Handbook of Regional and Urban Economics - 1st Edition - ISBN: 9780444595331, 9780444595393

Handbook of Regional and Urban Economics, Volume 5A-5B

1st Edition

Editors: Gilles Duranton Vernon Henderson William Strange
eBook ISBN: 9780444595393
Hardcover ISBN: 9780444595331
Imprint: North Holland
Published Date: 29th June 2015
Page Count: 2064
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Description

Developments in methodologies, agglomeration, and a range of applied issues have characterized recent advances in regional and urban studies. Volume 5 concentrates on these developments while treating traditional subjects such as housing, the costs and benefits of cities, and policy issues beyond regional inequalities. Contributors make a habit of combining theory and empirics in each chapter, guiding research amid a trend in applied economics towards structural and quasi-experimental approaches. Clearly distinguished from the New Economic Geography covered by Volume 4, these articles feature an international approach that positions recent advances within the discipline of economics and society at large.

Key Features

  • Emphasizes advances in applied econometrics and the blurring of "within" and "between" cities
  • Promotes the integration of theory and empirics in most chapters
  • Presents new research on housing, especially in macro and international finance contexts

Readership

Graduate students and professors worldwide working in all subdisciplines of economics and finance. Secondary audience includes researchers working in macroeconomics and related areas, such as housing, growth, development economics, economic behavior, transportation, and modeling.

