Three essays in urban economics
- Author:
- Kim, Kyoochul
- Additional Titles:
- 3 essays in urban economics
- Published:
- [University Park, Pennsylvania] : Pennsylvania State University, 2016.
- Physical Description:
- 1 electronic document
- Additional Creators:
- Coulson, Edward
Access Online
- etda.libraries.psu.edu , Connect to this object online.
- Graduate Program:
- Restrictions on Access:
- Open Access.
- Summary:
- Chapter 1: Payment performance and residency discounts in the rental housing market. The previous literature on rental housing has studied length of residence discounts by concentrating on turnover cost. I present an analysis of the impactof tenant payment performances on landlord rent setting. First, I establish and simulate landlords dynamic optimal rent setting model in light of the tenants previous rent payment performance. Under some environments, simulation results show an interesting outcome, landlords give rental discount to tenants who had late rent payments. I then use Experian Rent Bureau data to estimate the relationship between payment history on rent, and find that tenants who had poor payment performance received subsequent rent discounts during the housing markets expansion period (2002-2006) while payment performance has less or no influence on rent setting after the subprime mortgage crisis. These results are predicted by the simulations of the theoretical model. Chapter 2: The Value of name in the housing market: Evidence from a South Korea address change policy. This paper delves into the existence of the name premium in the housing market. In South Korea, the method of address designation has been changed from area-based to street-based as of January 1st, 2014. Before the change, people recognized the name of the administrative region and apartment name in the address, but afterward these pieces of information have been less clear and not identified as part of the mailing address. This provides a good opportunity for a natural experiment to explore the importance of name for property values. Using a difference-in-difference model, I explore the effect of name premium on apartment prices in Gangnamarea, South Korea. This region has both very prestigious and less prestigious neighborhoods, but the prestige becomes less apparent when this addressing policy change occurred. I test the hypothesis that the marginal willingness to pay for prestigious locations declines once the prestige is not signaled through the postal address. This would be evidence of conspicuous consumption, since the physical structure of the property has not changed. Chapter 3: Analysis of the Effect of Land Value Taxation on Land Value. Discovering the economic effect of land value taxation is the crucial evidence needed to support or oppose land value taxation. So far, analyses of land value taxation have been based on indirect measures (value of building, construction activities) of these impacts. Contrary to previous papers, I employ the direct value of the land - land sales transaction data - in order to investigate the relationship between land value and its taxation. In addition, I propose a realistic land-improvement tax rate ratio which include county, municipality and school district tax rates. This paper shows that land tax rate and land-improvement tax ratio have no influence on land value. This finding disagrees with the rationale of advocates argument in favor of land value taxation.
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- Dissertation Note:
- Ph.D. Pennsylvania State University 2016.
- Reproduction Note:
- Microfilm (positive). 1 reel ; 35 mm. (University Microfilms 10-13803995)
- Technical Details:
- The full text of the dissertation is available as an Adobe Acrobat .pdf file ; Adobe Acrobat Reader required to view the file.
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