred from call system to continuous system have decreased.

Keywords: microstructure, call auction, continuous auction, price, liquidity and event study

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Authors: Esra Yaldız, Dicle Aydın

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Sustainability is a term that provides deciding about the future considering environment and investigates the harmony and balance between protection and usage of the resource. The main objective of sustainability is creating residential areas is nature compatible or providing continuance thereby adapting existing residential area to nature. In this context, historical and traditional areas must have utilized according to sustainability. Traditional housing texture are identified as a traditional architectural product has been designed based on this term. General characteristics of traditional housing within the context of sustainable architecture are their specific dynamics and components and their harmonisation of environment and nature. Owing to the fact that traditional housing texture harmonizes natural conditions of the region, topography, climate and their context, construction materials are provided from environment and traditional techniques and their forms are used and due to construction materials has natural insulation traditional housing create healthy and comfortable living environment, traditional housing is rather significant in terms of sustainable architecture. The basis of this study comprise the routers in traditional housing design in accordance with the principles of sustainability. These are, accommodating topography, climate, and geography, accessibility, structuring at the scale of human, utilization of green zones, unique to the region used construction materials, the form of construction, building envelope and space organization of dwelling. In this context, the purpose of this study is that vernacular architecture approaches of traditional housing textures which are in Central Anatolia Region Located in Anatolia are utilized with regard to sustainability.

Keywords: Anatolia, sustainability, traditional housing texture, vernacular architecture

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Authors: Elifsu Sahin

Abstract:

In the world and in Turkey, approximately 1 in 10 people is 65 years of age or older. The age group of 65 and over is the fastest-growing age group since 1990. This demographic aging trend and demographic transformation have spread over a long period in Western Europe and North America, while in Turkey, they have occurred over a relatively short period. The aging of the population poses many challenges in terms of housing supply, housing satisfaction, and economic access to housing, due to factors such as a decrease in the number of people in households, low incomes, and increased time spent in housing and housing neighborhoods. On the other hand, since 2000, neoliberal economic policies and government policies have led to serious growth in the construction and housing sectors in Turkey. During this process, the housing market in Turkey generally produced housing for high-income groups and foreigners. Housing has become an investment instrument, and rising housing prices and rents have seriously reduced both the affordability of housing and households' chances of living in healthy housing. Housing has become a growing problem for vulnerable groups such as low- and middle-income households, students, refugees, and the elderly. Moreover, in recent years, international migration, pandemics, economic crises, inflation, and the expected Istanbul earthquake have raised housing prices and rent in Turkey as a whole, especially in Istanbul. The aim of the study is to investigate how elderly households that don't own homes deal with the economic accessibility of housing and other affordability-related housing problems in the Istanbul Metropolitan Area today, when housing becomes an investment instrument, the issue of social housing is not on the agenda, and households can be added to the market according to their ability to pay. A complex method was adopted in the research, using a combination of various statistical data and interview findings. Based on household income, in-depth interviews were conducted with 100 elderly households who don't own their own homes and were randomly selected in identified neighborhoods, analyzing the micro-area within the districts in the Istanbul Metropolitan Area, where middle- and low-income households are concentrated. The study found that more than 50% of the net income of elderly households was spent on rent and other housing expenses. Some of the households said that they restrict spending on food, health, and entertainment because of their housing expenses. Among the findings of the study is that households receive financial support from their children or move into their children’s house for economic reasons. Due to the decrease in household income, especially after the loss of a spouse, the single individual moves into their children’s house. Moreover, some of the interviewed households had to change their house and move to a smaller, lower-rent house on the urban periphery for economic reasons after retirement, especially after 2020, despite their unwillingness.

Keywords: affordable housing, elderly households, housing policy, istanbul metropolitan area

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Authors: Revaz Gvelesiani

Abstract:

Nowadays, social inequality increasingly strengthens the trend from business entrepreneurship to social entrepreneurship. It can be said that business entrepreneurs, according to their interests, move towards social entrepreneurship. Effectively operating markets create mechanisms, which lead to 'good' behavior. This is the most important feature of the rationally functioning society. As for the prospects of social entrepreneurship, expansion of entrepreneurship concept at the social arena may lead to such an outcome, when people who are skeptical about business, become more open towards entrepreneurship as a type of activity. This is the way which by means of increased participation in entrepreneurship promotes fair distribution of wealth. Today 'entrepreneurship for all' is still a dream, although the one, which may come true.

Keywords: social entrepreneurship, business entrepreneurship, functions of entrepreneurship, social inequality, social interests, interest groups, interest conflicts

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Authors: S. K. Ashiquer Rahman

Abstract:

Recently, oil has become more influential in almost every economic sector as a key material. As can be seen from the news, when there are some changes in an oil price or OPEC announces a new strategy, its effect spreads to every part of the economy directly and indirectly. That’s a reason why people always observe the oil price and try to forecast the changes of it. The most important factor affecting the price is its supply which is determined by the number of wildcats drilled. Therefore, a study about the number of wellheads and other economic variables may give us some understanding of the mechanism indicated by the amount of oil supplies. In this paper, we will consider a relationship between the number of wellheads and three key factors: the price of the wellhead, domestic output, and GNP constant dollars. We also add trend variables in the models because the consumption of oil varies from time to time. Moreover, this paper will use an econometrics method to estimate parameters in the model, apply some tests to verify the result we acquire, and then conclude the model.

Keywords: price, domestic output, GNP, trend variable, wildcat activity

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Authors: Cesar Leines

Abstract:

The social effects of the pandemic are significant and diverse, most of those effects have widened the gap of economic inequality. Without a doubt, each country faces difficulties associated with the strengths and weaknesses of its own institutions that can address these causes and consequences. Around the world, pricing practices that have no connection to production costs have been used extensively in numerous markets beyond those relating to the supply of essential goods and services, and although it is not unlawful to adjust pricing considering the increased demand of certain products, shortages and disruption of supply chains, illegitimate pricing practices may arise and these tend to transfer wealth from consumers to producers that affect the purchasing power of the former, making people worse off. High prices with no objective justification indicate a poor state of the competitive process in any market and the impact of those underlying competition issues leading to inefficiency is increased when national competition agencies are weak and ineffective in enforcing competition in law and policy. It has been observed that in those countries where competition authorities are perceived as weak or ineffective, price increases of a wide range of products and services were more significant during the pandemic than those price increases observed in countries where the perception of the effectiveness of the competition agency is high. When a perception is created of a highly effective competition authority, one which enforces competition law and its non-enforcement activities result in the fulfillment of its substantive functions of protecting competition as the means to create efficient markets, the price rise observed in markets under its jurisdiction is low. A case study focused on the effectiveness of the national competition agency in Mexico (COFECE) points to institutional weakness as one of the causes leading to excessive pricing. There are many factors that contribute to its low effectiveness and which, in turn, have led to a very significant price hike, potentiated by the pandemic. This paper contributes to the discussion of these factors and proposes different steps that overall help COFECE or any other competition agency to increase the perception of effectiveness for the benefit of the consumers.

Keywords: agency effectiveness, competition, institutional weakness, price gouging

Procedia PDF Downloads 167