Table of Contents

  • Introduction to the Series
  • Foreword
  • Section I: Empirical Methods
    • Chapter 1: Causal Inference in Urban and Regional Economics
      • Abstract
      • 1.1 Introduction
      • 1.2 A Framework for Empirical Investigation
      • 1.3 Spatial Aggregation
      • 1.4 Selection on Observables
      • 1.5 IV Estimators
      • 1.6 Regression Discontinuity
      • 1.7 Conclusion
    • Chapter 2: Structural Estimation in Urban Economics
      • Abstract
      • 2.1 An Introduction to Structural Estimation
      • 2.2 Revealed Preference Models of Residential Choice
      • 2.3 Fiscal Competition and Public Good Provision
      • 2.4 The Allocation of Economic Activity Across Space
      • 2.5 Conclusions
      • Acknowledgments
    • Chapter 3: Spatial Methods
      • Abstract
      • 3.1 Introduction
      • 3.2 Nonrandomness in Spatial Data
      • 3.3 Spatial Models
      • 3.4 Identification
      • 3.5 Treatment Effects When Individual Outcomes Are (Spatially) Dependent
      • 3.6 Conclusions
      • Appendix A: Biases with Omitted Spatial Variables
      • Appendix B: Hypothetical RCT Experiments for Identifying Parameters in the Presence of Interactions Within Spatial Clusters
  • Section II: Agglomeration and Urban Spatial Structure
    • Chapter 4: Agglomeration Theory with Heterogeneous Agents
      • Abstract
      • 4.1 Introduction
      • 4.2 Four Causes and Two Moments: A Glimpse at the Data
      • 4.3 Agglomeration
      • 4.4 Sorting and Selection
      • 4.5 Inequality
      • 4.6 Conclusions
      • Acknowledgments
    • Chapter 5: The Empirics of Agglomeration Economies
      • Abstract
      • 5.1 Introduction
      • 5.2 Mechanisms and Corresponding Specifications
      • 5.3 Local Determinants of Agglomeration Effects
      • 5.4 Estimation Strategy
      • 5.5 Magnitudes for the Effects of Local Determinants of Productivity
      • 5.6 Effects of Agglomeration Economies on Outcomes Other Than Productivity
      • 5.7 Identification of Agglomeration Mechanisms
      • 5.8 Conclusion
      • Acknowledgments
    • Chapter 6: Agglomeration and Innovation
      • Abstract
      • 6.1 Introduction
      • 6.2 What is Innovation?
      • 6.3 Patterns of Agglomeration and Innovation
      • 6.4 Formal Theories Linking Agglomeration and Innovation
      • 6.5 Additional Issues on Innovation and Agglomeration
      • 6.6 Conclusions
      • Acknowledgments
    • Chapter 7: Cities and the Environment
      • Abstract
      • 7.1 Introduction
      • 7.2 Incorporating Local and Global Environmental Externalities into Locational Equilibrium Models
      • 7.3 Global Externalities Exacerbated by the Intrametro Area Locational Choice of Households and Firms
      • 7.4 Environmental Amenities in a System of Cities
      • 7.5 The Urban Building Stock's Energy Consumption
      • 7.6 Conclusion
      • Acknowledgment
    • Chapter 8: Urban Land Use
      • Abstract
      • 8.1 Introduction
      • 8.2 Modeling Urban Land Use: The Monocentric Model
      • 8.3 Extending the Monocentric Model
      • 8.4 Agglomeration and Commercial Land Use: Modeling Polycentric Cities
      • 8.5 Land Use Regulation
      • 8.6 Empirical Price and Development Gradients
      • 8.7 Patterns of Residential Sorting Within Cities
      • 8.8 Patterns of Residential Land Development
      • 8.9 Employment Decentralization and Patterns of Business Location Changes Within Cities
      • 8.10 Conclusion
      • Acknowledgments
    • Chapter 9: Neighborhood and Network Effects
      • Abstract
      • 9.1 Introduction
      • 9.2 Neighborhood Effects
      • 9.3 Network Effects
      • 9.4 Neighborhood and Network Effects
      • 9.5 Concluding Remarks
      • Acknowledgments
    • Chapter 10: Immigration and the Economy of Cities and Regions
      • Abstract
      • 10.1 Introduction
      • 10.2 Immigrants' Distribution and Native Exposure
      • 10.3 Theoretical Framework: The Skill Cells Approach at the National and Local Level
      • 10.4 Empirical Approaches to Identify Causal Effects on Local Economies
      • 10.5 Estimates of Native Responses and Effects on Outcomes
      • 10.6 Recent Evolutions: Employer–Employee Panel Data and Historical Data
      • 10.7 Conclusions
  • Section III: Housing and Real Estate
    • Chapter 11: Housing Bubbles
      • Abstract
      • 11.1 Introduction
      • 11.2 The Linear Asset Pricing Model and the Idiosyncrasies of Housing
      • 11.3 Empirical Regularities of Housing Dynamics
      • 11.4 Rationalizing the Seemingly Irrational: Search, Heterogeneity and Agency Problems in Credit Markets
      • 11.5 A Menagerie of Modest Madness: Bounded Rationality and Housing Markets
      • 11.6 Public Policy and Bubbles
      • 11.7 Conclusion
      • Acknowledgment
    • Chapter 12: Housing, Finance, and the Macroeconomy
      • Abstract
      • 12.1 Introduction
      • 12.2 Stylized Facts
      • 12.3 Housing and the Business Cycle
      • 12.4 Housing over the Life Cycle and in the Portfolio
      • 12.5 Housing and Asset Pricing
      • 12.6 The Housing Boom and Bust and the Great Recession
      • 12.7 Housing Policy
      • 12.8 Conclusion
      • Acknowledgments
    • Chapter 13: The Microstructure of Housing Markets: Search, Bargaining, and Brokerage
      • Abstract
      • 13.1 Introduction
      • 13.2 One-Sided Search
      • 13.3 Random Matching
      • 13.4 Pre-search, Focused Search, and Segmented Search
      • 13.5 Directed Search for Housing
      • 13.6 Auctions
      • 13.7 Real Estate Brokers: Fundamentals
      • 13.8 Competition in the Residential Real Estate Brokerage Industry
      • 13.9 Incentive Issues in Real Estate Brokerage
      • 13.10 Conclusions
      • Acknowledgments
    • Chapter 14: US Housing Policy
      • Abstract
      • 14.1 Introduction
      • 14.2 Methods and Data
      • 14.3 US Low-Income Rental Housing Policy
      • 14.4 US Homeownership Policy
      • 14.5 Conclusion
    • Chapter 15: How Mortgage Finance Affects the Urban Landscape
      • Abstract
      • 15.1 Mortgage Finance in the United States
      • 15.2 How Mortgage Finance Affects the Market for Owner-Occupied Housing
      • 15.3 The Distribution of Mortgage Credit
      • 15.4 Negative Equity
      • 15.5 Foreclosures
      • 15.6 Conclusion
      • Acknowledgments
    • Chapter 16: Change and Persistence in the Economic Status of Neighborhoods and Cities
      • Abstract
      • 16.1 Introduction
      • 16.2 Neighborhood Economic Status
      • 16.3 City Dynamics
      • 16.4 Conclusions and Future Research
      • Acknowledgments
  • Section IV: Applied Urban Economics
    • Chapter 17: Taxes in Cities
      • Abstract
      • 17.1 Introduction
      • 17.2 Institutional Background
      • 17.3 Tax Setting Across Asymmetric Jurisdictions
      • 17.4 Taxation and Urban Population Sorting
      • 17.5 Taxation and Agglomeration Economies
      • 17.6 Concluding Remarks
      • Acknowledgments
      • Appendix
    • Chapter 18: Place-Based Policies
      • Abstract
      • 18.1 Introduction
      • 18.2 Theoretical Basis for Place-Based Policies
      • 18.3 Evidence on Theoretical Motivations and Behavioral Hypotheses Underlying Place-Based Policies
      • 18.4 Identifying the Effects of Place-Based Policies
      • 18.5 Evidence on Impacts of Policy Interventions
      • 18.6 Unanswered Questions and Research Challenges
      • Acknowledgments
    • Chapter 19: Regulation and Housing Supply
      • Abstract
      • 19.1 Introduction
      • 19.2 Data: Old and New
      • 19.3 Determinants of Regulation
      • 19.4 Effects of Regulation
      • 19.5 Welfare Implications of Regulation
      • 19.6 Conclusion
      • Acknowledgments
    • Chapter 20: Transportation Costs and the Spatial Organization of Economic Activity
      • Abstract
      • 20.1 Introduction
      • 20.2 Stylized Facts About Transportation
      • 20.3 Theoretical Framework
      • 20.4 Reduced-Form Econometric Framework
      • 20.5 Reduced-Form Empirical Results
      • 20.6 Discussion
      • 20.7 Conclusion
      • Acknowledgments
    • Chapter 21: Cities in Developing Countries: Fueled by Rural–Urban Migration, Lacking in Tenure Security, and Short of Affordable Housing
      • Abstract
      • 21.1 Introduction
      • 21.2 The Empirical Aspects of Rural–Urban Migration
      • 21.3 Models of Migration and City Sizes in Developing Countries
      • 21.4 Tenure Insecurity: A Hallmark of Housing Markets in Developing Countries
      • 21.5 Provision of Affordable Housing in Developing Countries
      • 21.6 Conclusion
      • Acknowledgments
      • Appendix
    • Chapter 22: The Geography of Development Within Countries
      • Abstract
      • 22.1 Introduction
      • 22.2 Development and the Aggregate Spatial Distribution
      • 22.3 Development, Space, and Industries
      • 22.4 The Urban Sector
      • 22.5 Concluding Remarks
    • Chapter 23: Urban Crime
      • Abstract
      • 23.1 Introduction
      • 23.2 Criminogenic Characteristics
      • 23.3 Incentives and Deterrence
      • 23.4 Interactions
      • 23.5 Incarceration
      • 23.6 Big Swings in Crime
      • 23.7 Where are Crimes Committed?
      • 23.8 Conclusions
      • Acknowledgments
  • Index

