Suchergebnisse

PurposeIn recent decades, institutional investment has become increasingly focussed on residential property in the United Kingdom, reflecting interest in what was previously considered an "alternative" asset class, but is now an evolving and ever more complex sector. This short thought piece considers how such processes may be understood through investment-related research.Design/methodology/approachThe UK residential market has experienced substantial capital inflows in the wake of the global financial crisis. This reflective piece suggests there is a need for more research into residential real estate as an institutional asset class to further unpack and understand shifting market dynamics within the United Kingdom. It offers insight into evolving market trends across a diverse range of investors and market sub-sectors.FindingsThis paper considers the diverse research opportunities within the residential investment markets, including, but not limited to, the private rented sector, build-to-rent and purpose-built student accommodation, presenting opportunities for burgeoning research.Practical implicationsThe viewpoint suggests how this research lacuna may be bridged through additional research in not just the UK residential market, but also how investors may further integrate and operationalise UK residential assets in diversified or specialised investments, from domestic to international propositions. The suggested research agenda promotes enhanced understandings of residential markets and processes driving investment decision-making.Originality/valueAs the integration of residential property into vehicles such as Real Estate Investment Trusts, private equity funds and managed multi-asset portfolios continues to increase, there is an amplified need to understand the market context in which such investment flows occur, including the potential impact of COVID-19, Brexit and the cyclical evolution of real estate markets more broadly.

AbstractFathers' roles in family life have changed dramatically over the past 50 years. In addition to ongoing breadwinning responsibilities, many fathers are now involved in direct caregiving and engagement with children. Yet there is considerable variation in what fathers do, especially depending on whether they live with or away from their child. In this article, the authors use data from the Fragile Families and Child Wellbeing Study (N= 3,869) to describe how fathers' economic capacities (money) and direct involvement with children (time) are associated over child ages 1 to 9 for resident versus nonresident fathers, net of confounding factors. They found suggestive evidence that money and time investments operate differently across residential contexts: Resident fathers experience a trade‐off between market work and time involved with children. In contrast, nonresident fathers' higher economic capacities are associated with more time involvement, underscoring the greater challenge for such fathers to remain actively involved.

This paper investigates the land value creation potential from flood mitigation investments in a theoretical and applied setting, using the urban area of Buenos Aires as a case study. It contributes to the literature on the wider economic benefits of government interventions and the dividends of resilience investments. Using a simple urban economics framework that represents land and housing markets, it finds that not all flood mitigation interventions display the same potential for land value creation: where land is more valuable (city centers for example), the benefits of resilience are higher. The paper also provides ranges for land value creation potential from the flood mitigation works in Buenos Aires under various model specifications. Although the estimates vary largely depending on model parameters and specifications, in many cases the land value creation would be sufficient to justify the investments. This result is robust even in the closed city configuration with conservative flood damage estimates, providing that the parameters remain reasonably close to the values obtained from the calibration. Finally, acknowledging that fully calibrating and running an urban simulation model is data greedy and time intensive—even a simple model as proposed here—this research also proposes reduced form expressions that can provide approximations for land value creation from flood mitigation investments and can be used in operational contexts.

Cover -- Half Title -- Title -- Copyright -- Dedication -- Contents -- List of Boxes, Tables and Figures -- List of Abbreviations -- Foreword by G. C. Harcourt -- Acknowledgements -- Part I Overview -- 1 Introduction -- 2 An overview of concepts and approaches -- Part II Theoretical Issues -- 3 Intellectual ancestors: Irving Fisher and Maynard Keynes -- 4 Accelerator theory -- 5 Jorgenson's model of investment -- 6 The limitations of Jorgenson's model -- 7 Putty-clay models of investment -- 8 Adjustment costs and q theory -- 9 Uncertainty and investment -- 10 Post Keynesian analyses of investment -- Part III Testing the Theories -- 11 Comparing Jorgenson's model and accelerator theory: evidence from the UK -- 12 Uncertainty in competing models of investment: evidence from the USA -- Part IV Empirical Applications of Investment Principles -- 13 Computing investment in the New Economy: US evidence -- 14 Investment and development: a cross-sectional analysis -- 15 Residential investment: bubbles and crashes in the UK housing market, 1980-99 -- Part V Conclusion -- 16 Concluding remarks -- Notes -- Glossary -- Statistical appendix: some basic econometric techniques -- Bibliography -- Index.

