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Factor price
About: Factor price is a research topic. Over the lifetime, 2764 publications have been published within this topic receiving 86176 citations.
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TL;DR: A user-cost model is used to study how dispersed information affects the equilibrium house price and it is shown that pessimistic expectations are not incorporated in the price of owned houses and the equilibrium price is higher and more volatile relative to the benchmark case of common information.
50 citations
TL;DR: In this article, the authors conduct tests to gain insight into the empirical relevance of the proposition that factor prices converge as trade expands, and the test results support the proposition of factor price convergence in sixteen OECD countries during the 1961-84 period.
Abstract: The authors conduct tests to gain insight into the empirical relevance of the proposition that factor prices converge as trade expands. The test results support the proposition of factor price convergence in sixteen OECD countries during the 1961-84 period. Regression analyses support the view that trade openness has been the most significant factor influencing wage variations. This paper also distinguishes between "high wage" and "low wage" countries. Pooled ordinary least squares estimates indicate that Canada, the United States, Denmark, West Germany, the Netherlands, and Sweden are "high wage" and Japan, New Zealand, Austria, Belgium, Finland, France, Ireland, Norway, Switzerland, and the United Kingdom are "low wage" countries. Further results using the Within estimations technique are provided. Copyright 1989 by MIT Press.
50 citations
TL;DR: In this article, the authors apply a Semi-Lagrangean approach to find a price that can be applied in the electricity pool markets where a central system operator decides who produces and how much they should produce.
50 citations
TL;DR: This paper used district-level wage and food price data for the period 1873 to 1906 to investigate the impact of improvements in transportation on the price of labor in late 19th century India.
50 citations
TL;DR: Wang et al. as mentioned in this paper found that there is no stable relationship between house price and economic fundamentals, and that house price has deviated upward from the economic fundamentals since government started macro-control of the real estate market.
Abstract: Many theory and empirical literature conclude that house price can reflect economic fundamentals in the long-term. However, by using China’s panel data of 35 main cities stretching from 1998 to 2007, we find that there is no stable relationship between house price and economic fundamentals. House price has deviated upward from the economic fundamentals since government started macro-control of the real estate market. We consider that the mechanism between the house price and economic fundamentals is distorted by China’s real estate policy, especially its land policy. Meanwhile the policy itself is an important factor in explaining the changes of China’s house price. Then we estimate the dynamic panel data model on house price and the variables which are controlled by real estate policy. The result shows: land supply has negative effects on house price; financial mortgages for real estate have positive effects on house price; and the area of housing sold and the area of vacant housing, which reflects the supply and demand of the housing market, has negative effects on house price. We also find some differences in house price influence factor between eastern and mid-western cities. Finally, we propose policy suggestions according to the empirical results.
50 citations