Details

No. of pages:
2064
Language:
English
Copyright:
© North Holland 2015
Published:
Imprint:
North Holland
eBook ISBN:
9780444595393
Hardcover ISBN:
9780444595331

About the Editor

Gilles Duranton

Holder of the Noranda Chair in Economics and International Trade, Gilles Duranton has taught at the Paris School of Economics, Princeton University, the Universidad del Norte in Colombia, the University of Lille, and others. A consultant for the CD Howe Institute, the World Bank, and the OECD, he is President of the North American Regional Science Council and has won the Philip Leverhulme Prize, the European Investment Bank Prize, and numerous grants and fellowships. he is the co-editor of the Journal of Urban Economics. Fellow, Centre for Economic Policy Research, Fellow, Spatial Economics Research Centre, Fellow, Rimini Centre for Economic Analysis, Member of the Urban Economics Association, Faculty Fellow, Penn Institute for Urban Research.

Affiliations and Expertise

Chair, Real Estate Department, Wharton School, University of Pennsylvania, Philadelphia, PA, USA

Vernon Henderson

J. Vernon Henderson is one of the world's leading urban economists. Chair of the Urban Studies Program at Brown University, he has taught at the London School of Economics, Delhi University, Tribhuvan University in Nepal, and Queen's University, Canada. Awarded a Guggenheim Foundation grant and elected a Fellow of the Regional Science Association International, he co-edited the Handbook of Regional and Urban Economics, vol. 4 with J.-F. Thisse.

Affiliations and Expertise

Department of Economics, Brown University, Providence, RI, USA

William Strange

William Strange is co-editor of the Journal of Urban Economics and the President of the American Real Estate and Urban Economics Association. Recipient of the Walter Isard Award for Distinguished Scholarly Achievements in Regional Science, he has published on a variety of subjects.

Affiliations and Expertise

Rotman School of Management, University of Toronto, Toronto, ON, Canada