不平衡的增长和土地过高估值
Tomohiro Hirano1, Alexis Akira Toda2
1Department of Economics, Royal Holloway, University of London, Egham TW20 0EX, United Kingdom.
概括
土地在生产中的作用正在下降,但其作为财富的价值仍然存在. 这项研究解释了不平衡的增长和技术转变如何导致土地过高估值,特别是在城市地区.
科学领域:
- 经济学 经济学 经济学
- 经济理论经济理论
- 城市经济学城市经济学
背景情况:
- 历史趋势显示,土地在生产和就业中的份额正在下降.
- 尽管生产的重要性在下降,但在主要经济体中,土地 (房地产) 占家庭财富的一半以上.
- 土地的产出贡献与其价值储存功能之间存在脱节.
研究的目的:
- 从理论上建模和解释土地价格的长期行为.
- 确定导致土地超值相对于其基本价值 (租金的当前价值) 的经济条件.
- 分析不平衡增长和因子替代弹性在土地估值中的作用.
主要方法:
- 开发一个理论经济模型,包括土地,总体风险和生产因素.
- 在不平衡增长的条件下对长期土地价格动态的分析.
- 建立基于替代弹性和差异技术进步的"土地超值定理".
主要成果:
- 土地高估定理认为,当土地和非土地因素之间的替代弹性超过1并且技术进步在非土地领域更快时,土地就会被高估.
- 在从农业经济向知识经济的过渡期间,人们观察到土地的过高估值.
- 总体不确定性导致土地价格和估值过高的反复发生的随机波动.
- 城市土地的高估值出现在城市形成的模式中,其特点是不平衡的增长.
结论:
- 不平衡的增长,特别是当技术进步有利于非土地部门时,是土地高估的关键驱动因素.
- 土地作为价值储存的作用可能与其生产性贡献有很大差异,导致持续的高估.
- 了解这些动态对于分析财富分配,城市发展和经济稳定至关重要.
更多相关视频
09:44Use of Principal Components for Scaling Up Topographic Models to Map Soil Redistribution and Soil Organic Carbon
Published on: October 16, 2018
10.1K
08:09Measuring and Mapping Patterns of Soil Erosion and Deposition Related to Soil Carbonate Concentrations Under Agricultural Management
Published on: September 12, 2017
11.7K
相关概念视频
Population Growth
24.9K
Population size is dynamic, increasing with birth rates and immigration, and decreasing with death rates and emigration. In ideal conditions with unlimited resources, populations can increase exponentially, which plots as a J-shaped growth rate curve of population size against time. This type of curve is characteristic of newly-introduced invasive species, or populations that have suffered catastrophic declines and are rebounding.
24.9K
Unsoundness of Aggregate due to Volume Change
90
Unsoundness in aggregates due to volume changes is primarily caused by the physical alterations aggregates undergo, such as freezing and thawing, thermal changes, and wetting and drying. Unsound aggregates, when subjected to these changes, result in volume change upon disintegration. This, in turn, contributes to the deterioration of concrete, including scaling, pop-outs, and cracking. Particular types of aggregates, such as porous flints, cherts, and those containing clay minerals, are...
90
The Anchoring-and-Adjustment Heuristic
7.2K
In order to make good decisions, we use our knowledge and our reasoning. Often, this knowledge and reasoning is sound and solid. However, sometimes, we are swayed by biases or by others manipulating a situation. For example, let’s say you and three friends wanted to rent a house and had a combined target budget of $1,600. The realtor shows you only very run-down houses for $1,600 and then shows you a very nice house for $2,000. Might you ask each person to pay more in rent to get the...
7.2K
The Colonization of Land
34.1K
Changes in the environment of the early Earth drove the evolution of organisms. As prokaryotic organisms in the oceans began to photosynthesize, they produced oxygen. Eventually, oxygen saturated the oceans and entered the air, resulting in an increase in atmospheric oxygen concentration, known as the oxygen revolution approximately 2.3 billion years ago. Therefore, organisms that could use oxygen for cellular respiration had an advantage. More than 1.5 years ago, eukaryotic cells and...
34.1K
Homeostatic Imbalance
21.4K
Homeostasis is the maintenance of a stable internal environment within the body, which is crucial for the proper functioning of cells, tissues, organs, and organ systems. The body has various control mechanisms that work together to regulate various physiological parameters such as temperature, blood pressure, pH balance, and fluid balance, to name a few. These control mechanisms are based on feedback loops that can be either positive or negative.
However, sometimes these feedback loops fail,...
However, sometimes these feedback loops fail,...
21.4K
Threats to Biodiversity
22.0K
There have been five major extinction events throughout geological history, resulting in the elimination of biodiversity, followed by a rebound of species that adapted to the new conditions. In the current geological epoch, the Holocene, there is a sixth extinction event in progress. This mass extinction has been attributed to human activities and is thus provisionally called the Anthropocene. In 2019 the human population reached 7.7 billion people and is projected to comprise 10 billion by...
22.0K