As the cost of solar photovoltaic (PV) falls, their potential for transforming modern electricity generation increases. Solar PV provides a simpler way of producing clean and affordable energy, which makes it an attractive investment. Great investments in solar PV have occurred in industrialized countries, but government efforts to promote this technology have not been effective in nonindustrialized countries. Despite this, some of these countries may have a high solar PV potential, such as Colombia, where policies to encourage solar PV are only just starting to take place. Therefore, this paper proposes a simulation model to assess different policies&mdash ; feed-in tariff, net metering, and capital subsidy&mdash ; to promote solar PV investments in the Colombian residential sector. Policies are assessed considering the criteria of efficiency and effectiveness. Simulation results suggest that (i) net metering is the most efficient policy with a cost indicator of 20,298 USD/MW ; (ii) feed-in tariff is the most effective policy as it reaches the highest level of avoided CO2 emissions&mdash ; 4,792,823 million tons of CO2&mdash ; and a meaningful PV installed capacity of 7522 MW ; (iii) capital subsidy is the least efficient policy as it has the highest cost indicator of 509,616 USD/MW.

This paper presents the challenges of increasing the energy efficiency investments in European Union (EU) residential buildings in the context of achieving climate neutrality by 2050. The paper presents the results of the PRIMES buildings model in key energy policy applications to support cost-effective and fair policy making in buildings across Europe. The model covers, in detail, the building sector for all the EU Member States (MS), segmenting the buildings into many categories. The approach proposed includes non-market barriers in conventional microeconomic modelling, which combined with idiosyncratic preferences can capture poor energy efficiency choices and still represent rational behaviours. The model includes a detailed portrayal of policies specific to the sector, comprising economic and regulatory policies as well as institutional measures. The results of the model show that the removal of non-market barriers is of great importance in reducing energy consumption and increasing both the pace and the depth of renovation investment. However, the institutional measures alone are not enough to induce energy efficiency improvement to the scale required to achieve the climate neutrality objectives. Economic (i.e., subsidies) or regulatory measures (i.e., energy performance standards) are also required to decrease emissions and energy consumption in buildings and the paper compares different configurations thereof. The optimum policy mix obviously derives from a compromise among various aims including the cost-effectiveness of the policy budget and the distributional impacts across building and consumer types.

This paper presents the challenges of increasing the energy efficiency investments in European Union (EU) residential buildings in the context of achieving climate neutrality by 2050. The paper presents the results of the PRIMES buildings model in key energy policy applications to support cost-effective and fair policy making in buildings across Europe. The model covers, in detail, the building sector for all the EU Member States (MS), segmenting the buildings into many categories. The approach proposed includes non-market barriers in conventional microeconomic modelling, which combined with idiosyncratic preferences can capture poor energy efficiency choices and still represent rational behaviours. The model includes a detailed portrayal of policies specific to the sector, comprising economic and regulatory policies as well as institutional measures. The results of the model show that the removal of non-market barriers is of great importance in reducing energy consumption and increasing both the pace and the depth of renovation investment. However, the institutional measures alone are not enough to induce energy efficiency improvement to the scale required to achieve the climate neutrality objectives. Economic (i.e., subsidies) or regulatory measures (i.e., energy performance standards) are also required to decrease emissions and energy consumption in buildings and the paper compares different configurations thereof. The optimum policy mix obviously derives from a compromise among various aims including the cost-effectiveness of the policy budget and the distributional impacts across building and consumer types.

Concerns are often raised about increasing spatial segregation by education level in societies. This column uses a study in the Netherlands to show that as preferences for locally provided public goods with a high fixed cost, such as train stations, differ widely between educational groups, spatial sorting by education and an increase in local density can actually raise the social benefits from investments in such infrastructure. However, since the highly educated benefit disproportionally, this leads to serious political economy problems.