dc.contributor.author | Chen, Jie, 1980- | eng |
dc.contributor.author | Ni, Shawn, 1962- | eng |
dc.coverage.spatial | China -- Shanghai | eng |
dc.coverage.spatial | China -- Shenzhen Shi | eng |
dc.date.issued | 2010 | eng |
dc.description.abstract | The price-to-rent ratio, a common yardstick for the value of housing, is difficult to estimate when rental properties are poor substitutes of owner-occupied homes. In this study we estimate price-to-rent ratios of residential properties in two major cities in China, where urban high-rises (estates) comprise both rental and owner-occupied units. We conduct Bayesian inference on estate-specific parameters, using information of rental units to elicit priors of the unobserved rents of units sold in the same estate. We find that the price-to-rent ratios tend to be higher for low-end properties. We discuss economic explanations for the phenomenon and the policy implications. | eng |
dc.identifier.citation | Department of Economics, 2010 | eng |
dc.identifier.uri | http://hdl.handle.net/10355/10324 | eng |
dc.language | English | eng |
dc.publisher | Department of Economics | eng |
dc.relation.ispartof | Economics publications (MU) | eng |
dc.relation.ispartofcommunity | University of Missouri-Columbia. College of Arts and Sciences. Department of Economics | eng |
dc.relation.ispartofseries | Working papers (Department of Economics);WP 10-15 | eng |
dc.rights | OpenAccess. | eng |
dc.rights.license | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License. | |
dc.subject | housing cost | eng |
dc.subject | housing investment | eng |
dc.subject.lcsh | Real property -- Prices -- Econometric models | eng |
dc.subject.lcsh | Rental housing -- Prices -- Econometric models | eng |
dc.subject.lcsh | Housing -- Prices -- Econometric models | eng |
dc.title | Estimating Estate-Specific Price-to-Rent Ratios in Shanghai and Shenzhen: A Bayesian Approach | eng |
dc.type | Working Paper | eng |